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David Einhorn

David Einhorn

Greenlight Capital
Last Update: 2013-05-15

Number of Stocks: 38
Number of New Stocks: 6

Total Value: $6,553 Mil
Q/Q Turnover: 13%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:
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David Einhorn Watch

  • David Einhorn on CNBC Discussing His Apple Proposal

    by GuruFocus - Feb 07, 2013
    David Einhorn - David Einhorn On CNBC Discussing His Apple Proposal David Einhorn on CNBC discussing his Apple proposal

      Continue Reading »

  • David Einhorn’s 2012 Conviction Picks, Hits and Misses

    by Dianne Tordillo - Jan 24, 2013
    Upon the release of Greenlight Capital’s fourth quarter shareholder letter this week, penned by hedge fund manager David Einhorn, it was revealed that some of Einhorn’s high conviction stocks, or companies that Einhorn kept buying over the latest quarters, came up short of the Guru’s expectations.

    “The disappointing fourth quarter result reduced our year from good to pedestrian,” Greenlight admitted. “While it is hard to view our performance last year as a catastrophe, it nonetheless falls short of our goals.”  Continue Reading »


  • David Einhorn Comments on GM

    by Holly LaFon - Jan 23, 2013
    The long portfolio was marginally profitable, led by General Motors (GM) which advanced from $22.75 to $28.83 in the quarter. GM repurchased more than 11% of its shares from the government, which has committed to sell the balance of its stake over the next year. GM’s reduced share count is quite accretive to its earnings, and we hope that the recent action is afirst step by management toward shareholder-friendly capital allocation. Even after the repurchase, GM holds substantial excess capital and has a good opportunity to further reward shareholders through additional share repurchases either from the government or in the open market.

    From David Einhorn's fourth quarter letter.  Continue Reading »


  • David Einhorn Comments on Huntington Ingalls Industries

    by Holly LaFon - Jan 23, 2013
    Huntington Ingalls Industries (HII) executed relatively well in difficult circumstances over our holding period and the investment compounded at a high single-digit rate of return despite the challenging macro and federal spending environment. We exited the long position with a small gain.

    From David Einhorn's fourth quarter letter.  Continue Reading »


  • David Einhorn Comments on Pitney Bowes

    by Holly LaFon - Jan 23, 2013
    Our three year old thesis that Pitney Bowes (PBI) was a “melting ice cube” due to secular declining U.S. mail volumes played out. The company has been in a perpetual restructuringmode and reported a series of disappointing quarters. In addition, the viability of the dividendcame into question. We covered the short position with a nice gain.

    From David Einhorn's fourth quarter letter.  Continue Reading »


  • David Einhorn Comments on Computer Sciences Corp

    by Holly LaFon - Jan 23, 2013
    Computer Sciences Corp. (CSC) is an IT consulting and outsourcing business. In 2011, the stock declined more than 50% due to deteriorating profitability, missed estimates, and controversy relating to the company's large contract with the U.K. National Health Service.We began purchasing shares in February 2012, after the company announced a change in management. We continued purchasing shares throughout the year and established a position at an average price of $27.78 per share. We view CSC as a fundamentally sound business that has had margins well below that of its peers as a result of organizational inefficiencies, historical mismanagement, and various non-recurring charges that obscured underlying earnings. In addition, the company owned several valuable assets, including its high-margin Equifax credit services affiliate that we believed could be monetized at an attractive multiple.

    We believe that CSC has earnings power in excess of $4.00 per share and that the new management team is capable of turning the company around to achieve those earnings, and possibly more. The early results have been promising, as CSC has reported two quarters of above-consensus earnings, monetized its Equifax affiliate and initiated a share repurchase program. CSC shares closed the year at $40.05 each. While the stock has appreciated in response to management’s progress to date, we continue to believe that the company has significant opportunities for margin improvement, free cash flow conversion and capital deployment under the leadership of its well incentivized and shareholder-friendly management team.  Continue Reading »


  • David Einhorn Comments on Vodafone

    by Holly LaFon - Jan 23, 2013
    We have also increased our Vodafone (UK: VOD) holdings, as the stock fell sharply on newsthat just doesn ’ t seem that bad. After achieving an August peak of £1.92, the shares ended theyear at £1.54. At this valuation, it appears that the market is placing no value on VOD’s 45%stake in Verizon Wireless. And the Verizon Wireless stake is clearly quite valuable.

    Look at it from Verizon ’ s perspective: Historically, Verizon had a very profitable landline business, and Verizon Wireless owed it billions of dollars. Verizon received Verizon Wireless ’s free cash flow as it repaid the debt. For years, Verizon used its control to try to starve VOD by refusing to allow Verizon Wireless to pay dividends. Today, Verizon’s landline business generates no cash and the debt from Verizon Wireless has been repaid. Verizon’s 55% control stake in Verizon Wireless is probably worth mo re than all of Verizon’s market capitalization, and Verizon has become wholly dependent on dividends from Verizon Wireless to fund its parent company obligations and shareholder dividends.  Continue Reading »


  • David Einhorn Comments on Marvell Technology

    by Holly LaFon - Jan 23, 2013
    Marvell Technology (MRVL) was our biggest loser in 2012. MRVL shares fell from $13.85to $7.26 during the year. Earnings disappointments earlier in the year were followed by an end-of-year jury verdict of over $1 billion for infringement on certain patents held by Carnegie Mellon University. Having reviewed the proceedings, our view is that this is a case of a novel interpretation of the law by a local judge, combined with a hometown runaway jury. Although the legal system is inherently a crapshoot, we think that there are many reasons to expect the award to be substantially reduced or eliminated, either by the trial judge or on appeal. There are many grounds, but one of the simplest is that most of the damages were awarded based on foreign sales that are generally not protected by U.S. patents. The jury found that since the product was “designed and tested” in the U .S., damages were payable even though the manufacturing and sales happened abroad.

    Though we’d love to just admit we are wrong, sell the stock, and move on, we continue to like the opportunity here. MRVL is on the cusp of a large product transition which, to put it mildly, is not in the valuation. A year ago we were feeling pretty discouraged about our Sprint position, but we re-evaluated and determined that while the stock was down for good reason,our overall thesis was intact. It turned out to be a good decision. We have similarly re-evaluated and decided to buy even more MRVL. We expect its shares to sprint higher in 2013.  Continue Reading »


  • Greenlight Capital (Einhorn) Q4 2012 Investor Letter

    by CanadianValue - Jan 23, 2013
    David Einhorn - Greenlight Capital (Einhorn) Q4 2012 Investor Letter

    Greenlight Letter Q4 byzerohedge. He comments on Marvell (MRVL), Vodafone (VOD), General Motors (GM), Apple (AAPL), Green Mountain Coffee Roasters (GMCR), Computer Sciences Corp. (CSC), Pitney Bows (PBI) and Huntington Ingalls (HII).  Continue Reading »



  • David Einhorn Underperformed in 2012

    by matsandalex - Jan 04, 2013
    It was recently reported that Greenlight Capital, managed by David Einhorn, greatly underperformed the benchmark indices in 2012.

    Einhorn's fund was only up 8.3% in 2012 while the S&P was up 13.4% in the same period.  Continue Reading »


  • What’s Up with David Einhorn’s Shorts - Chipotle Mexican Grill Inc.

    by Holly LaFon - Dec 28, 2012
    David Einhorn - What’s Up With David Einhorn’s Shorts - Chipotle Mexican Grill Inc. David Einhorn, founder of hedge fund Greenlight Capital, has moved markets with his powerful presentations on stocks he has decided to short and reaped sizable gains. The companies he targets typically have to respond to accusations leveled at them and after some time has passed, it becomes clearer whether Einhorn was right in his assessment. Perhaps most famous are his short positions in Chipotle (CMG), The St. Joe Company (JOE) and Green Mountain (GMCR) (read about his Green Mountain short here). Einhorn's portfolio is up in the low teens through October in 2012.

    Einhorn’s Oct. 2 revelation at the Value Investing Congress that his firm took a short position in Chipotle had a milder effect on its stock price that his previous short announcements – it fell 4.2 percent to $302.96 that day. Chipotle is the upscale burrito restaurant that focuses on fresh, sustainably grown, humanely raised, often organic ingredients. Since its founding in 1993, it has expanded to 1,350 restaurants and seen its stock soar 593% since going public in 2006.  Continue Reading »


  • What’s Up with David Einhorn’s Shorts - The St. Joe Company

    by Holly LaFon - Dec 27, 2012
    David Einhorn - What’s Up With David Einhorn’s Shorts - The St. Joe Company David Einhorn, founder of hedge fund Greenlight Capital, has moved markets with his powerful presentations on stocks he has decided to short and reaped sizable gains. The companies he targets typically have to respond to accusations leveled at them and after some time has passed, it becomes clearer whether Einhorn was right in his assessment. Perhaps most famous are his short positions in Chipotle (CMG), The St. Joe Company (JOE) and Green Mountain (GMCR) (read about his Green Mountain short here).

    Einhorn revealed his firm’s short position in St. Joe at the 2007 Ira Sohn Conference and presented an updated, 139-page thesis at the 2010 Value Investors Conference. Founded in 1936, St. Joe is the second-largest land owner in Florida, owning approximately 567,000 acres of land primarily in Northwest Florida it is either developing or using to grow and sell timber.  Continue Reading »


  • What’s Up with David Einhorn’s Shorts: Green Mountain Coffee Roasters

    by Holly LaFon - Dec 26, 2012
    David Einhorn - What’s Up With David Einhorn’s Shorts: Green Mountain Coffee Roasters David Einhorn, founder of hedge fund Greenlight Capital, has moved markets with his powerful presentations on stocks he has decided to short and reaped sizable gains. The companies he targets typically have to respond to accusations leveled at them and after some time has passed, it becomes clearer whether Einhorn was right in his assessment. Perhaps most famous are his short positions in Chipotle (CMG), St. Joe Company (JOE) and Green Mountain (GMCR).

    David Einhorn announced his short position in Green Mountain Coffee Roasters (GMCR) in October 2011 at the Value Investing Congress. Shares began to plunge immediately, eventually bottoming at a 52 percent loss by about a month.  Continue Reading »


  • David Einhorn's Long-Term Position in NCR

    by matsandalex - Nov 21, 2012
    David Einhorn established a long position in NCR Corporation (NCR) in the third quarter of 2010. The price he paid was under $14 for approximately 8.3 million shares. Einhorn's fund has continued to hold shares of NCR, and yesterday JP Morgan added NCR to their "Focus List."

    NCR is focused on ATMs and various other self-service kiosks. At the time when Einhorn acquired the stake he wrote in his shareholder letter, "It trades at 31 times trailing earnings, but in its most recent quarter reported blowout numbers- an 11% increase in revenue and a 142% increase in earnings compared to the same period the previous year- beating analyst estimates for the fourth quarter in a row. The sell-side is catching on, with current earnings estimates implying a forward P/E of 8 and a five-year PEG of 0.6. If the company comes close to those numbers, Greenlight should reap high returns."  Continue Reading »


  • David Einhorn Buys Computer Sciences, General Motors, Yahoo!, Sells Apple, Seagate, Best Buy

    by GuruFocus - Nov 14, 2012
    David Einhorn - David Einhorn Buys Computer Sciences, General Motors, Yahoo!, Sells Apple, Seagate, Best Buy Renowned hedge fund manager David Einhorn just reported his third quarter portfolio. Einhorn made him fame with a few high profiled shorts that worked out nicely for him. Most recently he shorted Chipotle Mexican Grill and Green Mountain Coffee Roasters. When the news broke out, both stocks were hammered. This is the third quarter portfolio of David Einhorn. He bought into new positions in Computer Sciences Corporation, Yahoo, Babcock & Wilcox Co, and Aecom Technology. He also added to his positions in HMOS such as Aetna Inc, Cigna Corp. Among his sales, the most notable ones are Apple (AAPL) and Best Buy (BBY) He reduced his position in Apple by 25%, although it is still his largest position. He dumped Best Buy completely.

    David Einhorn wrote very favorably about Apple in May. But apparently the price appreciation or the recent business development at Apple has changed some of his views. This was what he wrote back in May:  Continue Reading »


  • Einhorn Increases Short Positions

    by matsandalex - Nov 08, 2012
    On last week's conference call, David Einhorn sounded more bearish than at any time over the last three years.

    Einhorn said that he has increased his short portfolio over the last quarter:  Continue Reading »


  • Einhorn's New Short, DMGT

    by Coeus Capital - Nov 06, 2012


    David Einhorn’s new bearish position on London-based Daily Mail and General Trust (DMGT:LN) was the biggest short taken by any hedge fund against UK company in light of new regulatory rulings.  Continue Reading »


  • Will David Einhorn Buy Marvell Again as Price Drops Further?

    by Holly LaFon - Oct 24, 2012
    David Einhorn - Will David Einhorn Buy Marvell Again As Price Drops Further? David Einhorn makes few investing mistakes. Since he reported his second-quarter portfolio, only one of his stocks is cheaper today than when he bought it: Marvell Technology Group Ltd. (MRVL). When the price declined 28 percent in the second quarter, Einhorn said he used it as “an opportunity to increase our stake in the company.” His colleague Daniel Loeb of Third Point, meanwhile, exited his position. As the stock continued a 19 percent slide in the third quarter (42 percent year to date), it left many to wonder if it is still the deal Einhorn thought it was.

    The Company   Continue Reading »


  • David Einhorn Comments on Chipotle Mexican Grill

    by Holly LaFon - Oct 24, 2012
    At the recent Value Investing Congress, David updated our view of Green Mountain Coffee Roasters (GMCR), elaborated on our General Motors (GM) and Cigna (CI) theses, and disclosed our short position in Chipotle Mexican Grill (CMG).

    ...  Continue Reading »


  • David Einhorn Comments on Cigna

    by - Oct 24, 2012
    At the recent Value Investing Congress, David updated our view of Green Mountain Coffee Roasters (GMCR), elaborated on our General Motors (GM) and Cigna (CI) theses, and disclosed our short position in Chipotle Mexican Grill (CMG).

    Regarding CI, we discussed that it trades at a discount to the HMOs, which as a group trade at low multiples. We then illustrated that CI is a higher-quality business that generates superior and more stable returns on equity than its peer group. With a substantial emphasis on Administrative Services Only business, CI deserves a higher multiple closer to the business process outsourcing companies (such as ADP) than to the HMOs. CI also has a significant and growing Medicare Advantage business and a fast growing international business. Finally, we noted that since the vast majority of its customers are large and mid-sized enterprises, CI has much less exposure to the known risks of Obamacare including health care exchanges. In fact, Obamacare may provide a growth opportunity for the company because it may finally afford CI the opportunity to compete meaningfully in the in the individual segment of the market.  Continue Reading »


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