David Einhorn

David Einhorn

Last Update: 02-13-2015

Number of Stocks: 42
Number of New Stocks: 12

Total Value: $7,524 Mil
Q/Q Turnover: 28%

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

David Einhorn Watch

  • Greenlight Capital: Q1 2012 Letter to Partners - May 30th, 2012

    Greenlight’s latest… While certainly not the first time Einhorn has dazzled me with his wit, couldn’t help but be particularly delighted by this clever poke in Buffett’s eye vis a vis gold.

    “The debate around currencies, cash, and cash equivalents continues. Over the last few years, we have come to doubt whether cash will serve as a good store of value. If you wrapped up all the $100 bills in circulation, it would form a cube about 74 feet per side. If you stacked the money seven feet high, you could store it in a warehouse roughly the size of a football field. The value of all that cash would be about a trillion dollars. In a hundred years, that money will have produced nothing. In a thousand years, it is likely that the cash will either be worthless or worth very little. It will not pay you interest or dividends and it won’t grow earnings, though you could burn it for heat. You’d have to pay someone to guard it. You could fondle the money. Alternatively, you could take every U.S. note in circulation, lay them end to end, and cover the entire 116 square miles of Omaha, Nebraska. Of course, if you managed to assemble all that money into your own private stash, the Federal Reserve could simply order more to be printed for the rest of us.”  

  • Investors Disappointed by Lack of Big Idea from Einhorn

    At the 2008 Ira Sohn Conference, David Einhorn gave a famously prescient take on Lehman Brothers before its collapse. Nothing like that happened like that this year, though he offered transparent ideas on some companies:

    NEW YORK (Reuters) - Investor David Einhorn built his reputation as a hedge fund industry superstar through targeted presentations that took on companies like Lehman Brothers, MBIA and Green Mountain Coffee Roasters.But on Wednesday, Einhorn was more scattershot in a 15-minute talk at the annual Sohn Investment Conference, where he was one of most highly anticipated speakers.  

  • Expedia (EXPE) - An Einhorn Pick I Like

    Intro: Expedia Inc. is an online travel company. The Company makes available, on a stand-alone and package basis, travel products and services provided by numerous airlines, lodging properties, car rental companies, destination service providers, cruise lines and other travel product and service companies. It also offers travel and non-travel advertisers access to a potential source of incremental traffic and transactions through its various media and advertising offerings on both the TripAdvisor Media Network and on its transaction-based websites. The company’s portfolio of brands include Expedia.com, Hotels.com, Hotwire.com, TripAdvisor Media Network, Expedia CruiseShipCenters, Egencia, eLong Inc. (eLong) and Venere Net SpA (Venere). In February 2011, TripAdvisor, an operating company of Expedia Inc., expanded its mobile travel offering with the acquisition of Palo Alto, California-based EveryTrail. In November 2011, Renren Inc. sold eLong Inc. to Expedia Inc.

    Renowned hedge fund manager David Einhorn reported his first quarter portfolio. In the first quarter, he sold a lot more stocks than he bought. He got into Howard Marks’ company Oaktree Capital (OAK), which came to the market a few weeks ago through IPO. Einhorn is heavy in the technology sector, which is almost half of his holdings. He bought into more tech companies such as Computer Science (CSC), Expedia Inc. (EXPE), DST Systems (DST).  

  • More Hedge Funds Are Selling Apple Stock

    Today we have updated portfolios of almost all the Gurus we track. We will write a series of articles discussing the trends we observe. In this article we want to share with you about Apple (AAPL), the most storied stock and the most valuable company on earth.

    Apple has been a wildly popular stock among the hedge fund gurus we track. Fewer mutual fund gurus own the stock as they are more toward traditional Ben Graham and Warren Buffett type of value investor. For the first quarter we have observed a lot selling with Apple among the hedge funds we track. This is quite a change of actions from the previous quarter. In the only four gurus added more to their positions in Apple; two initiated positions. Eleven hedge fund gurus reduced their Apple holdings; two sold out their positions completely. This is a strong change of action from the previous quarter, when 15 gurus added or bought into Apple, and only one reduced his position.  

  • David Einhorn's Stock Mentions at Ira Sohn

    CNBC reports on what stocks David Einhorn mentioned at the Ira Sohn Conference: Dick's Sporting Goods (DKS), Amazon (AMZN) and Apple (AAPL).


  • David Einhorn Buys Computer Science, Expedia Inc, DST Systems, Sells Microsoft Corp, General Motors, Travelers

    Renowned hedge fund manager David Einhorn reported his first quarter portfolio. In the first quarter, he sold a lot more stocks than he bought. He got into Howard Marks’ company Oaktree Capital (OAK), which came to the market a few weeks ago through IPO. As of March 31, 2012, Greenlight Capital owns 37 stocks with a total value of $5.5 billion.

    With Apple (AAPL) as his largest holding, Einhorn is heavy in the technology sector, which is almost half of his holdings. He bought into more tech companies such as Computer Science (CSC), Expedia Inc. (EXPE), DST Systems (DST).  

  • David Einhorn Compares Fed's Policies to Excessive Jelly Donut Consumption, Invokes the Simpsons

    David Einhorn, founder of hedge fund Greenlight Capital, excoriates the Fed's policies in this article for the Huffington Post:

    A Jelly Donut is a yummy mid-afternoon energy boost.  

  • David Einhorn Buys 1,679,750 Shares of Howard Marks’ Oaktree Capital after IPO

    David Einhorn, founder and president of hedge fund Greenlight Capital, bought 1,679,750 shares of Oaktree Capital Group (OAK) on April 20 when the price was about $39 per share, according to GuruFocus Real Time Picks.

    Oaktree Capital Group is the private equity firm of Einhorn’s fellow noted money manager and market prognosticator, Howard Marks, which focuses on alternative markets and had $75 billion in assets under management at the end of 2011. It just held its IPO on April 11, pricing 8.8 million shares at $43 each and raising about $380 million. It originally planned to sell 11.3 million shares at $43 to $46 each. The offering was 6% of shares outstanding, which valued the company at $6.5 billion. Since Oaktree’s IPO, the stock price has declined 6.45%.  

  • A Closer Look at the F-Score

    For some time now, GuruFocus has displayed the F-Score in the upper right section on the “Guru Trade” screen. The F-Score, a designation given by its founder, Joseph Piotroski, appears to be a tool that too often gets overlooked. Some of this is due to some misunderstanding as to how the numbers were intended to be used.


  • Best Buy's Disappointing Fourth Quarter Results Beginning of Inevitable Decline?

    Best Buy (BBY) released disappointing fourth-quarter financial results on Thursday. One unsuccessful quarter is not typically telling of a company’s overall business, unless it reflects the beginning of an inevitable decline, which is threatening Best Buy.

    Total revenue in Best Buy’s fourth quarter declined 2.4% compared to the previous year, including a 2.2% drop in domestic revenue and 2.9% drop internationally. Its net loss swung to $4.89 per share, compared to net income of $1.62 per share the previous year. The company was afflicted by a 21% decline in entertainment revenue and various charges, including restructuring charges related to store closures in the UK.  

  • Peter Lynch: Part Two

    “Companies that have no debt can’t go bankrupt."

    In my earlier article, “Is an Idiot Running the Business”, I mentioned taking a closer look at the techniques used by one of the greatest investors of all time, Peter Lynch.  

  • 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.  

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User Comments

ReplyUtonates@gmail.com - 5 months ago
hihi i http://www.gurufocus.com/stock/TSE:8308&summary mentioned that David Einhorn (Trades, Portfolio) bought huge stakes in Resona holdings but why is it not reflected in his portfolio?

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