On last week's conference call, David Einhorn sounded more bearish than at any time over the last three years.
Einhorn said that he has increased his short portfolio over the last quarter:
“Despite rising markets, which have been supported by the various central bank monitory policies of continual printing, we are considered about several headwinds which conclude an economic slowdown in Europe, Japan and China, arising key commodity prices, including food and energy and a slight determination in corporate earnings growth.
During the quarter we cut our net exposure in half and we ended the September more conservatively positioned at 26% net long. Our gross short exposure increased from 53% to 70% and we had a modest decrease in our gross long exposure as we took some profit in the rising market.”
It appears that the increase in his short portfolio is the Daily Mail, the second-largest UK newspaper. Einhorn disclosed a short position of 4.4 percent of all the shares of the company.
Einhorn said that he has increased his short portfolio over the last quarter:
“Despite rising markets, which have been supported by the various central bank monitory policies of continual printing, we are considered about several headwinds which conclude an economic slowdown in Europe, Japan and China, arising key commodity prices, including food and energy and a slight determination in corporate earnings growth.
During the quarter we cut our net exposure in half and we ended the September more conservatively positioned at 26% net long. Our gross short exposure increased from 53% to 70% and we had a modest decrease in our gross long exposure as we took some profit in the rising market.”
It appears that the increase in his short portfolio is the Daily Mail, the second-largest UK newspaper. Einhorn disclosed a short position of 4.4 percent of all the shares of the company.
