David Einhorn

David Einhorn

Last Update: 11-14-2016

Number of Stocks: 36
Number of New Stocks: 2

Total Value: $5,232 Mil
Q/Q Turnover: 6%

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

David Einhorn Watch

  • 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. (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.

      


  • David Einhorn Buys 10% of Civeo Corp, Calls to Oust CEO

    Greenlight Capital founder David Einhorn (Trades, Portfolio) has raised his bet on one of his holdings, Civeo Corp (NYSE:CVEO) by 73.2%, according to GuruFocus Real Time Picks.


      


  • Top Movers of the Day: Nike and Micron Technologies

    Nike (NYSE:NKE) and Micron Technologies (NASDAQ:MU), a manufacturer of semiconductor memory chips, were the top two movers on Sept. 26 after the stocks jumped almost 9% and 6%, respectively.


    Yesterday, Nike released a strong first-quarter report for the three months ending Aug. 31. Revenue increased 15% year over year while revenue for the Converse brand saw similar growth, increasing 16% year over year. Nike’s online sales were up by 70% over the last quarter, and the gross margin increased to a comfortable 46.6%. 

      


  • Hedge Fund´s Returns are Trailing the Standard & Poor’s 500 Index

    In this article let's take a look at Ray Dalio (Trades, Portfolio), the founder and majority owner with a 84% stake in Bridgewater Associates Intermediate Holdings (BAIH), the hedge fund that manages $150 billion in assets under management. Bridgewater Associates operates as an international, employee-owned hedge fund manager. It provides its services to pension and profit-sharing plans, pooled investment vehicles, corporations and governmental entities. Since its inception in 1975, Bridgewater has generated net gains of $35.8 billion and that success made this guru the 84th-richest person in the world, according to Forbes.


    Industry return

      


  • Ten Stocks Picked By Super Investors And You Can Buy At A Lower Price Than The Gurus Paid

    It is important to learn from the best and clone their strategy, as noted by Mohnish Pabrai (Trades, Portfolio) of the Pabrai Investments. This author compiled a list of 60 Super Investors, with a combined asset of $428B under management, based on data from dataroma.com. Every manager in the list has a long and successful track record. A few of them, like David Einhorn (Trades, Portfolio), Bill Ackman (Trades, Portfolio), Lou Simpson (Trades, Portfolio), and Charlie Munger (Trades, Portfolio) are well known to the investment community. A corner stone strategy for these Super Investors is to pay less and get more, as noted by Bruce Berkowitz (Trades, Portfolio) of the Fairholme Fund (Trades, Portfolio). It would be fantastic way to invest by buying companies selected by the Super Investors and pay a lower price than they did.


    Below is a list of Super Investors:

      


  • What ROE Tells Me About DSW Inc.?

    In this article, let´s see one of the most important financial ratios applying to stockholders, the best measure of performance for a firm's management: the Return on Equity (ROE), and we are going to analyze it in the case of DSW Inc. (NYSE:DSW).


    ROE is calculated as net income applicable to common shares divided by the average book value of common equity: ROE = Net Income / Av. Book Value

      


  • BIOF Biofuel Energy Corp Significantly Undervalued Short Thesis is Wrong

    This article is response to a article written by New Capital on Seeking Alpha on the July 21, 2014 titled, "BioFuel Energy – Day Traders Pushed The Price Above Reasonable Limits."


    The writer of that article has taken a short position in BIOF and argues that there are a number of reasons why he thinks the price of Biofuel Corp is to high and that he thinks insiders are selling 49% of their equity stake JBGL. I show below that a number of his points are in fact incorrect and that BIOF, actually represents a very interesting long investment opportunity. (I hold a long position in BIOF)

      


  • Pardon my mistake – Einhorn likely to speak on GMCR at Robin Hood

    At the end of July, I did a rather detailed analysis on coat-tailing David Einhorn (Trades, Portfolio)'s Keurig Green Mountain short.


    I stated at the time that there was, say, a 40% chance of him speaking about GMCR at the Value Investors Conference.

      


  • SunEdison Surprised Wall Street: It´s Time to Be Long on Energy Finance

    In this article, let's take a look at SunEdison, Inc. (SUNE), a $5.76 billion market cap solar company, in which some months ago the hedge fund manager David Einhorn (Trades, Portfolio) disclosed a "large" long position, according to Bloomberg News.


    1. Company history and business

      


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