David Einhorn

David Einhorn

Last Update: 11-14-2016

Number of Stocks: 36
Number of New Stocks: 2

Total Value: $5,232 Mil
Q/Q Turnover: 6%

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

David Einhorn Watch

  • Steven Cohen's Assets With Highest Returns

    Steven Cohen (TradesPortfolio), a billionaire hedge fund investor, is the founder of SAC Capital Advisors, a Stamford, Connecticut-based hedge fund. The following are the best performers of his investments this year.


    United States Steel Corp. (X) with a market cap of $6.26 billion has gained 339.5% year to date. The guru's position represents 0.03% of his total assets.

      


  • David Einhorn Nearly Triples Amerco Holding

    Guru David Einhorn (Trades, Portfolio) is a Demarest, New Jersey native who co-founded Greenlight Capital in 1996 after his wife gave him the “green light” to go ahead with his idea to found his own hedge fund.


    During the third quarter, Einhorn nearly tripled his position in Amerco (NASDAQ:UHAL) adding 141,313 shares of the company to his portfolio. Since the trade Amerco’s market price has gained an estimated 3%.

      


  • David Einhorn Gains 2 Positions in 3rd Quarter

    Activist investor David Einhorn (Trades, Portfolio) of Greenlight Capital acquired two new holdings in the third quarter. They are United States Steel Corp. (NYSE:X) and The GEO Group (NYSE:GEO).


    Einhorn purchased 3,089,800 shares in U.S. Steel for an average price of $20.64 per share. The transaction had an impact of 1.11% on the portfolio.

      


  • A Look at David Einhorn’s Chemours

    David Einhorn (Trades, Portfolio) is the founder and president of Greenlight Capital, a value-oriented investment adviser. He believes an investment approach emphasizing intrinsic value will achieve consistent absolute investment returns and safeguard capital regardless of market conditions. He is a noted activist investor, taking positions in companies and then pushing management to implement changes.


    Einhorn is long Chemours (NYSE:CC). In his September quarter letter, he commented:

      


  • David Einhorn Speaks on Passive Investing, Mylan, His Cheapest Stock, the Fed

    Greenlight Capital hedge fund manager David Einhorn (Trades, Portfolio) joined nine other famed investors on Tuesday to talk about stocks at the annual Great Investors’ Best Ideas Investment Symposium in Dallas.


    Presenters at the annual conference that raises money for the Michael J. Fox Foundation of Parkinson’s Research and the Vickery Meadow Youth Development Foundation typically pitch one or several of their favorite stocks, which together have had a solid record. A portfolio of the recommendations from last year gained more than 40%, according to Caroline Cooley, a speaker from Crestline Investors.

      


  • 20 Questions With Mark Spiegel of Stanphyl Capital Management

    How and why did you get started investing? What is your background?


    I always had a casual interest in the stock market, going back to high school in the late 70s when I opened an account at a local broker and bought a stock about which I knew little except that the New York Times stock tables said it had a really low PE ratio-- I think it was 4, or something like that. It was an Amex-listed company called Outdoor Sports International (the ticker was OSI) and I think it wound up getting bought out, thereby maybe doubling the $200 or so I put into it. (I had no real idea what I was doing-- it was just semi-dumb luck!) Then in my senior year of high school I worked part time in the local Paine Webber office doing clerical work for one of the brokers-- basically, just helping him keep track of his customers' trades. In college though I mostly lost touch with stocks and when I graduated I wound up spending 17 years as a commercial and industrial real estate broker in the "outer boroughs" (Queens, Brooklyn and the Bronx) of New York City. I didn't realize it at the time, but working with a lot of different kinds of businesses actually turned into terrific "real world experience" for when I later became an investment banker and then a full-time investor. In the late 90s-- while I was still in the real estate business-- stocks were going crazy and my interest in them was rekindled. I wound up making a nice chunk of money buying low-PE microcap "value tech" stocks before they really took off like their big-cap brethren, while simultaneously losing some money shorting several of the bubble stocks because I didn't have the experience and fortitude to stick with them before they collapsed. However, on a net basis I'd made good money on the long side (and kept it-- I sold what at the time seemed to be "too early" but in fact was only "months" too early) and decided in January 2000 to sell my half of my real estate company to my partner to try to invest full-time. (Talk about top-ticking the market, and not in a good way!) I then spent a couple of years teaching myself a lot more about finance, studying scores of accounting and financial analysis textbooks, books about Wall Street history, etc. I then paid the most useful (and expensive!) stock market tuition possible: I fell in love with a microcap tech story-stock, rolled almost all of my previous profits into it and went to work for the company in a sales & marketing position. Well, being "inside" a story-stock and comparing that experience with its simultaneous press releases and earnings conference calls was one of the most valuable experiences an investor can have! After spending a year there I sold the stock at a huge loss, left the company (the product failed and most of the sales staff was laid off anyway), and decided that with a combination of my real-world business knowledge (from my commercial real estate days), book knowledge (from all the financial textbooks and history books I'd read) and story-stock knowledge (the experience I just related), I was ready to actually get a real job on Wall Street. However, this was 2003 and NO ONE was hiring, especially a 42 year-old guy with no previous jobs on the Street. Fortunately, one young guy running the New York office of a tiny investment bank saw my resume and was intrigued by the commercial real estate experience. He figured "This guy helped CEOs find their offices and warehouses and we help CEOs find their money, so if he can relate to CEOs one way he can relate to them other ways too." So he hired me on an "eat what I kill" basis (i.e., I'd get a percentage of the banking fees I brought in) and sponsored me for my Series 7 & 63 licenses, and I was off and running, cold-calling companies. I got a few deals done and simultaneously started investing again, mostly in microcaps but this time-- thanks to my own experience-- with a much better "smell detector," lol. My portfolio grew nicely and then in 2006 I went to a larger investment bank and had enough success there that I was recruited to a still larger bank in late 2007. All this time I was investing my own portfolio (even within the somewhat restricted confines of the various i-banks personal trading policies) and in 2009 I left my last i-bank to invest full-time, but this time with the goal of using my accumulated experience to open a hedge fund. I had really good returns in my personal account from 2005 through 2011 and had them audited to use as part of my fund marketing materials, and then in 2011 I opened Stanphyl.

      


  • Fantasy Sports Offer Opportunities for Investors

    In the U.S., it is football season all the way. The regular season is in full swing and armchair coaches are back after the fantasy draft, setting up their rosters each week for a taste of that number one spot. DraftKings and FanDuel are the most popular daily fantasy sports websites in the U.S. Last year, FanDuel and DraftKings recorded about $174 million and $106 million in revenues respectively, according to reports from Eilers & Krejick Gaming LLC. It’s figures like these that have attracted large investments by some of the bigger names in sports and entertainment.


    For instance, Alphabet Inc. (NASDAQ:GOOG), Comcast Corp. (CMST) and Time Warner Inc. (NYSE:TWX) hold a stake in FanDuel. Other companies like Fox Sports (NASDAQ:FOX), Major League Baseball, Major League Soccer LLC and even National Hockey League Inc. have thrown money into DraftKings. In fact just recently, Revolution Growth, the firm co-founded by Washington Capitals and Washington Wizards owner Ted Leonsis, was part of DraftKings’ latest $150 million round of financing. At one point, even the parent company to ESPN, Walt Disney Co. (NYSE:DIS), was looking to grab a seat at the table of fantasy league sports.

      


  • Amerco: A David Einhorn Bargain

    In August, Amerco (NASDAQ:UHAL) reported first quarter earnings per share of $7.51, missing estimates by $1.21, and revenue of $923.41 million, missing estimates by $17.91 million, despite being up 4.4% year-over-year. This is the catalyst that sent the stock down over 15%.


    However, for long term investors, the stock has been a boring market crusher. In the last decade, revenue rose 58%, net income grew 410%, EPS 537% and book value increased by 189%. All this contributed to a 344% rise in share price versus the S&P 500’s 65% gain.

      


  • Rite Aid Is a Solid Risk Arbitrage Trade

    Rite Aid (NYSE:RAD) is the third-largest drug store retailer in the U.S. and is the target of an acquisition by Walgreens Boots Alliance (NASDAQ:WBA).


    A few months ago, CNBC reported that the FTC is likely to approve the Rite Aid sale to Walgreens Boots Alliance. On Sept. 12 Walgreens provided an update, per the requirements stated by the U.S. Federal Trade Commission; for the acquisition to be closed, both must divest between 500 and 1,000 of its stores. That’ll leave them around 12,000 total stores.

      


  • Two Key Checklist Items

    I am not a big fan of going through specific “checklist” items one by one when evaluating an investment idea. I know this idea has gained enormous popularity in recent years, partly due to the good book The Checklist Manifesto, and partly popularized in value investing circles by Mohnish Pabrai (Trades, Portfolio).

    I respect Mohnish a lot, and I think his idea of evaluating previous investment mistakes (both his own mistakes and especially the mistakes of other great investors) is an excellent exercise.  


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