David Einhorn

David Einhorn

Last Update: 2014-02-14

Number of Stocks: 38
Number of New Stocks: 8

Total Value: $7,294 Mil
Q/Q Turnover: 15%

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

David Einhorn' s Profile & Performance

Profile

David Einhorn 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 of 1996.

Web Page:http://www.greenlightcapital.com/

Investing Philosophy

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.

Total Holding History

Performance of Greenlight Re

YearReturn (%)S&P500 (%)Excess Gain (%)
201319.631.55-11.9
20127.115.4-8.3
20112.12.080.0
3-Year Cumulative30.8 (9.4%/year)55 (15.7%/year)-24.2 (-6.3%/year)
20101115.06-4.1
200932.126.465.6
5-Year Cumulative91.8 (13.9%/year)125.5 (17.7%/year)-33.7 (-3.8%/year)
2008-17.6-3719.4
20075.95.610.3
200624.415.798.6
200514.24.919.3
20045.212-6.8
10-Year Cumulative150.1 (9.6%/year)104.1 (7.4%/year)46 (2.2%/year)

Top Ranked Articles

Ira sohn Investment Conference Notes
Greetings. Yesterday (May 26, 2010) was the 2010 Ira Sohn Investment Conference. The conference is run by Doug Hirsch and Dan Nir and it remembers Ira Sohn, who died of cancer after a brief Wall Street career. The proceeds go to help pediatric cancer treatment centers including, The Tomorrows Children Fund at Hackensack Medical Center and NY Presbyterian Hospital/Weill Cornell Medical Center. You can get more information at http://www.irasohnconference.com/ Read more...
Slideshows From The Value Investing congress
This will be my last article on the value investing congress. Read more...
10 Reasons Why a Stock Can Be Undervalued
If you find a stock that you believe is undervalued, it is important to try to determine the reason for the undervaluation. As Buffett wrote about poker in his 1987 letter to shareholders, "If you've been in the game 30 minutes and you don't know who the patsy is, you're the patsy." Read more...
Will David Einhorn Buy Marvell Again as Price Drops Further?
David Einhorn makes few investing mistakes. Since he reported his second-quarter portfolio, only one of his stocks is cheaper today than when he bought it: Marvell Technology Group Ltd. (MRVL). When the price declined 28 percent in the second quarter, Einhorn said he used it as “an opportunity to increase our stake in the company.” His colleague Daniel Loeb of Third Point, meanwhile, exited his position. As the stock continued a 19 percent slide in the third quarter (42 percent year to date), it left many to wonder if it is still the deal Einhorn thought it was. Read more...
Recent Thoughts on Market Valuations
It seems that most of what I read these days points to an overheated market. Here is a breakdown of what a couple well-known and respected managers (and one college professor) have said on the topic as of late: Read more...
» More David Einhorn Articles

Commentaries and Stories

  • Currently 3.33/5

Rating: 3.3/5 (3 votes)

After Micron, David Einhorn Targets This Small Company David Einhorn - After Micron, David Einhorn Targets This Small Company
David Einhorn (Trades, Portfolio)’s Greenlight Capital (GLRE) has recently released a preliminary proposal in which the business could acquire a small ethanol company called BioFuel Energy (BIOF). As a result, BioFuel’s shares have soared in after hours trading, showing an increase of more than 50%. Before this, David Einhorn (Trades, Portfolio) added Micron Technology (MU) to his portfolio. The DRAM maker will likely release its quarterly results on Thursday in which the company could post significant improvements in its revenues and income. More...

LONG, TECHNOLOGY


  • Currently 4.25/5

Rating: 4.3/5 (4 votes)

Low-P/E Stocks David Einhorn Just Added to His Portfolio David Einhorn - Low-P/E Stocks David Einhorn Just Added To His Portfolio
In 2013, David Einhorn (Trades, Portfolio) of hedge fund Greenlight Capital returned 19.1%, lagging the S&P 500’s return of 31.55%. The value-oriented investor is no stranger to a stray underperforming year, however, on his way to achieving a 19.5% annualized return over the long run since his firm’s inception in 1996. More...

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Rating: 0.0/5 (0 votes)

Five-Year Lows: Boardwalk Pipeline Partners LP, Piedmont Office Realty Trust Inc., Murphy USA Inc. and McDermott International Inc.
According to GuruFocus list of five-year lows, these Guru stocks have reached their five-year lows: Boardwalk Pipeline Partners LP, Piedmont Office Realty Trust Inc., Murphy USA Inc. and McDermott International Inc. More...

  • Currently 3.40/5

Rating: 3.4/5 (5 votes)

4 Years and 1,500% Later with CONN Bill Ackman,David Einhorn - 4 Years And 1,500% Later With CONN
Over 4 years ago, I read Quality of Earnings and it felt like drinking from an ice cold fountain after dying of thirst. More...

  • Currently 3.00/5

Rating: 3.0/5 (4 votes)

David Einhorn's New Stock Picks in 'Challenging Market' David Einhorn - David Einhorn's New Stock Picks In 'Challenging Market'
David Einhorn (Trades, Portfolio) had a lackluster 2013, with his firm returning 19.1%, compared to the S&P 500’s 32.4%, though his long positions slightly outperformed the benchmark index. More...

  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

David Einhorn Comments on Airbus Group
We closed out positions in Airbus Group (XPAR:AIR), formerly known as the European Aeronautic Defence& Space Company (France: EADS), and ThyssenKrupp (Germany: TKA) More...

  • Currently 1.50/5

Rating: 1.5/5 (2 votes)

David Einhorn Comments on Anadarko Petroleum
APC (APC) is a global exploration and production company with a high-quality upstream portfolio comprised of U.S. onshore resources, deep-water Gulf of Mexico assets, and interests in other high-potential oil and gas basins around the world. The company also owns 91% of Western Gas Equity Partners (WGP), a publicly traded master limited partnership created in 2012 to hold APC's limited and general partner interests in Western Gas Partners (WES). In mid-December the company suffered a legal setback stemming from its 2006 acquisition of oil and gas assets from Kerr-McGee, whose titanium dioxide unit went bankrupt. With APC facing potential damages of $14 billion or $5 billion, investors dumped the shares, which we then acquired at an average cost of $78.55. Assuming a worst-case legal outcome, APC's core valuation net of its stake in WGP and its interest in an undeveloped, but valuable prospect in Mozambique, is less than 4x EBITDA. This is cheap compared to peers that lack APC's valuable upstream assets and exciting exploration prospects, but nonetheless trade at higher valuations. Our legal analysis suggests that the ultimate payment is likely to be the lesser of the two amounts More...

  • Currently 3.75/5

Rating: 3.8/5 (4 votes)

David Einhorn Comments on BP
We established a position in BP (BP) at an average price of $47.39. The Deepwater Horizon oil spill was nearly four years ago. Since then, investors have focused on the ensuing legal cases regarding clean-up and restitution efforts, while overlooking BP’s improved return on capital inits core businesses. Allowing for more negative legal outcomes than BP has currently provisioned, we believe the company’s net asset value (NAV) is nearly $70 per share. It can therefore create substantial value by selling assets at or above NAV and using the income torepurchase stock at a significant discount. This is exactly what BP has been doing. Further, BP has restricted capital expenditures and increased dividends – all evidence of a more shareholder-friendly approach. As the legal issues subside, we expect the market to appreciate BP’s portfolio value and its improved capital allocation. In the meantime, we own an industry leader at 9x earnings with a 5% dividend yield. BP shares ended the quarter at $48.61. More...

  • Currently 2.33/5

Rating: 2.3/5 (3 votes)

David Einhorn Comments on Micron Technologies
MU (MU) is a manufacturer of semiconductor memory chips (DRAM and NAND flash). This isn't our first go-round with MU; it was a large short position from January 2001 to February 2005. Back then, DRAM was a lousy industry with too many competitors selling an undifferentiated product, often below cost. In the first quarter of 2001 when the shares were trading in the low $40s we wrote: More...

  • Currently 3.83/5

Rating: 3.8/5 (6 votes)

David Einhorn Discloses Positions in Micron Tech, Anadarko Petroleum David Einhorn - David Einhorn Discloses Positions In Micron Tech, Anadarko Petroleum
Greenlight Re investor David Einhorn (Trades, Portfolio) disclosed in his fourth quarter letter today new positions in Micron Technology (MU), BP plc (BP) and Anadarko Petroleum (APC). More...

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Rating: 3.0/5 (1 vote)

Greenlight Capital Q4 2013 Investor Letter
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David Einhorn on the Federal Reserve
More...

DAVID EINHORN


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Rating: 4.0/5 (3 votes)

Stocks That Both David Tepper and David Einhorn Own David Tepper,David Einhorn - Stocks That Both David Tepper And David Einhorn Own
Both David Tepper and David Einhorn have been nominated as GuruFocus’ Guru of the Year 2013, so I decided to see which stocks both gurus hold on to and what they had to say about them. The three top stocks held by both are General Motors (GM), Apple (AAPL) and Delphi Automotive PLC (DLPH). More...

  • Currently 1.60/5

Rating: 1.6/5 (5 votes)

Apple: Supporting Carl Icahn Carl Icahn,David Einhorn - Apple: Supporting Carl Icahn
A few months ago, Carl Icahn, who is one of Apple's (AAPL) largest shareholders, asked for a $150 billion share buyback. Icahn agreed with another successful activist investor, David Einhorn, who also believed that through a $150 billion buyback Apple's shares could soar by a third. That said, the former corporate rider now seems to be satisfied with a much more humble $50 billion buyback. What has happened? More...

LONG, CONSUMER ELECTRONICS


  • Currently 1.00/5

Rating: 1.0/5 (1 vote)

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%. More...

ASSET MANAGEMENT, HEALTH CARE PLANS, INFORMATION TECHNOLOGY SERVICES


  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

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). More...

  • Currently 3.00/5

Rating: 3.0/5 (2 votes)

Guru Investors Divide Over Apple in Q3 David Einhorn,Carl Icahn,Leon Cooperman,Scott Blac - Guru Investors Divide Over Apple In Q3
Apple was a boon to many portfolios over its rally from 2009 through Sept. 2012, when the stock climbed from under $100 to peak at over $700 per share. This year, as it fell to an average of $464 in the third quarter, competition increased and the question of innovation after the loss of its luminary Steve Jobs continued, noted investors voiced varying opinions about the company’s valuation and prospects, and bought and sold shares accordingly. More...

  • Currently 2.91/5

Rating: 2.9/5 (11 votes)

How Position Sizing Based on Probability of Returns Can Save Your Portfolio David Einhorn,Mohnish Pabrai - How Position Sizing Based On Probability Of Returns Can Save Your Portfolio
As I was writing this, I got Vitaliy Katsenelson’s latest article on J.C. Penney. More...

  • Currently 2.33/5

Rating: 2.3/5 (3 votes)

David Einhorn’s New Stocks – TPX, XON, NVR David Einhorn - 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. More...

  • Currently 1.00/5

Rating: 1.0/5 (1 vote)

David Einhorn on Global Economy and QE2
Source: valueinvestorsportal More...

DAVID EINHORN


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