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%

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David Einhorn Watch

Diamond Hill Capital’s Biggest Fourth Quarter New Buys
by Holly LaFon - Jan 20, 2012
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). Continue Reading »
David Einhorn Reveals New Positions in DELL and Xerox, Still Holds Gold and Gold Miners
by Holly LaFon - Jan 18, 2012
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. Continue Reading »
David Einhorn's 2012 Roadmap
by matsandalex - Jan 18, 2012
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. Continue Reading »
Undervalued Stocks in Einhorn's Portfolio
by Federico Flom - Jan 09, 2012
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. Continue Reading »
Top Buys in the Last Quarter from David Einhorn
by Mara Kohn - Dec 28, 2011
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. Continue Reading »
Inside Look at David Einhorn's Big Short
by CanadianValue - Dec 27, 2011
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." Continue Reading »
Reuters Exclusive Interview with David Einhorn Discussing Green Mountain Coffee (GMCR.O)
by Holly LaFon - Dec 21, 2011
(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. Continue Reading »
Exclusive: An Inside Look at David Einhorn's "Big Short"
by gurufocus - Dec 20, 2011
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. Continue Reading »
David Einhorn Profiting From a Decline in European Sovereign Debt
by CanadianValue - Dec 16, 2011
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. Continue Reading »
Banks – Lehman Brothers 2.0 and Earnings Hocus Pocus
by Kelpie Capital - Dec 12, 2011
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. Continue Reading »
Removed by request
by Jacob Wolinsky - Dec 02, 2011
Removed by request Continue Reading »
Hedge Fund Greenlight Capital Buys MRVL, CBS, LM, GM, GDX, AAPL
by gurufocus - Nov 15, 2011
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. Continue Reading »
Magic Formula Stock of the Week: CBS
by Paul Andrews - Nov 14, 2011
CBS (CBS) is one of the largest and most well known corporations in America. Along with ABC and NBC, they formed the core of the “Big 3” networks that dominated the TV scene for decades and enjoyed some of the widest and deepest moats in business. In fact, their moat was so wide that Warren Buffett would eventually invest in rival ABC. Today, however, their moat is shrinking. First, cable came along and gave viewers more options than just the big three networks, which reduced the Big 3’s share of eyeballs. Now, Internet television is changing viewer habits and drastically affecting how networks can monetize their products, and new innovations like YouTube, video games and social networking are competing for viewers’ entertainment time.

Despite those concerns, this is still a great business with fantastic returns on capital. The company generates massive free cash flows, which they’ve used to retire 25% of their shares over the past seven years, in addition to paying some hefty dividend. And CBS still owns a very diverse and attractive set of businesses that are perfectly positioned to enjoy a big upswing in profits as advertising rates continue to recover as the economy gains steam. In fact, famed investor David Einhorn saw enough catalysts on the horizon and attractive properties at a cheap enough price to pick up a big position in the stock during the third quarter. Continue Reading »
Einhorn Explains Green Mountain Short
by matsandalex - Nov 08, 2011
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. Continue Reading »
Hedge Fund Manager David Einhorn Bought CBS, GM, MRVL
by gurufocus - Nov 08, 2011
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)%. Continue Reading »
Lehman Brothers 2.0 - More Bank Earnings Hocus Pocus?
by Kelpie Capital - Nov 06, 2011
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 from (and if you can prove it wrong please let me know): There has never been a bull market in history that hasn’t been lead 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. Continue Reading »
Stocks to Buy on Dips: BDX
by Chandan Dubey - Nov 04, 2011
If you have been priming your portfolio for a significant buying opportunity, this series of articles are targeted at you. In the series, I am going to look at companies with the following characteristics:
- Companies built to last. This means wide moat, pricing power, and durable competitive advantage. We will not deal with a lot of technical hocus-pocus and will not consider most technology stocks because of the ever-changing playing field.
- Companies with strong FCF and good history of FCF growth in the last decade, preferably with market cap which is less that 12*FCF. Why 12*FCF? Assuming a 1% growth in FCF forever, with a 10.2% discount rate, gives us the magic number 12*FCF as the terminal value of the stock. What this means is that the market is pricing the company for a less than half of the U.S. economic growth rate (which is around 2%, if seen over a period of larger than 30 years) and a 10% discount rate.
- Companies with good ROE with little or no debt, or companies with good ROIC. We will try to look at companies which have manageable levels of debt. We will err on the side of safety.
- Companies with good management practices and good history of shareholder returns. This will look at the share counts, buybacks, dividend along with the management compensation, options and stock awards. Good insider holding/guru holding will be a plus.
- Companies with very good balance sheet. We don’t want the company to face any major headwinds because of credit crunch in the next year. In particular we would like the company to be well financed with a good current ratio.
Today, I am going to pitch medical device maker Becton-Dickinson (BDX). Continue Reading »
David Einhorn Is Betting on Gold-Mining Companies
by Mariusz Skonieczny - Nov 01, 2011
Hedge fund manager David Einhorn is betting that gold-mining companies will outperform bullion, reversing the trend from the past six months.

“A substantial disconnect has developed between the price of gold and the mining companies,” Einhorn said today in a conference call discussing results at Greenlight Capital Re Ltd. (GLRE), the reinsurer where he is chairman. Continue Reading »
David Einhorn's Best Stocks: BAGL, WAG
by Mara Kohn - Oct 29, 2011
David Einhorn is Greenlight Capital president. Greenlight Capital is a well known hedge fund founded in 1996. Since then, it has had 27% average in revenues. David Einhorn is always related to short selling, expressly, borrowing stock for a short period of time, selling it and then repurchase such stock at a lower price. In fact, that is his philosophy. He focuses on preserving capital and his goal is to buy stock that will remain strong.

He always makes research before investing, but what´s curious is that he thinks that “you never really know what will happen”. Despite the uncertainty, the journey is well worth the effort. Continue Reading »
Einhorn Probably Regrets Selling MI Developments
by matsandalex - Oct 27, 2011
Hedge fund manager David Einhorn probably regrets bailing on his investment in Canadian real estate company MI Developments (MIM.TO).

MI Developments owns and develops industrial real estate properties in North America and is controlled through a block of super-voting shares by Frank Stronach, its 76-year-old chairman, who is the founder of the auto parts giant Magna International. Continue Reading »