David Einhorn

David Einhorn

Last Update: 07-01-2015

Number of Stocks: 43
Number of New Stocks: 7

Total Value: $7,653 Mil
Q/Q Turnover: 20%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

David Einhorn Watch

  • Weekly CEO Buys Highlight: AHC, AHT, OMG, SPN, FSC

    According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below:

    Ah Belo Corp (AHC): Chairman, President & CEO Robert W Decherd Bought 87,000 Shares  


  • Why First Solar Is An Ideal Play For The Mid-Term

    Sometimes going against the grain is the most profitable course you can take. Buying in when everyone else is selling can be risky – after all, the could have a ways to go before it bottoms out – but it can also be extremely profitable.

    Take First Solar (FSLR) for example. It fell almost 7 percent in after hours trading on Tuesday after reporting its fourth quarter performance. The company, which is the world’s largest maker of thin-film solar panels, was hit hard across the board as panel prices decreased by roughly 50 percent last year and the company was hit with charges that totaled nearly 20 percent of its market value.  


  • Stocks Cheaper Than When David Einhorn Bought

    David Einhorn is the president of the value-oriented investment adviser Greenlight Capital. Einhorn graduated from Cornell University, where he earned a BA in government from the College of Arts in 1991.

    Mr. Einhorn is recognized as a successful investor for short selling and making contrarian stock picks. He is a superstar in the hedge fund environment because of his timely call on Lehman Brother’s demise and his track record. Since 1996, Greenlight returned about 21% surpassing the market with double digits.  


  • David Einhorn’s Buys: More Tech and a Return to Yahoo (YHOO)

    David Einhorn’s new buys include even more tech stocks. Einhorn already owns boatloads of Apple (AAPL) and Microsoft (MSFT). Now he’s adding:

    · Dell (DELL)  


  • Is It Time to Invest with David Einhorn and Greenlight Capital RE?

    David Einhorn and his hedge fund Greenlight Capital have the best track record of any money manager in recent history. Between 1996 and 2007, Greenlight Capital averaged returns of 25% per year. The
    financial crisis brought this average down, despite Einhorn’s large bet against Lehman Brothers. Through the end of 2010, he averaged 21% per year.  


  • Greenlight Capital 2011 Letter to Investors

    Not a great year by Einhorn's standards, being up roughly 2% across the funds.

    One point of pride though — Greenlight was short the worst-performing stock in the S&P 500. First Solar (FSLR) declined from $130 to $33 in 2011. The fund also did well on credit default swaps on European debt.  


  • David Einhorn's Greenlight Capital Discloses $13 Million Investment in Eastman Kodak Debt

    Eastman Kodak (EK) reveals its debt-holders as it undergoes Chapter 11 bankruptcy.

    Full list of noteholders is here.  


  • David Einhorn and Greenlight Capital Get Insider Trading Fine

    Jan. 25 (Bloomberg) -- David Einhorn and Greenlight Capital Inc. were fined 7.2 million pounds ($11.2 million) by the U.K.’s financial regulator for trading on inside information in Punch Taverns Plc in 2009. Einhorn, Greenlight’s 43-year-old chairman, was told of Punch Taverns’s plan to sell equity by a broker representing the company, the Financial Services Authority said in an e-mailed statement today. He then sold more than 11 million Punch Tavern shares over the following four days, avoiding losses of about 5.8 million pounds for the fund, the regulator said.

    “The big name and the big number” are what the FSA wants, Louise Hodges, a financial-crime defense lawyer at Kingsley Napley LLP in London, said in a telephone interview today. “It looks like it’s more a case of he should have known, rather than he did know,” his actions were illegal.  


  • Is Dell Set to Rise Like Intel and Microsoft?

    Hedge fund manager David Einhorn recently surprised investors by disclosing a stake in Dell Computers (DELL). The former tech darling has languished in the $12-17/share range for two years with little excitement among momentum oriented tech investors.

    In his most recent investor letter, Einhorn wrote:  


  • Diamond Hill Capital’s Biggest Fourth Quarter New Buys

    Most of Diamond Hill’s funds were up in the double digits for the fourth quarter, outperforming their benchmark Russell 1000 index. The firm has noticed stocks increasingly moving in correlation with macro-economic forces, which has caused them to take into account the macro view more often, but also creates buying opportunities. The shift has not changed their fundamental approaching to stock picking, however. They still consider the factors that would affect a company’s future cash flows and buy when their estimate of intrinsic value provides a comfortable margin of safety. If there are any major uncertainties in some aspect of the company’s future, they pass. In the last ten years, Diamond Hill delivered a 10-year cumulative return of 204.0%, compared to the S&P 500’s 10-year cumulative of 16.4%.

    In the fourth quarter, their four largest new buys are: Walt Disney (DIS), Hanesbrands (HBI), Selective Insurance Group Inc. (SIGI) and Diamond Foods Inc. (DMND).  


  • Buffett Ratio Guru Portfolio Analysis: The Portfolio of David Einhorn Analyzed

    The following is an analysis of the most current portfolio of David Einhorn. This analysis will use a system that I designed that is based on the ratio that Warren Buffet released to the public in 1986, which he coined “Owner Earnings.” For those new to this type of analysis, I would recommend reading an introduction to my system by clicking here.

    My goal is ultimately to analyze the portfolios of each Guru highlighted here on GuruFocus, and to subsequently re-analyze them every quarter when possible as changes are made. My purpose in writing these articles is to show the power of Buffett’s ratio in analyzing stocks, ETFs, Mutual Funds and individual portfolios. If one can fill their portfolios with companies that score high using my system and avoid those which fail, one should be able to increase the probability of becoming a successful investor in my opinion. Profile of Einhorn:  


  • How Donald Yacktman Beat David Einhorn, Whitney Tilson and John Paulson in 2011

    Donald Yacktman pulled up his return for the $9 billion Yacktman Focused Fund from -1.24% at the end of the third quarter, to 7.41% for 2011, compared to the S&P 500 which was up 2.11% after a volatile year. Yacktman founded Yacktman Asset Management in 1992 and has achieved an 11.39% 10-year annualized return, and a 25% 3-year annualized return. In 1991, he was named Morningstar’s Mutual Fund Manager of the Decade.

    People now recognize Yacktman’s mastery after he avoided two crises caused by bursting bubbles and made sizable returns in the years following them. But during the bubbles, his contrarian stances and lagging returns made many people give up on him, as it looked like he was missing the party. During the tech boom of the late 1990s, his board even tried to oust him because he switched to non-tech small-cap stocks and his returns trailed the market. Then, the following three years, from 2000-2002, he beat the market, which remained in negative territory.  


  • David Einhorn Reveals New Positions in DELL and Xerox, Still Holds Gold and Gold Miners

    David Einhorn, founder of Greenlight Capital, announced yesterday that his Greenlight Capital L.P. fund returned 9.7% for the fourth quarter of 2011, bringing his full-year returns to 2.9%. Since the firm’s inception in May 1996, it has returned 10% annualized, net of fees and expenses. In his fourth quarter letter, Einhorn mentions that he established one new position, Dell (DELL), and re-established a position in Xerox (XRX). He also noted that he is still holding large positions in gold and gold miners.

    Of their strategy in general, he said they want to own cheap stocks of good businesses largely in the U.S. “We are more net long equities than we have been in some time, as we believe that many stocks have reached a point where they are simply cheap enough to own even if some trouble awaits us. We are prepared for problems in Asia by continuing to speculate on a much weaker yen. We have hedged the currency on our European equities, and continue to believe that European sovereign bond prices will fall regardless of whether the crisis is resolved through sovereign default or money printing,” he said.  


  • David Einhorn's 2012 Roadmap

    David Einhorn just released his 2011 year-end letter. Einhorn only earned a paltry 2.9% for his partnership in 2011 which far outpaced hedge fund rivals like John Paulson and Whitney Tilson.

    Einhorn's big winners were short positions in First Solar (FSLR) and Green Mountain (GMCR). Unfortunately, Einhorn bet against the Japanese yen which rocketed higher in 2011.  


  • Undervalued Stocks in Einhorn's Portfolio

    David Einhorn is president and co-founder of Greenlight Capital, a long-short value-oriented hedge fund. Since its inception, Greenlight has generated greater than a 21 percent annualized net return for its partners.

    Which is David Einhorn's strategy? He believes an investment approach emphasizing intrinsic value will achieve consistent absolute investment returns and safeguard capital regardless of market conditions. Einhorn has made his fame for his long-term performance and his successful short selling.  


  • Top Buys in the Last Quarter from David Einhorn

    David Einhorn is president and co-founder of Greenlight Capital, a long-short value-oriented hedge fund. Since its inception, Greenlight has generated greater than a 21 percent annualized net return for its partners.

    Which is David Einhorn strategy? He believes an investment approach emphasizing intrinsic value will achieve consistent absolute investment returns and safeguard capital regardless of market conditions. Einhorn has made his fame for his long term performance and his successful short selling.  


  • Inside Look at David Einhorn's Big Short

    Reuters had a interview with David Einhorn on his most recent highly publicized short position in Green Mountain Coffee (GMCR):

    (Reuters) - Hedge fund manager David Einhorn is taking an even harder line against Green Mountain Coffee Roasters, his big short trade, claiming a recent audit committee review of the accounting issues he flagged is nothing more than a "whitewash."  


  • Reuters Exclusive Interview with David Einhorn Discussing Green Mountain Coffee (GMCR.O)

    (Reuters) - Hedge fund manager David Einhorn is taking an even harder line against Green Mountain Coffee Roasters (GMCR.O), his big short trade, claiming a recent audit committee review of the accounting issues he flagged is nothing more than a "whitewash."In an exclusive interview with Reuters, Einhorn said he still doubts sales figures and spending plans at the company, which saw its stock soar to $110 in August on the rapid growth of its individual coffee servings or K-cups. When Einhorn revealed in October that he had been building a short position in shares of the company for weeks, the stock tanked and it effectively turned things around for his $8 billion Greenlight Capital fund this year.

    "I think everything we said in the presentation is right now as it was then -- and in many cases even more so," said the 43-year-old manager, who runs one of $2 trillion hedge fund industry's better-known long/short funds and also is an accomplished poker player.  


  • Exclusive: An Inside Look at David Einhorn's "Big Short"

    Hedge fund manager David Einhorn is taking an even harder line against Green Mountain Coffee Roasters (GMCR), his big short trade, claiming a recent audit committee review of the accounting issues he flagged is nothing more than a "whitewash."

    In an exclusive interview with Reuters, Einhorn said he still doubts sales figures and spending plans at the company, which saw its stock soar to $110 in August on the rapid growth of its individual coffee servings or K-cups. When Einhorn revealed in October that he had been building a short position in shares of the company for weeks, the stock tanked and it effectively turned things around for his $8 billion Greenlight Capital fund this year.  


  • Microsoft: Value Exposed

    Microsoft seems to be a favorite stock of some of the biggest money managers according to GuruFocus. Seth Klarman, Donald Yacktman and David Einhorn have all been piling up on shares of Microsoft since the second quarter of 2011. What is their attraction?

    Price: Microsoft (MSFT) is modestly priced at its current range of around $26-27 per share. This would put the P/E at approximately 10 with its fiscal year EPS $2.69. According to an in-house DCF calculation, MSFT has an intrinsic value of approximately $52.34 per share, which would give it over a 50% margin of safety to its current trading price. This calculation is based on a modest 10% growth in revenue, 12% increase in gross profit, and a 15% increase in net income looking out to 2015. This also takes into consideration our projected future cash flows discounted out from 2015, which would give MSFT equity a value of approximately $447,081,450,000 (if you take into consideration less debt and controlling interest and plus cash).  


  • David Einhorn Profiting From a Decline in European Sovereign Debt

    David Einhorn, the hedge-fund manager who compared the Greek bailout to a surrealist painting, recast a bet against sovereign debt in a way that reduces risks posed by government regulators and big banks.

    Greenlight Capital Re Ltd. (GLRE), a publicly traded insurer controlled by Einhorn, held credit default swaps on $667 million of sovereign debt as of June 30. During the third quarter, the company exited about half of those swaps, designed to pay off should a government default, and entered into short sales on non-U.S. sovereign bonds, according to a regulatory filing.  


  • Best Buy (BBY) Frustrates Value Investors

    Several gurus have been battered on ill-timed investments in Best Buy (BBY).

    Best Buy has been a favored investment for gurus such as David Einhorn, Joel Greenblatt and Leon Cooperman. However, shares of BBY continue to sink, leaving many to wonder if BBY is a classic value trap.  


  • Banks – Lehman Brothers 2.0 and Earnings Hocus Pocus

    For me, one of the largest red flags in the market has been the continued poor health of financials. The reason, of course, is that they are struggling to shrink their balance sheets, “extend and pretend” on their loan books, and earn their way out of impending Japanization. I’m not sure where I got this little piece of wisdom (and if you can prove it wrong please let me know): "There has never been a bull market in history that hasn’t been led by financial stocks." A sobering thought.

    Banks are, despite all their crimes, still the veins and arteries that pump credit around the body of the economy which acts as a lifeblood to economic activity.  


  • Weekly CEO Buys Highlight: UTHR, SUSS, ONFC, FSC, FBP

    Last week's top five stocks that were bought by their CEOs were UTHR, SUSS, ONFC, FSC, and FBP. According to GuruFocus Insider Data, these are the largest CEO buys during the past week.

    United Therapeutics Corp. (UTHR): CEO Martine A Rothblatt Bought 38,687 Shares

    CEO of United Therapeutics Corp. (UTHR) Martine A Rothblatt bought 38,687 shares during the past week at an average price of $42.02. UTD THERAPEUTIC is a biotechnology company focused on combating cardiovascular, inflammatory, and infectious diseases with unique therapeutic products. United Therapeutics Corp. has a market cap of $2.45 billion; its shares were traded at around $42.02 with a P/E ratio of 13.9 and P/S ratio of 4.1.

    Total revenues for the quarter ended September 30, 2011 were $201.7 million, up from $168.6 million for the quarter ended September 30, 2010. Net income for the quarter ended September 30, 2011 was $84.4 million or $1.45 per basic share, compared to $39.7 million or $0.70 per basic share for the same quarter in 2010.  


  • What Technology Stocks Hedge Fund Gurus Are Buying: MSFT, GOOG, HPQ, AAPL

    In the third quarter, earnings per share in the $3 trillion technology sector grew 31% year over year, and revenue increased 17%. Year to date, the information technology stocks of the S&P 500 returned almost 4%, and 7.6% over the last year. Guru hedge funds’ favorite stocks from this sector are: Microsoft (MSFT), Google (GOOG), Hewlett-Packard (HPQ) and Apple (AAPL).

    Microsoft (MSFT)  


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  • Gurus' Stocks Raising Dividends: YORW, MKC, BDX, CATC, HRL

    This is the group of companies who raised their dividend during the week: York Water Company, McCormick & Co. Inc., Becton Dickinson & Co., Cambridge Bancorp, and Hormel Foods Corp.

    York Water Company (YORW)  


  • Hedge Fund Greenlight Capital Buys MRVL, CBS, LM, GM, GDX, AAPL

    Renowned hedge fund manager David Einhorn just reported his third quarter portfolio. Einhorn has made his fame for his long term performance and his successful short selling. As of 09/30/2011, his firm Greenlight Capital owns 39 stocks with a total value of $4.7 billion. These are the details of the buys and sells.

    His portfolio is overweight in technology and healthcare, light in industrial and basic materials.  


  • Einhorn Explains Green Mountain Short

    Hedge fund manager David Einhorn of Greenlight Capital elaborated on his short position of Green Mountain Coffee (GMCR) in his latest investor letter.

    Einhorn specifically singled out the cozy relationship between GMCR and M. Block & Sons.  


  • Hedge Fund Manager David Einhorn Bought CBS, GM, MRVL

    Renowned hedge fund manager David Einhorn released his third quarter letter. He discussed his short position in Green Mountain Coffee (GMCR) again. He also bought into CBS Corporation (CBS), General Motors Company (GM) and Marvell Technology Group Ltd. (MRVL).

    According to the shareholder letter, Greenlight Capital, L.P., Greenlight Capital Qualified, L.P. and Greenlight Capital Offshore (collectively, the "Partnerships") returned (1.2)%, (0.6)% and (0.8)%1 net of fees and expenses, respectively, in the third quarter of 2011, bringing the respective year to date net returns to (6.2)%, (5.6)% and (6.1)%.  





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