David Einhorn

David Einhorn

Last Update: 04-18-2016

Number of Stocks: 48
Number of New Stocks: 15

Total Value: $5,456 Mil
Q/Q Turnover: 28%

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

David Einhorn Watch

  • A Close Look of Herbalife Clubs Worldwide: Part I

    This is a very long post. I have done a lot of work on Herbalife that should be made public – and I am travelling on several long-haul plane journeys which gave me time to splice it all together. [Now in New York via London and the Middle East.]


    There are Herbalife groups all around the world and they reflect the character of the community they are in.

      


  • David Einhorn's Largest Bets

    David Einhorn (Trades, Portfolio)´s Greenlight Capital disclosed an equity portfolio valued at some $7.65 billion as of the end of the first quarter of 2015. The equity portfolio is mainly invested in Technology (48%), Consumer Discretionary (21%) and Industrials (14%) stocks.


    In this article we will look into the top three picks held at the end of Q1. Among the 10 largest holdings from Greenlight Capital’s equity portfolio (which accounts for 62.95% of the total portfolio value), the three top are: Apple Inc. (NASDAQ:AAPL), Micron Technology, Inc. (NASDAQ:MU) and SunEdison, Inc. (SUNE). 

      


  • The Most-Bought Stocks of Investment Gurus in Q1

    Most value investors pride themselves on not following the crowd and investing in stocks where they see worth but that others have declined. Sometimes their perspectives on an opportunity line up, however, and multiple investors buy shares of the same company.


    For bargain investors, values continued not to appear in abundance in the first quarter. The S&P 500 returned 0.95% for the period, and the stock market has been on its longest bull run in the past 70 years, increasing 95% over the past five years. As Steven Romick (Trades, Portfolio) of FPA Crescent Fund said:

      


  • A Look Into Morgan Stanley's Upgrade of General Motors

    Morgan Stanley analyst Adam Jonas recently upgraded General Motors (NYSE:GM), saying that the company may consider radical strategic changes going forward as share buy backs are not working. In his latest report he wrote:


      


  • Apple, SunEdison and Biogen: Hellman, Jordan Management's Top 3 Stocks Outperform the Rise in the S&P 500 Index

    Hedge fund Hellman, Jordan Management Company, Inc disclosed an equity portfolio valued at some $548.6 million as of the end of the first quarter of 2015. The equity portfolio is mainly invested in Technology (32%), Consumer Discretionary (24%) and Health Care (17%) stocks. The fund’s last 13F filing showed that the fund raised its exposure towards consumer discretionary and tech stocks but reduced its holdings in the health care and industrials sector.


    In this article we will look into the top three picks held at the end of Q1. Among 10 largest holdings from Hellman, Jordan’s equity portfolio (which amass 37.07% of the total portfolio value), the three top are: Apple Inc. (NASDAQ:AAPL), SunEdison, Inc. (SUNE) and Biogen Inc. (NASDAQ:BIIB).

      


  • David Einhorn initiates a position in General Motors

    David Einhorn (Trades, Portfolio) is 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.


    Last quarter, Einhorn initiated a position in General Motors (NYSE:GM) buying 9,467,986 shares of the company. General Motors is under a turnaround, and its business is improving. It has now been profitable for 21 consecutive quarters. Last quarter, GM's business delivered strong core operating performance with almost all key operating metrics including global deliveries, net income and adjusted EBIT improving.

      


  • David Einhorn Keeps Buying AerCap

    David Einhorn (Trades, Portfolio) is 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.


    Last quarter, Einhorn increased his stake in Aercap (NYSE:AER) by buying 1,839,161 shares of the company. As of March 31, 2015, he was holding 5,581,800 shares of the company. The following chart shows his holding history in the company.

      


  • Insiders are buying General Motors Shares

    In the last couple of months, three different insiders have purchased General Motors’ (NYSE:GM) stock. While the company’s directors Patricia F Russo and Linda R Gooden purchased 1,500 and 1,000 shares, respectively in April 2015; another director James J Mulva purchased 28,343 shares in May 2015.


    It’s not only insiders who are getting bullish on GM of late. General Motors' stock is also seeing significant interest from fund managers off late. Last quarter, David Einhorn (Trades, Portfolio) and Leon Cooperman (Trades, Portfolio) initiated a position in the company while several other fund managers including George Soros (Trades, Portfolio), David Tepper (Trades, Portfolio), Ken Heebner (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) increased their holdings in the company.

      


  • David Einhorn's Top 5 New Stock Buys

    David Einhorn (Trades, Portfolio) of hedge fund Greenlight Capital announced his first quarter buys this week but also told shareholders in his first quarter letter that he drastically reduced his long exposure from 30% to 14%.


    The letter, obtained by Marketfolly, went on to say: "Bottom up: short candidates are easy to find ... the opportunity set on the long side is quite constrained. Top-down: Valuations are on the high side and earnings are in a precarious spot."

      


  • David Einhorn Adds to stake in Civeo Corp

    David Einhorn (Trades, Portfolio) is the founder of Greenlight Capital, a $7,653 million’s portfolio hedge fund composed of 43 stocks.


    After his first buy on 2014 Q2 and his increase by 73.19% on Q4 (same year), on May 05 2015 he slashed his stake of Civeo Corp (CVEO) by 70.80% getting back now to 3,111,878 shares held with an average price of $12.12/share. He is now holding CVEO with an average loss of 26% (9% of which was accumulated since that sale).

      


  • David Einhorn Doubles Stake in Chicago Bridge & Iron

    Chicago Bridge and Iron (NYSE:CBI) stock jumped 8% in Friday’s trading after Bloomberg reported that Anadarko Petroleum Corp (APC) is poised to select a construction team led by Chicago Bridge & Iron Co. as its main contractor for a potential $15 billion Mozambique liquefied natural gas project. Chicago Bridge & Iron’s current backlog is ~$30 bn and this win may help it significantly increase its backlog and revenue visibility in the near term. Further, Anadarko proceeding with this project will also reassure investors who are worried about the fate of energy mega-projects amid the oil market downturn.


    Chicago Bridge and Iron is trading at 9.68 time current year earnings and analysts are expecting its top and bottomline to decline slightly over the next year. A win of the size of Mozambique LNG project may help the company grow its revenue next year, instead of slight decline which analysts are modeling. So, there is a good chance of the next year numbers getting revised upwards when the deal is formally announced.

      


  • Halyard Health is a Long-Term Winner

    On October 31, 2014, Halyard Health (HYH) was spun off of Kimberly-Clark (KMB). Kimberly-Clark had planned on spinning the business into a separate entity a couple of years ago to better focus on its core consumer and professional brands.


    While HYH shares performed very well following the separation, shares are down over 15% from its highs.

      


  • Energy Guru Boone Pickens Addresses David Einhorn's Attack On Frackers

    This week David Einhorn (Trades, Portfolio) called out North American fracking companies.

    What does T. Boone Pickens a man who saw his first frack job in 1952 think about Einhorn's comments?   


  • "Meet The Frackers" – David Einhorn's Ira Sohn Presentation



  • David Einhorn Calls Out Pioneer Resources

    David Einhorn (Trades, Portfolio) isn't positive about the fracking business.


    He especially doesn't seem to like Pioneer Resources, which is the largest acreage holder in the Permian Basin shale play.

      


  • Hedge Fund Legend Leon Cooperman Discusses David Einhorn's Trashing Of "Fracking" Companies

    David Einhorn (Trades, Portfolio) made big news today by calling out major fracking oil producer Pioneer Resources (ASX:PIO) at the Ira Sohn conference.


    Leon Cooperman (Trades, Portfolio) has about a 10% weighting towards energy and he sees both oil and natural gas prices rising this year.

      


  • Despite Einhorn´s Bullish Sentiment, General Motors Disappoints Sending Shares Down

    In this article, let's take a look at General Motors Co (NYSE:GM), a $59.84 billion market cap company, which builds, and sells cars, crossovers, trucks, and automobile parts worldwide.


    Mixed Q1 Results

      


  • Analyzing David Einhorn's Top Holdings

    David Einhorn (Trades, Portfolio) is 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.


    Time Warner (NYSE:TWX) is one of his top 10 holdings. As of Dec 31, 2014 his fund was holdings 3,795,700 shares of the company.Time Warner Inc. is a leading media and entertainment company. The company classifies its businesses into the following reportable segments:

      


  • Fifth Street Finance Announced a Dividend Cut, But I Will Follow Zeke Ashton and Push the “Buy Button”

    In this article, let's take a look at Fifth Street Finance Corporation (NASDAQ:FSC), a $1.09 billion market cap company, which is a growing asset manager that provides credit solutions to small and mid-sized businesses.


    Principal hedge fund's activity

      


  • David Einhorn Presentation At Grant's Interest Rate Spring Conference



  • Aetna: Solid Prospects in a Volatile Environment

    With the health care industry in all sorts of turmoil, we might well ask why any sane investor would buy in. After all, it’s filled with legislative uncertainties, regulatory and litigation certainties, not to mention technological change and more.


    Yet, investors looking for capital appreciation should give some attention to Aetna Inc. (NYSE:AET), the long-lived health insurance company. It has delivered strong, consistent earnings in the past and appears capable of continuing along that path for at the least the next few years. It carries with it a storied history and enough mass to survive in a turbulent environment.

      


  • Investors Should Not Worry, It´s Yahoo!

    In this article, let's take a look at Yahoo! Inc. (NASDAQ:YHOO), a $41.68 billion market cap company, which provides search and display advertising services on Yahoo properties and affiliate sites worldwide.


    Some Possible Answers

      


  • Analyzing David Einhorn's Low PE Stocks: AerCap Holdings NV

    David Einhorn (Trades, Portfolio) is 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.


    AerCap Holdings NV (NYSE:AER) is one of the undervalued (Low PE) stock he is holding. As of December 31, 2014, he was holding over 3.74 million shares in the company. The following chart shows his holding history in the company.

      


  • Helping People Get Along Better – A Lecture From David Einhorn

    March 12, 2015


    I’d like to thank Headmaster Johnson for inviting me to speak today. As an investor, I typically get asked to share ideas about how to make money so it’s exciting to be able to share my thinking about how to give it away.

      


  • Analyzing David Einhorn's Top Holdings: Aecom Technology

    David Einhorn (Trades, Portfolio) is President of Greenlight Capital - a value-oriented investment advisor. 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.


    Aecom Technology (NYSE:ACM) is one of his top ten holdings. Last quarter, he used a decline in Aecom's stock price as an opportunity to ramp up his position in the company. As of December 31, 2014 he was holding over 6.65 million shares in the company. The following chart shows his holding history in the company.

      


  • A Closer Look at February´s Hedge Funds Returns

    The $3 trillion hedge-fund industry posted gains of about 2%. According to research firm eVestment, hedge funds gained 1.93% in February. Further, according to the Barclay Fund of Funds Index, the industry gained 2.25% in February, and is up 2.14% for the year.


    Almost all of Barclay’s 18 hedge fund indices had gains in February. Among them, we can highlight:

      


  • Should you follow these analysts and buy Chicago Bridge and Iron

    Recent correction in oil prices have taken a toll on Chicago Bridge & Iron Company's (NYSE:CBI) share prices and the stock has corrected ~50% from 2014 highs. However, according to many analysts, this correction provides a good opportunity to buy the stock. In his recent report, Jefferies analyst Luke Folta reiterated his buy opinion on the company. He considers the stock a bargain at current levels and has a price target of $75 on the stock. He believes divesture of assets and restructuring could generate more that $100 million in cash flow for the company in 2015 and 2016 which could be used towards stock buy backs.


    Another analyst, John B. Rogers of D.A. Davidson, is also bullish on the stock and has a $70 price target. He believes that with sustained earnings and cash flow, let alone growth, the stock can appreciate substaintially from the current level. He is optimistic on the company's backlog growth due to “LNG export facilities, new gas fired power plants, and other energy/downstream infrastructure that could be awarded in 2015.”

      


  • Can Time Warner Inc (TWX) Continue Its Momentum?

    Time Warner's (NYSE:TWX) stock is in an uptrend since mid-2012, and its stock price has more than doubled in the last two and a half years.


      


  • Market Valuations and Expected Returns – March 12, 2015

    The market was up more than 30% in 2013, the best year since the go-go years of 1990s. 2014 was another strong year for the market. The S&P 500 index was up more than 13%. Since the market recovery in 2009, the stock market has been up for 6 consecutive years. Yet in January 2015, the stock market benchmark S&P 500 lost 3.10%. In February, the market regained its strength by increasing 5.49%. Can market continue to grow in 2015?


    Bernard Baruch once said “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.”

      


  • 5 Stocks Multiple Gurus Are Buying

    One of GuruFocus’ useful features is the Consensus Picks of Gurus page, which lists stocks that have been bought or sold by multiple gurus.


    On this page, users can filter stocks with the most active buys or sells over three, six, and 12 month time frames. This feature is just one of the ways you can search for investing ideas and see what stocks gurus are interested in.

      


  • David Einhorn's Most Weighted Low PE Stocks

    David Einhorn (Trades, Portfolio) is president of Greenlight Capital (a value-oriented investment advisor). Through August 2006, Einhorn had achieved annual returns of 29% since starting Greenlight in May 1996.


    Einhorn 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.

      


  • Chicago Bridge & Iron is a good buy post recent results

    Chicago Bridge & Iron Company (NYSE:CBI) recently reported strong fourth quarter results. CB&I adjusted net income was $161.3 million, or $1.47 per diluted share, excluding acquisition and integration related costs. Revenue for the fourth quarter was $3.4 billion with new awards of $3.3 billion. Despite a ~15% increase in stock price post earning, the stock still appears to be a good buy. The company has an impressive track record of growth and is trading at 8.44 times its FY2015 EPS estimates. Here’s a look at the company in detail.


    Founded in 1889, Chicago Bridge & Iron Company N.V. provides a wide range of engineering, construction and procurement services to customers in the energy infrastructure market throughout the world. The company has seen good growth – both organic and inorganic – over the last few years. The following table shows CB&I's financial and operating data for the last three years. (Source:10-K filing)

      


  • Analyzing David Einhorn's New Buys: Yahoo! Inc. (YHOO)

    David Einhorn (Trades, Portfolio) is president of Greenlight Capital (a value-oriented investment advisor). He is most famous for his short bet against Lehman Brothers during the 2008 crisis. Einhorn 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.


    Last quarter, he initiated a position in Yahoo! Inc. (NASDAQ:YHOO) by buying 2,025,000 of its shares. Yahoo's current (under) valuation continues to surprise many investors including the noted finance professor Ashwath Damodaran. The company's stake in Alibaba (NYSE:BABA) is worth ~$40 bn and Yahoo Japan is worth ~$7 bn. Yet Yahoo's market capitalization is just is just $42 billion, giving a negative value to its core business.

      


  • Analyzing David Einhorn's New Buy: Life Time Fitness (LTM)

    David Einhorn (Trades, Portfolio) is President of Greenlight Capital (a value-oriented investment advisor). He is most famous for his short bet against Lehman Brother during 2008 crisis. Einhorn 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.


    Last quarter, he initiated a position in Life Time Fitness, Inc. (NYSE:LTM) by buying 1,835,685 of its shares. The company has a good history of growth and is available at a reasonable valuation. Gurufocus has a business predictability rating of 3.5 star on the company. Here's a look at the company in detail.

      


  • Greenlight Capital: Fourth Quarter 13-F Filing


    David Einhorn (Trades, Portfolio)'s Greenlight Capital has filed its 13-F filing with the SEC and report a market value of it portfolio of $7.52 billion as of the end of the fourth quarter. During the fourth quarter the firm returned 5.6% (net of fees and expenses) and for the year returned 6.4%.

      


  • David Einhorn Buys Time Warner, Life Time Fitness in Q4

    David Einhorn (Trades, Portfolio) founded Greenlight Capital in 1996 with $900,000, more than half of which came from his parents, according to Einhorn’s Forbes profile. Today, the firm has about $10 billion in assets under management.


    Greenlight Capital is a value-oriented, research-driven firm. Einhorn is a noted activist investor with a strong short-selling record, particularly when he shorted Lehman Brothers into bankruptcy in 2008.

      


  • A Look at David Einhorn's investment in Chicago Bridge and Iron (CBI)

    Hedge fund titan David Einhorn (Trades, Portfolio) has recently initiated a long position Chicago Bridge and Iron (NYSE:CBI). His fund now holds 2,940,000 shares of the company. The company has an impressive track record of growth and its EPS has more than doubled over the last few years.


    Table 1: Chicago Bridge and Iron's key financials

      


  • Analyzing David Einhorn's New Buy: Time Warner (TWX)

    Last quarter, famed hedge fund manager David Einhorn (Trades, Portfolio) bought 3,795,700 shares of Time Warner Inc (NYSE:TWX). The company is trading at 18 times FY2015 consensus EPS and appears a value buy given its high earnings growth rate. Here's a look at the company in detail.


    Business basics

      


  • A Look at Which Oil Company is the Safest Buy Based on Dividend Data

    Oil has been a hot topic in the news ever since prices began to decline, which has lead investors to paying closer attention to energy stocks. As outlined in a previous article on the energy sector, the recent spike in insider buys in this sector did not go unnoticed. Although looking at trends in insider trades is one way to determine which stocks are potentially good buys, another way is by looking at the dividend data, a feature we offer to premium members. The tab can be found on each stock's page.


    Here's a look at the top three oil companies in the industry – BP PLC (NYSE:BP), Exxon Mobil Corporation (NYSE:XOM) and Chevron Corp (NYSE:CVX) – and which stock is a safer buy based on dividend data.

      


  • David Einhorn’s Best Stocks of 2014

    David Einhorn (Trades, Portfolio), founder of the $10 billion hedge fund Greenlight Capital, saw his gains for the year through November reach 11%, slightly below the S&P 500’s gain of 11.9% for the same period.


    The investor had an eventful year, giving a take-down presentation of a big short position in AthenaHealth in October, taking the reigns as half owner and chairman of new homebuilder Green Brick Partners, and joining the activist chorus with a stake in EMC Corp (NYSE:EMC) disclosed in November.

      


  • A Closer Look at Market Vectors Gold Miners ETF

    In this article, let´s take a look at Market Vectors Gold Miners ETF (GDX) which is a favorite ETF for David Einhorn (Trades, Portfolio). As of Dec. 31, 2013, hedge fund Greenlight Capital owned 8.8 million shares.


    Market Vectors Gold Miners ETF

      


  • Miners Are an Attractive Substitute for Gold Exposure

    In this article, let´s take a look at Market Vectors Gold Miners ETF (GDX) which is a favorite ETF for David Einhorn (Trades, Portfolio). As of Dec. 31, 2013, hedge fund Greenlight Capital owned 8.8 million shares.


    Market Vectors Gold Miners ETF

      


  • Top Is Near For Apple Shares

    Equity markets ended roughly flat on Tuesday as a surprise drop in U.S. consumer confidence numbers offset positive economic growth figures.



    U.S. Q3 GDP came in much higher than expectations at 3.9% – versus the 3.3% analyst expectation and the 3.5% figure from Q2.
      


  • Ron Baron Explains What To Look For In a Company That's Built To Last

    What should investors look for when trying to find great companies that they can own for decades? Ron Baron (Trades, Portfolio) thinks the place to start is management.


    Baron wants managers who are risk averse, but are also willing to make long term investments at the expense of current earnings.

      


  • Technology Guru Peter Thiel Discusses David Einhorn's Short of Amazon

    Over the long term, Peter Thiel would not bet against Jeff Bezos and Amazon.com. David Einhorn (Trades, Portfolio) disagrees as he is shorting the still profit-less Amazon.


    Thiel thinks it is a good long term strategy to invest for the future, and long term cash flows should be the focus, not current cash flows. 

      


  • David Einhorn 2014 Ira Sohn Conference Presentation



  • The Importance of Capital Intensity and Thoughts From Einhorn

    It seems as though there has been a debate ongoing within the value investing community pertaining to ROE, ROIC and net-nets. At one end of the spectrum we have the argument that value investors are throwing in the towel and buying anything with a high ROE while using 20+ years discounted cash flows to support their thesis. The central argument is, there is no margin of safety if one pays more than NCAV or liquidation value. At the other end of the spectrum we hear that the most profitable way to invest over the long-term is continually buying and selling assets trading below NCAV, P/B or low P/E. I do agree that assets available below NCAV, low P/B or low P/E can be profitable, but we must ask ourselves why is Mr. Market willing to offer us a business at a price that values the business higher dead than alive?



    According to Buffett “the risk in buying poor businesses is that much of the bargain element of the initial purchase discount may well be dissipated by the time a catalyst comes along to unlock what appeared to be the initial excess value.”
      


  • David Einhorn Becomes Half Owner, Chairman of Homebuilder

    David Einhorn (Trades, Portfolio) on Monday made a major purchase of his stock BioFuel Energy Corp, upping the position to 15,650,727 shares from 1,427,825 shares – a 996.1% increase.


    The transaction makes him 49.9% owner of what was previously a shell company that operated ethanol plants. On Oct. 27, the company announced that it would acquire assets of JBGL Builder Finance LLC and JBGL Capital LP and change its name to Green Brick Partners Inc. (NASDAQ:GRBK). As part of the deal David Einhorn (Trades, Portfolio) became chairman of the board of the new company.

      


  • David Einhorn Sees Opportunities In The Recent Choppy Market

    David Einhorn (Trades, Portfolio) has been frustrated at the lack of opportunities in recent months. The recent selloff has him excited about some positions that he has been able to pick up.


    Here he is discussing the market and opportunities.

      


  • Invest In These Hedge Funds At A Discount

    As of the close on 10/13/2014, Greenlight Reinsurance (GLRE), Third Point Reinsurance (TPRE), and Pershing Square Holdings (AEX:PSH) were selling at discounted prices compared to their book values. These three companies are led by 3 of the top investing gurus we follow, David Einhorn, Daniel Loeb, and Bill Ackman.


    Einhorn and Loeb are following the Warren Buffett model of using the float from an insurance company to essentially make investments on what is similar to an investment free loan. When insurance premiums are collected, the capital has to stay with the company in order to pay out the claims. The premiums collected, but not paid out yet, are referred to as float. As long as the underwriting business is profitable, the float mimics an interest free loan. A common metric used is the combined ratio. A ratio of 100 is break-even, and the lower the number, the more profitable the business. The underwriting profit is simply measured as premiums received minus expenses. In some years, claims might be higher due to certain events, so enough liquidity must be retained to pay them out. Most insurance companies invest the float in fixed income to generate extra cash flow and increase profits. The float from Greenlight Re and Third Point Re is managed by the hedge funds Greenlight Capital and Third Point. Einhorn is the manager of Greenlight Capital and Loeb is the manager of Third Point.

      


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