David Einhorn

David Einhorn

Last Update: 2014-05-16

Number of Stocks: 42
Number of New Stocks: 8

Total Value: $6,679 Mil
Q/Q Turnover: 15%

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

David Einhorn Watch

  • Greenlight Capital Gives OAK Red Light, Trims Others in Third Quarter

    The updated portfolio of David Einhorn of Greenlight Capital includes 30 stocks, three of them new, a total value at $5.63 billion, with a quarter-over-quarter turnover of 3%. The portfolio is weighted with top three sectors: technology at 40.4%, consumer cyclical at 18.5% and health care at 12.6%. The stocks bought by David Einhorn are averaging a 12-month return of 33.35%.

    Guru Einhorn sold out his holding in Oaktree Capital Group LLC, which recently reported the formation of a new equally-owned joint venture with China Cinda Asset Management Co. Ltd. The companies will jointly invest in distressed assets in China and work together in similar markets outside China.  


  • David Einhorn on Apple, New Idea Micron

    Greenlight Capital investor David Einhorn tells CNBC he is still long Apple (AAPL) and his best new idea is Micron Technology (MU).

      


  • David Einhorn’s New Stocks – TPX, XON, NVR

    David Einhorn, founder of Greenlight Capital, bought three new stocks in the third quarter: Tempur Sealy International Inc. (TPX), Intrexon Corp. (XON) and NVR Inc. (NVR). Einhorn’s third quarter portfolio contained 30 stocks, with 3% quarter-over-quarter turnover, and a value of $5.63 billion.

    Chart of his performance:  


  • David Einhorn on Global Economy and QE2



  • David Einhorn Comments on Gjensidige Forsikring

    We exited two successful long positions in the quarter. We invested in Gjensidige Forsikring (Norway: GJF), a P&C insurer, when it IPO’d in the fourth quarter of 2010. The story played out nicely as the company executed on its IPO plan to improve its underwriting, cost management,and capital discipline. We sold when GJF reached a fair valuation and we earned a 27% IRR over three years.  


  • David Einhorn Comments on Osram Licht



  • David Einhorn Comments on Green Mountain Coffee Roasters

    We added to our short position in Green Mountain Coffee Roasters (GMCR). Although the company again missed the consensus estimate for sales, bullish analysts scrambled to lower forward revenue forecasts while insisting that all is well in mudville. Attention quickly shifted away from the results when new CEO Brian Kelley announced on the Q3 earnings call that GMCR would hold its first ever investor day in September. When asked what prompted the decision, Mr. Kelley said, "I think a number of people on our team have found that an investor day that is crisp, but thorough on the key issues can be very valuable to help people understand our company. And I think it's – that's the core purpose is to help you understand our company better.

    "The evening before the invitation-only event on September 10, the New York Times reported that there was a large discrepancy between the number of K-Cups the company says it has sold and the numbers implied using data from the tracking firm IRI. For years there have been questions about misconduct within GMCR's distribution and accounting departments. This new information raised the possibility that this activity is continuing, with GMCR potentially booking hundreds of millions of dollars of non-existent K-Cup sales.  


  • David Einhorn Comments on Chipotle Mexican Grill

    But even in conventionally valued stocks where the fundamentals have largely gone our way, it has been hard to make money on shorts. In many cases we’ve lost money. Let’s consider Chipotle Mexican Grill (CMG). In recent years through the end of 2011, CMG and other upstarts in the fast-casual restaurant segment achieved substantial growth by offering consumers a higher quality menu than is typically found in fast-food chains. In contrast, Taco Bell (the largest Mexican fast-food chain) had lackluster and often negative growth. In early 2012, Taco Bell expanded its offerings to include new gourmet-style dishes as part of its Cantina Bell menu and introduced Doritos Locos Tacos. We believed that these innovations would enable Taco Bell to recapture market share from CMG. This is exactly what happened:

    Notably, CMG’s comparable store sales benefit by about 2.5% per year because the company has a large number of new stores entering the comp base each year, which naturally ramp their volumes. Since Taco Bell has a mature store base, its comparable store sales don’t share that tailwind.  


  • David Einhorn Comments on Vodafone

    Vodafone (VOD) shares advanced from £.88 to £2.16. The highlight was the announced sale of its 45%minority interest in Verizon Wireless for $130 billion. Upon completion, VOD will be predominantly a European wireless carrier with a network and spectrum that leave it better positioned for growth than its peers. At 4.5x 2014 EBITDA, the VOD "stub" trades at a notablediscount to its sector and is a possible acquisition candidate.

    From David Einhorn’s Greenlight Capital third quarter 2013 letter.  


  • David Einhorn Comments on Apple

    Apple (AAPL) shares advanced from $397 to $477 as earnings estimates stopped falling and the market turned its attention to AAPL’s new products. The newly introduced iPhone 5s gives customers a compelling reason to upgrade. It looks like it will be a hit, and we believe that AAPL will find novel ways to use Touch ID and iBeacon to monetize its user base and ecosystem via new service offerings and apps. AAPL’s current non-hardware e-commerce business (sales from iTunes, AppStore and iBook Store, plus software and services) is $16 billion a year and growing. Not only is it growing faster than Amazon, AAPL makes more money in non-hardware e-commerce alone than Amazon makes in its entire business. That gap will likely widen in AAPL’s favor as AAPL rolls out new offerings and services. We believe that near-term share performance will track the success of the new phones, while the longer-term share price will reflect the market’s eventual understanding of AAPL’s strong ability to earn high-margin and recurring revenue streams.

    From David Einhorn’s Greenlight Capital third quarter 2013 letter.  


  • Greenlight Capital (Einhorn) - Q3 2013



  • David Einhorn's Thoughts on Vodafone, Green Mountain Coffee - Overview

    Many billionaires came out today to comment on the government disaster trifecta: the shutdown, looming debt ceiling and potential debt default. In the course of the conversation, they also gifted the public with their thinking on some of their stock holdings. One of the most-followed, David Einhorn of hedge fund Greenlight Capital, devoted a portion of his Bloomberg interview discussing two in particular: Vodafone and a Green Mountain short.

    Green Mountain Coffee Roasters (GMCR)  


  • David Einhorn Discusses Debt Ceiling, Green Mountain, Other Holdings

    Hedge fund manager David Einhorn says that a divided government is good. He also comments on why he is still short Green Mountain (GMCR), and discusses another long position, Vodafone (VOD).

      


  • The Long and Short of It: A Short History

    “The average man doesn’t wish to be told that it is a bear or bull market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn’t even wish to have to think.” -- Jesse Livermore

    “To enjoy the advantages of a free market, one must have both buyers and sellers, both bulls and bears. A market without bears would be like a nation without a free press. There would be no one to criticize and restrain the false optimism that always leads to disaster.” -- Bernard Baruch  


  • David Einhorn's Top 5 Second Quarter Positions

    During the second quarter David Einhorn of Greenlight Capital bought seven new stocks. The guru’s portfolio now carries 30 stocks and is valued at $5.33 billion.

      


  • David Einhorn Buys ING US Inc, Liberty Global, Sells Virgin Media, Cigna, Seagate

    Influential hedge fund manager David Einhorn just reported his second quarter portfolio. He was a net seller for the quarter, as he has sold out many positions. He did buy a few new positions, too. David Einhorn bought ING US, Liberty Global, IAC/InterActiveCorp, Liberty Global PLC etc. during the 3-months ended 06/30/2013, according to the most recent filings of his investment company, Greenlight Capital.

    As of 06/30/2013, Greenlight Capital owns 30 stocks with a total value of $5.3 billion. These are the details of the buys and sells.  


  • 3 Stocks David Einhorn Is Optimistic About

    David Einhorn’s Greenlight Capital letter surfaced last week, condensing holdings performance, short positions, new and closed long positions of the quarter and his market assessment. With the hedge fund manager’s initial victory wrangling Apple (AAPL) into sharing more cash with shareholders evening out as threat of competition and market saturation injected fear into the stock, and a market-performing short portfolio dragging down gains from a market-beating long portfolio, Einhorn added a 1.2% net gain to bring the year to date total to 7.1%.

    But Einhorn is more worried about the market going forward. He has cut exposure over concern that its continued gains in the face of lackluster earnings may create instability, reducing his fund’s risk of volatility and preparing for resulting opportunities.  


  • Greenlight Capital (David Einhorn) Q2 Investor Letter



  • 3 Stocks of David Einhorn Trading at Their 52-Week Low Price

    David Einhorn is a value-oriented investor who consistently mentions price and valuation when discussing his holdings. In the first quarter, his Greenlight Capital funds returned 5.8%, as opposed to 10.5% for the S&P 500. While Marvell Technology Group (MRVL) and Yen puts led his gainers, massive position Apple (AAPL) sunk to his biggest loser.

    Apple’s continued to slide in the second quarter. It and several of Einhorn’s other positions are at their lowest price point in a solid year: Barrick Gold Corp. (ABX) and Symmetricom Inc. (SYMM).  


  • Three CEOs Reporting $100 Thousand Insider Buys

    This past week we saw CEOs from three different companies reporting insider buys with transaction amounts costing over $100,000. Fifth Street Finance (FSC)

    CEO Leonard Tannenbaum added 20,000 shares to his stake on June 20. These shares traded at an average price of $9.94 per share for a total purchase amount of $198,000 for Tannenbaum. Since his buy, the price per share has dropped approximately -0.5%. As of his most recent purchase, the CEO holds nearly 2 million shares of Fifth Street Finance.  





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