David Einhorn

David Einhorn

Last Update: 2014-11-14

Number of Stocks: 47
Number of New Stocks: 12

Total Value: $6,931 Mil
Q/Q Turnover: 16%

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

David Einhorn Watch

  • David Einhorn Second Quarter Letter: Exit Dell, BestBuy, Buys Cigna and Coventry Health Care

    David Einhorn just released his second quarter client letter. He bought into the managed care sector, including Cigna (CI) and Coventry Health Care (CVH). He also exited from Dell (DELL) and Best Buy (BBY).

    These are some excerpts:  


  • It's David Einhorn Morning on CNBC!

    On a bevy of subjects

    - Thinks Bernanke should raise rates  


  • SAC’s Cohen Follows Loeb and Einhorn in Starting Reinsurer for Capital

    Steven A. Cohen, the billionaire founder of SAC Capital Advisors LP, started a reinsurance company that can invest in his hedge fund, following Daniel Loeb and David Einhorn in entering the business to secure more permanent capital.

    SAC Re Holdings Ltd. is being run by Simon Burton and will focus on high-margin catastrophe coverage and casualty protection, the Bermuda-based company said in a statement today. The company’s investments will be managed by SAC Capital, which oversees about $14 billion out of Stamford, Conn.  


  • Valuing David Einhorn's Portfolio - The Discounted Cash Flow Model

    Discounted Cash Flow, a feature on GuruFocus’ new Valuations Tab, is a more encompassing method of valuing businesses than isolated ratios because it takes into account book value, current free cash flow, business growth rate and terminal value. The model arrives at an intrinsic value of a business that includes balance sheet value, future business earnings and earnings growth.

    Calculating the entire value of the business in this way gives a number that is comparable to the stock price. For instance, if a company has a DCF value of $10 and the stock is trading for $15, the stock is undervalued.  


  • Ideology + Investing = A Recipe for Disaster

    Today’s healthcare ruling has certainly got the talking heads going; the worst part of it all is that there are months and months of this still to come. I thought I would take the time to bring the political conversation back to what I really care about: great companies and investing. I thought I would take the time to scratch out an article dedicated to the crazies of the world: here’s a list of why most political diehards (on both sides) are likely to be poor investors:

    1) They Always Think They’re Right – Anytime that I listen to a political talk show, it’s always the same thing: “Here’s why I’m right and you’re wrong” (I'm paraphrasing). While that may work for winning political debates, it doesn’t work in investing; intelligent investors must always be cognizant of the fact that there is always somebody on the other side of a trade – and if you can't identify why they could possibly be selling why you're buying, there’s a good chance that you’re in for some unwanted surprises down the road.  


  • Lessons from an Auto Turnaround

    As superinvestors like David Einhorn, Joel Greenblatt, Mario Gabelli, and Berkshire Hathaway buy into GM, value investors start to look deeper into the auto industry to predict a possible turnaround. They start to think about whether their current strategies could lead to better earnings.

    To find out what will work in today’s auto industry, we have to carefully examine what has worked in the past. For investors looking into GM and Ford, "Guts: The Seven Laws of Business that Made Chrysler the World’s Hottest Car Company" by Robert A. Lutz, former President of Chrysler, is a fascinating read about the intricate strategies that made Chrysler a story of success. Here is a summary of what worked for one automaker:  


  • Reuters: Einhorn Makes Another Successful Short Bet, This Time with U.S. Steel

    David Einhorn, manager of hedge fund Greenlight Capital, has made several outstanding and much-discussed short investments. One has been overlooked, according to Reuters:

    Hedge fund manager David Einhorn, best known for his prescient short bet against Lehman Brothers and recently, Green Mountain Coffee Roasters, hasn't received the same attention for another notable bearish call - United States Steel.  


  • Stocks Trading for Less Than David Einhorn and Prem Watsa Paid for Them

    Talk of a potential quantitative easing by the Federal Reserve after it concludes its two-day meeting has lifted markets this week. The Dow Jones industrial average reached its highest level in a month on Tuesday. Most of the stocks in the portfolios of the best stock pickers all rose in tandem, but a few haven’t yet surpassed the investors’ original purchase prices. Some standout bargain candidates are David Einhorn’s Marvell Tech Group (MRVL) and Prem Watsa’s Research In Motion (RIMM).

    David Einhorn  


  • David Einhorn Ups Seagate Technologies Stake Almost 60%

    David Einhorn, founder of hedge fund Greenlight Capital, increased his holding of Seagate Tech (STX) 58.99 percent at the average price of $22.75 on June 1, according to GuruFocus Real Time Picks.

    Ireland-based Seagate Technologies the world’s leading provider of hard disk drives based on revenue, which Einhorn has been building a sizable position in recently. He originally bought 3,268,957 shares in the first quarter of 2011 at an average price of $14 per share. In the second quarter he added 8,236,416 shares at an average price of $16. In the third quarter he bought 2,943,600 shares at an average price of $13, and in the first quarter of 2012 he bought 89,153 shares at an average of $25. His most recent purchase on June 1 was of 8,575,900 shares and brought his holding to a total of 23,114,026 shares.  


  • David Einhorn's Comments on St. Joe

    From David Einhorn's first quarter letter:

    We have been short St. Joe (JOE) for more than half a decade. David first discussed our position at the Ira Sohn conference in 2007, and then gave a second, more detailed presentation of our updated thesis at the 2010 VIC. The presentation highlighted that a number of JOE’s real estate investments were impaired and should have been reflected as such in the company’s financial statements. JOE and the bulls disagreed. We assume that JOE’s auditors did as well, seeing as they signed off on the 2010 year-end results without requiring any impairment.  


  • David Einhorn Comments on Diamond Foods (DMND)

    From David Einhorn's first quarter 2012 letter:

    Last quarter, we noted that we had closed a brief and successful short position in Diamond Foods (DMND). Our thesis was that the company had engaged in significant accounting chicanery. When the stock fell by 66% a couple of months after the Partnerships established their position, we chose to cover and take a profit. We hadn’t changed our thinking about the accounting, but we were skeptical that anyone would do anything to actually curtail them is behavior. Imagine our surprise when DMND announced that its own audit committee had actually investigated, found the wrongdoing, restated earnings and dismissed the management. This sort of self-policing happens too infrequently and we think it deserves to be noticed and applauded.  


  • David Einhorn on Seagate Technology

    From David Einhorn's first quarter 2012 letter:

    Seagate Technology (STX) was the other significant winner during the quarter. It is STX's normal practice on earnings calls to provide financial commentary looking ahead only one quarter. However, in January, STX shared its financial outlook for all of calendar year 2012,forecasting revenues of $20 billion. The prior consensus was for less than $15 billion. A good chunk of the increased forecast comes from higher pricing enabled by the industry shortage following the floods in Thailand last year.  


  • David Einhorn on Apple Inc.

    From David Einhorn's Greenlight Capital first quarter 2012 letter:

    During the presentation at our annual Partners’ Dinner, we talked about a number of stocks that have suffered multiple compression, where businesses have performed nicely, but have not seen a corresponding uplift in their share price. Apple (AAPL) is the clearest example of this. In 2011, AAPL’s revenue grew 66% and earnings per share grew 78%. Both of these growth rates greatly exceeded market expectations and even our own expectations, which were considerably more optimistic than consensus. Nonetheless, the stock appreciated by only 25%. As a result of this mismatch, AAPL’s P/E multiple compressed by about one third.Several other names in our portfolio including General Motors (GM), Microsoft (MSFT), Delphi (DLPH) and Arkema (France: AKE) also suffered multiple compression in 2011. This trend reversed in the first quarter, with all of these companies enjoying rising share prices that reflect both current earnings performance and some P/E multiple catch-up from last year.  


  • 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.  


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Utonates@gmail.com
ReplyUtonates@gmail.com - 2 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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