David Einhorn

David Einhorn

Last Update: 05-15-2017

Number of Stocks: 37
Number of New Stocks: 6

Total Value: $7,195 Mil
Q/Q Turnover: 27%

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 (%)
20167.211.96-4.8
2015-20.21.38-21.6
20148.713.69-5.0
3-Year Cumulative-7 (-2.4%/year)29 (8.9%/year)-36 (-11.3%/year)
201319.632.39-12.8
20127.116-8.9
5-Year Cumulative19.1 (3.6%/year)98.2 (14.7%/year)-79.1 (-11.1%/year)
20112.12.11-0.0
20101115.06-4.1
200932.126.465.6
2008-17.6-3719.4
20075.95.490.4
10-Year Cumulative55.6 (4.5%/year)95.7 (6.9%/year)-40.1 (-2.4%/year)
200624.415.798.6
200514.24.919.3
20045.210.88-5.7

Top Ranked Articles

David Einhorn Speaks on Passive Investing, Mylan, His Cheapest Stock, the Fed GuruFocus covered Einhorn at Great Investors' Best Ideas conference
Greenlight Capital hedge fund manager David Einhorn (Trades, Portfolio) joined nine other famed investors on Tuesday to talk about stocks at the annual Great Investors’ Best Ideas Investment Symposium in Dallas. Read more...
Fantasy Sports Offer Opportunities for Investors Football season is here and fantasy sports offer much to investors
In the U.S., it is football season all the way. The regular season is in full swing and armchair coaches are back after the fantasy draft, setting up their rosters each week for a taste of that number one spot. DraftKings and FanDuel are the most popular daily fantasy sports websites in the U.S. Last year, FanDuel and DraftKings recorded about $174 million and $106 million in revenues respectively, according to reports from Eilers & Krejick Gaming LLC. It’s figures like these that have attracted large investments by some of the bigger names in sports and entertainment. Read more...
David Einhorn Strengthens Effort to Shake Up GM Company will vote on his measures at upcoming neeting
David Einhorn (Trades, Portfolio) has picked up the lowest-P/E stock in the S&P 500 and on Wednesday strengthened his efforts to enforce changes at the resistant company. Read more...
David Einhorn Adds Consol Energy and AerCap, Boots Michael Kors and Time Warner From Top 5 New second-quarter letter released
David Einhorn (Trades, Portfolio) demoted Michael Kors (NYSE:KORS) and Time Warner (NYSE:TWC) from the top five positions in his portfolio during the second quarter, favoring AerCap Holdings (NYSE:AER) and Consol Energy (NYSE:CNX). Read more...
Two Key Checklist Items From a non-fan of checklists
I am not a big fan of going through specific “checklist” items one by one when evaluating an investment idea. I know this idea has gained enormous popularity in recent years, partly due to the good book The Checklist Manifesto, and partly popularized in value investing circles by Mohnish Pabrai (Trades, Portfolio). Read more...
» More David Einhorn Articles

Commentaries and Stories

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David Einhorn Comments on General Motors Company Guru stock highlight
While it was quiet on the portfolio front, we made more noise than usual (and more than we’d like) by making public our idea for General Motors Company (NYSE:GM) to unlock tens of billions of dollars of shareholder value. As a general matter, we prefer to avoid public activism. The last time we did this was with AAPL in 2013 after owning the stock for three years. This is a similar situation; we had owned GM shares for years before advancing our idea to management. More...

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David Einhorn Comments on Perrigo Guru stock highlight
Perrigo (NYSE:PRGO) is the largest manufacturer of private label over -the-counter (OTC) pharmaceutical products for U.S. retailers and pharmacy chains. Over the past decade the company acquired other business lines, including a portfolio of European OTC brands (Omega), a generics pharmaceutical business, and a royalty stream on a large multiple sclerosis drug that has since been divested. In November 2015, shareholders rejected a hostile takeover offer from Mylan worth $175 per share after the then-CEO laid out ambitious standalone earnings targets. Unfortunately for shareholders, these targets proved far too optimistic and the CEO ultimately departed. After several large guidance cuts, we believe the new management team has now set achievable earnings forecasts. Omega’s business suffered from large restructuring expenses last year that should not recur and has additional margin upside as it streamlines its product portfolio. The company also has a dominant market position in its core U.S. OTC business and should continue to grow profits in this segment. We believe the U.S. OTC business and Omega have profit and growth characteristics More...

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David Einhorn Comments on Xerox Guru stock highlight
Xerox (NYSE:XRX) spun out its business process outsourcing segment as Conduent (NYSE:CNDT) at the end of 2016. CNDT provides transaction and back-office processing for a variety of government and commercial clients. We believe CNDT is burdened with underearning contracts it can renegotiate or exit. Some business units that have been run as loss leaders can evolve to be profit centers, and management is in the process of running off other unprofitable business units. Management has also initiated a $700 million cost savings plan to further improve margins. Despite the current revenue headwinds as the business is restructured, management has committed to growing revenue by the end of 2018 and beyond, and they are incentivized to improve earnings. We purchased CNDT at an average entry price of $14.76 per share, which represents 11x our conservative case estimate for 2019 earnings. The stock ended the quarter at $16.78. More...

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David Einhorn Comments on Rite Aid Guru stock highlight
RAD (NYSE:RAD) fell from $8.24 to $4.25. We had expected that Walgreens and RAD would satisfy regulatory concerns and close the merger at $9 per share. Instead, the deal was re-cut to between $6.50 and $ 7.00, and even at this date, the regulatory concerns are not resolved. We are watching the situation carefully and we have trimmed the position, as our original thinking was incorrect. More...

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David Einhorn Comments on Gold Guru stock highlight
Gold rose over 8% to start the year. Nothing significant happened here (the White House columns are not gold yet); gold simply reversed a portion of the post-election decline it suffered last quarter. Gold remains a long-term position with a thesis that global fiscal and monetary policies remain very risky. More...

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David Einhorn Comments on Chemours Guru stock highlight
CC (NYSE:CC) settled its major litigation relating to the impact of PFOA, a discontinued toxic chemical used to make Teflon. The bear case arguing that the damages would bankrupt the company proved wrong, and the final figure was within our range of expectations. Meanwhile, the core titanium dioxide business continues to benefit from a tight market and rising prices. During the quarter, CC advanced from $22.09 to $38.50. More...

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David Einhorn Comments on Apple Guru stock highlight
AAPL (NASDAQ:AAPL) advanced from $115.82 to $143.66 as it reported a good quarter and the market is now realizing it is not the next Nokia or BlackBerry. AAPL’s market position is durable and its ecosystem is expanding with high-margin recurring services revenue streams. We continue to like AAPL because we think it is a superior company that still trades for less than a market multiple. More...

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David Einhorn's Greenlight Capital First-Quarter Commentary 2017 Discussion of holdings and markets David Einhorn - David Einhorn's Greenlight Capital First-Quarter Commentary 2017
Dear Partner: More...

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David Einhorn Fuels Warren Buffett’s General Motors Guru adds 2 other positions to portfolio in 1st quarter David Einhorn,Warren Buffett,Carl Icahn,John Hussm - David Einhorn Fuels Warren Buffett’s General Motors
David Einhorn (Trades, Portfolio), president of Greenlight Capital, seeks long-term capital appreciation through an emphasis on intrinsic value. During the first quarter, the activist investor made a big bet on General Motors Co. (NYSE:GM) and added two new positions: Conduent Inc. (NYSE:CNDT) and Micron Technology Inc. (NASDAQ:MU). More...

DAVID EINHORN, WARREN BUFFETT, CARL ICAHN, RAY DALIO, JOHN HUSSMAN


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David Einhorn Doesn't Think Much of Tesla, Isn't Done With General Motors Quarterly letter reveals guru's insights on his positions David Einhorn - David Einhorn Doesn't Think Much Of Tesla, Isn't Done With General Motors
David Einhorn (Trades, Portfolio)'s Greenlight Capital's quarterly letter revealed the fund returned 1.3% for the quarter with the S&P 500 up 6.1%. Given Greenlight is only 28% net long, it makes sense for the firm to return about one-fourth of what the S&P 500 did, although it was not a quarter where it generated any visible net alpha. More...

LONG, AUTO, DAVID EINHORN


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David Einhorn Strengthens Effort to Shake Up GM Company will vote on his measures at upcoming neeting David Einhorn - David Einhorn Strengthens Effort To Shake Up GM
David Einhorn (Trades, Portfolio) has picked up the lowest-P/E stock in the S&P 500 and on Wednesday strengthened his efforts to enforce changes at the resistant company. More...

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David Einhorn Discusses Plan to Unlock Value at General Motors Einhorn has proposed creating two classes of common shares David Einhorn - David Einhorn Discusses Plan To Unlock Value At General Motors
David Einhorn (Trades, Portfolio) on Tuesday discussed his plan to divide General Motors' (NYSE:GM) common stock into two CUSIP investor classes to cater to those who like its hefty 4% dividend yield and those who like its other 75% of earnings. Einhorn said the plan would unlock "tremendous value," but GM has balked, saying the move is unprecendented and would negatively affect their credit rating. More...

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David Einhorn to CNBC: Invest Here Instead of Infrastructure for Trump Presidency Einhorn said investors clambering for infrastructure stocks are wrong, and he still holds Apple David Einhorn - David Einhorn To CNBC: Invest Here Instead Of Infrastructure For Trump Presidency
CEO of Greenlight Capital David Einhorn (Trades, Portfolio) told CNBC Tuesday that in light of the Trump presidency, investors should pursue consumer durable stocks rather than infrastructure stocks. Einhorn would not comment on specific holdings except to say that he is still long Apple (NASDAQ:AAPL) and is following a particular theme. More...

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General Motors Is Not Firing on All Cylinders Cautious approach should be taken on the heavily indebted car company David Einhorn - General Motors Is Not Firing On All Cylinders
Renowned value investor David Einhorn (Trades, Portfolio) was reportedly buying up more General Motors (NYSE:GM) shares, including calls, as of recent filing. More...

VALUE INVESTING


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David Einhhorn Reduces GM Stake, Places Call Option in 4th Quarter Harris Associates, Warren Buffett among company's top shareholders David Einhorn - David Einhhorn Reduces GM Stake, Places Call Option In 4th Quarter
Hedge fund manager David Einhorn (Trades, Portfolio)´s Greenlight Capital disclosed an equity portfolio valued at some $5.45 billion at the end of the fourth quarter of 2016 and a top 10 concentration of 71%. More...

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David Einhorn Says Trump Bringing ‘High Degree’ of Uncertainty, Inflation Greenlight investor discusses holdings and Trump outlook David Einhorn - David Einhorn Says Trump Bringing ‘High Degree’ Of Uncertainty, Inflation
In a conference call to discuss fourth-quarter and full-year results for his reinsurer, Greenlight Re, chairman David Einhorn (Trades, Portfolio) gave his thoughts on his investing performance, several of his holdings and his economic outlook under President Donald Trump. More...

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David Einhorn Buys Buffett’s Monsanto, Retail, Apple in Q4 Greenlight investor follows and diverges from crowd David Einhorn - David Einhorn Buys Buffett’s Monsanto, Retail, Apple In Q4
David Einhorn (Trades, Portfolio) matched some big investors and diverged from the majority in his fourth-quarter buying activity. More...

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Walgreens, Rite Aid Reduce Price, Postpone Closing of Merger Deal’s value reduced by at least $2 billion Vanguard Health Care Fund,David Einhorn - Walgreens, Rite Aid Reduce Price, Postpone Closing Of Merger
Walgreens Boots Alliance (NASDAQ:WBA) and Rite Aid Corp. (NYSE:RAD) announced on Monday they are reducing the price and postponing the close of their definitive merger agreement. More...

WALGREENS, RITE AID, MERGER


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20 Questions With Spanish Value Investor Paco Lodeiro Amado 'The discovery of value investing was like an epiphany for me' Warren Buffett, David Einhorn,Charlie Munger, Mohn - 20 Questions With Spanish Value Investor Paco Lodeiro Amado
Paco Lodeiro Amado is a 32-year-old value investor from Coruña, Spain. He teaches value investing on his website, Academia de Inversión, which is one of the most respected and well-known value investing websites in Spanish. More...

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A Green Light on Bayer Company is worth more than when it was declared undervalued in November David Einhorn - A Green Light On Bayer
Renowned value investor David Einhorn (Trades, Portfolio) and his hedge fund, Greenlight Capital, recommended Bayer (BAYRY) in November for being undervalued. More...

VALUE INVESTING


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