European Shorting
Number of Stocks: 38
Number of New Stocks: 6
Total Value: $6,553 Mil
Q/Q Turnover: 13%
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Dear Partner:
Some very smart investors/economists etc. gave testimony before the Financial Crisis Inquiry Commission discussing the causes of the sub-prime meltdown, collapse of Lehman Brothers, the role of rating agencies, and other causes of the financial crisis . While, some of the testimonies are very interesting to listen to, most are quite lengthy (Warren Buffett's testimony lasted two hours), and I prefer reading rather than listening to the audio. H/T to my friend Steve of http://www.santangelsreview.com who transcribed David Einhorn's testimony before the commission, which took place in November 2010. In the interview, Einhorn details his thinking in late 2008; how he saw the disaster coming and shorted several major financial institutions. “Remember, you can fool some of the people all of the time. Those are the people we need to concentrate on. “
Hedge Fund Greenlight Capital just released its fourth quarter shareholder letter. The fund is run by renowned hedge fund manager David Einhorn. The fund disclosed new positions in BP and Sprint Nextel, with Ensco, Pfizer and Vodafone as the largest holdings. Always excited to see what Einhorn is up to. Couple of new positions detailed as follows: Eric King of King World News just conducted an interview with David Einhorn. When asked about the Fed’s zero interest rate policy and other Fed actions being dangerous longer-term Einhorn responded, “I think that they’re quite dangerous. We just went through a period with mortgage borrowers and with mortgage borrowers what we saw, particularly relating to the adjustable rates and so forth, the teaser rates, is when the rates are at a particular level the borrowers are able to service the debt. 
In an interview with Insider Monkey earlier yesterday, hedge fund manager David Einhorn said hisfavorite long pick this year is Dutch insurer Delta Lloyd Group (Euronext: DL). Einhorn says the company is doing very well but is trading at about half of book value and about 6 times earnings. “That’s probably the only stock we have that I think can double and it would still be cheap“, said Einhorn.
Deal Breaker's Bess Levin had a interview with David Einhorn lately. You definitely wants to click through and read:If you’re going to commit financial fraud, you probably don’t want to find yourself sitting at a table across from David Einhorn, who will know what you’re up to and share it with the world. Similarly, if you’ve never played poker and have only ever had a 15 minute tutorial on the game, you probably should avoid playing with the Greenlight Capital founder, whose vastly superior skills will demonstrate just how much you suck. As I like to live on the edge, yesterday in an undisclosed location, I choose not to heed the wisdom of the latter. Over several hands, Einhorn and I discussed the new edition of his 2008 book, “Fooling Some Of The People, All Of The Time.”Continue Reading »
on the subject of his investment technique:Continue Reading »
What did I say? when the good thing happen in your life, take it and enjoy it. I was referring to the public appearances of David Einhorn this week. First we say him at CNBC, then we read about his speech at Reuters 2010 Investment Outlook Summit. It turns out, Einhorn was the guest of Charlie Rose on Monday, Dec. 6, 2010.Continue Reading »
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