David Einhorn

David Einhorn

Last Update: 11-16-2017

Number of Stocks: 38
Number of New Stocks: 7

Total Value: $5,862 Mil
Q/Q Turnover: 11%

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

David Einhorn Watch

  • Berkowitz Sold Portion of St. Joe Due to Redemptions

    Bruce Berkowitz reduced 0.57% of his holdings in St. Joe Co. (NYSE:JOE) at the average price of $17.01 on 09/19/2011, as reported in his latest 13D filings. He still owns 26,483,091 shares. The stock price has changed by -2%.

    Berkowitz’s trimming of St. Joe shares does not signal a sudden bearishness on the stock. Rather, he is being forced to sell due to redemptions at Fairholme Capital Management. From July 25 to September 14, 2011, Berkowitz sold shares of St. Joe out of eight accounts after their management agreements were terminated.  


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  • The APPLE of Thy Eye?

    Apple certainly has a nice run from the consolidation low of $100 in late 2009, which more than quadrupled its high in July 2011.

      


  • David Einhorn Increases Position in CareFusion Corp. by 33%

    David Einhorn increased his position in CareFusion Corp. (CFN) by 33% at the average price of $24.76 on 08/15/2011, as reported in the latest 13G filings by David Einhorn. He owns 12,668,724 shares. CareFusion is a global corporation serving the health care industry with products and services that help hospitals measurably improve the safety and quality of care. CareFusion Corp. has a market cap of $5.72 billion; its shares were traded at around $24.76 with a P/E ratio of 15.23 and P/S ratio of 1.62.

    Andreas Halvorsen bought 1,934,612 shares in the quarter that ended on 03/31/2011, which is 0.47% of the $11.95 billion portfolio of Viking Global Investors LP. John Keeley owns 188,290 shares as of 06/30/2011, an increase of 23.69% from the previous quarter. This position accounts for 0.0835% of the $6.13 billion portfolio of Keeley Fund Management. Edward Owens owns 4,284,654 shares as of 06/30/2011, an increase of 20.07% from the previous quarter. This position accounts for 0.5852% of the $19.89 billion portfolio of Vanguard Health Care Fund. George Soros owns 9,200 shares as of 06/30/2011, a decrease of 67.03% of from the previous quarter. This position accounts for 0.0035% of the $7.11 billion portfolio of Soros Fund Management LLC.  


  • David Einhorn Adds to Tech Stocks: Microsoft, Seagate Technology and Apple

    David Einhorn is the president and founder of Greenlight Capital, a value-oriented hedge fund. Unlike other funds, Greenlight does not leverage its positions to increase returns, and the fund does not generate large trading volumes. Nevertheless, since the fund's inception in 1996, Greenlight has generated more than a 25% annualized net return. Einhorn is best known for short-selling positions, most famously Allied Capital and Lehman Brothers, and his aggressive shorts in financials helped Greenlight prosper in its early days. However, he holds mostly long positions, emphasizing intrinsic value to achieve consistent returns and safeguard capital against market conditions. According to his second quarter portfolio update, Einhorn added to his position in Microsoft (MSFT), Seagate Technology (STX), and Apple (AAPL).

    Microsoft (NASDAQ:MSFT)  


  • Hedge Fund Greenlight Capital Reports Q2 Portfolio

    Renowned hedge fund manager David Einhorn reported his second quarter portfolio. Einhorn made many trades during the second quarter. He added to his positions in out of favor techs such as Microsoft. He exits his position in Yahoo as discussed in his latest shareholder letter. As of 06/30/2011, Greenlight Capital owns 37 stocks with a total value of $4.7 billion. These are the details of the buys and sells.

    This is the portfolio chart of David Einhorn. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.  


  • Does poker help to improve one’s investing skills?

    Warning: This article may not be suitable for value investors, nevertheless no harm in keeping an open mind.

    I believe in addition to this absolute passion for investing, playing poker does in fact help to improve one’s investing skills. Successful investing is a complex blend between valuation skills and ability to read the market sentiment. Thus, to be successful in poker, the same set of skills in reading people’s behavior (sentiment) applies. See, Notable Hedge Fund Managers Started Investing When They Were in Their Teens http://www.gurufocus.com/news/139170/notable-hedge-fund-managers-started-investing-when-they-were-in-their-teens for more.  


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  • What Gurus Are Saying About the Debt Ceiling Crisis

    The U.S. Treasury has told congress that they must come to an agreement on raising the debt ceiling by August 2 in order to prevent government debt defaults, a downgrade of the nation's AAA rating, a declining dollar and increased interest rates. With the deadline less than a week away, both parties in congress are still in a deadlock. The situation, which could have major implications for the stock market and economy, has spurred many of the world’s leading money managers to voice their views on whether the debt ceiling should be raised. Some have written letters or given interviews criticizing government leaders, proposing solutions, and arguing for who or what they believe is to blame. Many of them disagree. Here’s a collection of what Gurus are saying:

    Bruce Berkowitz  


  • David Einhorn Initiates Position in Huntington Ingalls Industries

    David Einhorn is the president and founder of Greenlight Capital, a value-oriented hedge fund. Unlike other funds, Greenlight does not leverage its positions to increase returns, and the fund does not generate large trading volumes. Nevertheless, since the fund's inception in 1996, Greenlight has generated more than a 25% annualized net return. Einhorn is best known for short selling positions, most famously Allied Capital and Lehman Brothers, and his aggressive shorts in financials helped Greenlight prosper in its early days. However, he holds mostly long positions, emphasizing intrinsic value to achieve consistent returns and safeguard capital against market conditions. According to his latest 13G filings, Einhorn entered into a new holding in Huntington Ingalls Industries (HII) with 2,510,000 shares at an average price of $34.28.

    Huntington Ingalls Industries (HII)  


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  • David Einhorn Buys Seagate and Drops Yahoo in Q2

    David Einhorn manages Greenlight Capital, a hedge fund with over $6 billion in assets. From inception to August 2006, Einhorn achieved 29% annual returns. He looks at companies intrinsic values which he believes will safeguard them regardless of market conditions. In his recently reported second-quarter investor letter, he announced that he bought one company, Seagate Technology (NASDAQ:STX), and made a surprising exit out of Yahoo! (YHOO).

    Seagate Technology (NASDAQ:STX)  


  • David Einhorn's Q2 Investor Letter

    David Einhorn of Greenlight Capital released his second quarter investor letter on Wednesday, which is full of musings and surprises. Einhorn opines about the Greek crisis, the US debt ceiling, credit ratings agencies and other pressing financial matters. Following is an overview of the Partnerships’ investing movements for the quarter, including details on their one new buy and their prompt exit from Yahoo (YHOO).

    The full letter is here.  


  • Why Third Point Capital's Daniel Loeb Is Beating John Paulson and David Einhorn

    On Wednesday, Reuters reported that hedge funds overall have lost an average of 2% over the first half of the year, while the S&P gained around 6%. Below the average are unexpected names like John Paulson (flagship fund down 15%), David Einhorn (Greenlight Capital down 5%), and Bill Ackman (Pershing Square Capital down 2.27%).

    Yet at least one manager has outshone them – Daniel Loeb. He is the founder of the $7.1 billion hedge fund Third Point LLC, which has had an annualized return of 19% since inception in 1996. Year to date, his fund has gained 6.3%, after losing 2.9% in June. His portfolio has climbed because he took a slightly different tack this year than other top investors. For example, only 7.6% of his fund is invested in battered financials, down from about 14% in the fourth quarter. He completely sold out his shares of Citigroup (NYSE:C) in the first quarter of 2011.  


  • Who is Management Really Listening To?

    One of the most noticeable areas of difference between the first and fourth edition of Benjamin Graham’s “The Intelligent Investor” is that the chapter regarding management is much smaller in the final version. Graham writes in the final edition:

    Ever since 1934, we have argued in our writings for a more intelligent and energetic attitude by shareholders toward their management….Shareholders are justified in raising questions as to the competence of the management when the results (1) are unsatisfactory in themselves, (2) are poorer than those obtained by other companies that appear similarly situated, and (3) have resulted in an unsatisfactory market price of long duration.  


  • Fifth Street Finance CEO Buys 30,000 Shares

    CEO of Fifth Street Finance Corp. (FSC) Leonard M. Tannenbaum bought 30,000 shares on 06/21/2011 at an average price of $11.58. The total transaction amount is $347,400. Fifth Street Finance Corp. is a specialty finance company that lends to and invests in small and mid-sized companies in connection with an investment by private equity sponsors. The company has a market cap of $758.3 million; its shares were traded at around $11.65 with a P/E ratio of 11.7 and P/S ratio of 10.8. The dividend yield of Fifth Street Finance Corp. stocks is 11.2%.

    Leonard Tannenbaum is the CEO of Fifth Street Finance, and has been since October 2007. He is also chairman of the board. Mr. Tannenbuam founded a number of private investment firms, including Fifth Street Finance. Before that, he worked as an equity analyst for Merill Lynch. He resigned from his position as president of Fifth Street Finance in early 2010 at a board of directors meeting.  


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  • Book Review: Fooling Some of the People All of the Time

    For the most part, David Einhorn seems to enjoy his privacy; you don’t hear much about Greenlight Capital in the press, and rarely hear from him in interviews. However, there is one event that has consistently been the scene where Mr. Einhorn has opened up and piqued the interest of investors: the Ira Sohn Conference. At last month’s event, he talked about Microsoft and CEO Steve Ballmer, saying his “presence is the biggest overhang on Microsoft's stock”. In the weeks since, this already hot topic that has been fueled even further by Mr. Einhorn’s speech and even sparked rumors that Ballmer may step down after the launch of Windows 8.

    In 2008, Einhorn grabbed headlines yet again with his short thesis for Lehman Brothers. A few weeks later, the company posted a surprising $2.8 billion quarterly loss; less than six months later, Lehman no longer existed.  


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  • Einhorn Creates His Own Fort Knox

    Several prominent investors have invested in physical gold in recent years. Most prominent is David Einhorn of Greenlight Capital.

    Einhorn gained fame from shorting Lehman Brothers prior to the financial crisis. He obviously has a deep understanding of the financial system. So why is Einhorn creating his own private version of Fort Knox?  


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  • The Dividend Stocks of David Einhorn: PFE, ESV, TRV, MSFT, CAH

    David Einhorn is the president of Greenlight Capital, which he founded in 1996 with less than $1 million. The fund has generated an annualized net return of greater than 22% since its inception and now manages assets totaling nearly $8 billion

    Einhorn is known by most as a notorious short-seller (he literally “wrote the book” about the grueling process when he penned "Fooling Some of the People All of the Time") thanks to the high profile positions he’s taken against companies like Allied Capital, Lehman Brothers and The St. Joe Company. But his fund is, by its own definition, a “long-short value-oriented hedge fund.”  


  • Is David Einhorn Looking to Oust Steve Ballmer at Microsoft?

    Has David Einhorn taken a page out of Bill Ackman's style of shareholder activism?

    Einhorn gave a presentation at the Ira Sohn conference where he recommended that Microsoft replace Steve Ballmer with another executive.  


  • The Winning Stock Idea from the Ira Sohn Conference

    This year the first Ira Sohn Investment Contest took place at the Ira Sohn Convention. Here are some details:

    · Participants submitted their best idea (long or short).  


  • Ira Sohn Conference: David Einhorn on Microsoft and Delta Lloyd

    David Einhorn is president of Greenlight Capital Inc., which he co-founded in January 1996. Greenlight Capital is a value-oriented investment advisor whose goal is to achieve high absolute rates of return while minimizing the risk of capital loss. Greenlight’s investment philosophy is to combine the analytical discipline of determining fair value with a practical understanding of markets. David is Chairman of the Board of Greenlight Capital Re Ltd. (GLRE) and a Director of BioFuel Energy Corp. (BIOF). He is the author of "Fooling Some of the People All of the Time," published in May 2008. David graduated with a B.A. summa cum laude from Cornell University.

    (Einhorn spoke very quickly about Delta. It was hard to get down all the notes. If I can get a copy of the slide show I will provide more information.)  


  • Bruce Berkowitz Beating Hedge Fund Managers at Their Own Game

    Every once in a while, there’s a saga on Wall Street that captures everyone’s attention. The fight over Florida real estate development company St. Joe (NYSE:JOE) earlier this year was that kind of saga.

    On one side was Bruce Berkowitz, founder of Miami-based mutual fund manager Fairholme Capital Management, St. Joe’s largest shareholder, with a nearly 30 percent stake, who believed that the company’s future would be bright once the real estate market recovered and poor management was out of the way. On the other was David Einhorn of Greenlight Capital, a New York–based hedge fund manager who had presciently shorted Lehman Brothers Holdings before it collapsed and was equally outspoken in betting against St. Joe.  


  • Weekly CEO Buys Highlight: RNN, IIG, FSC, GEO, DAN

    Last week’s top five stocks that were bought by their CEOs were RNN, IIG, FSC, GEO, and DAN. According to GuruFocus Insider Data, these are the largest CEO buys during the past week.

    REXAHN PHARMACEUTICALS INC. (RNN): Chairman & CEO, 10% Owner Chang Ho Ahn Bought 1,008,078 Shares  


  • David Einhorn’s Hedge Fund Greenlight Capital Portfolio Update

    Renowned hedge fund manager David Einhorn just reported the first-quarter portfolio of his hedge fund Greenlight Capital. Einhorn has been bearish and hedged his portfolio. The recent bull run of the stocks have hurt his performances. He discussed his new positions in Best Buy, Yahoo, and Delphi Automotive in his latest shareholder letter.

    David Einhorn buys Best Buy Company Inc., Yahoo! Inc., The Travelers Companies Inc., CVS Caremark Corp., General Motors Company, Hca Holdings Inc., Seagate Technology, Pfizer Inc., Microsoft Corp., Becton Dickinson And Co., Biofuel Energy Corp., Amdocs Ltd., sells Ensco Plc, Carefusion Corp., Everest Re Group Ltd., Cardinal Health Inc., Mi Developments Inc., Health Management Assoc., Health Net Inc., Potash Corp. Of Saskatchewan Inc., Tranatlantic Holdings Inc., Verigy Ltd., Flagstar Bancorp Inc., Capitol Federal Financial Inc. during the 3-months ended 03/31/2011, according to the most recent filings of his investment company, Greenlight Capital Inc. As of 03/31/2011, Greenlight Capital Inc. owns 41 stocks with a total value of $5.2 billion. These are the details of the buys and sells.  


  • How Alibaba Dispute Could Affect Yahoo and David Einhorn

    Yahoo! (YHOO) is a company shrouded in questions recently, especially by value investors, many of whom believe the stock is undervalued. Last week, value investor David Einhorn decided that the company’s financial results and uncertain earnings growth potential were more than made up for by the value of its $2.5 billion ownership interests in China, and purchased a large stake. This week, Yahoo! Inc. faced a disruption in those China-based holdings that caused its stock to dive over 7%. Einhorn’s fund, Greenlight Capital, established a new position in Yahoo in the first quarter at $16.93 per share. He noted several reasons for the decision, but said that Yahoo’s 40% stake in Chinese search engine Alibaba Group’s still-private holdings “which are separate and distinct from its ownership in the publicly-traded Alibaba.com” were its “most valuable asset.”

    Among the Chinese companies he referred to are Taobao, China’s leading eCommerce website which sold more merchandise than eBay last year, and Alipay, an online payment provider.  


  • 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:

    GMO Quarterly Update (4/29/11) – At the end of the quarter, the S&P 500 stood at 1325. Over the last 10 years, the same index has produced an average of $56.6 of real earnings. Taken together, this means that the index finished the quarter with a cyclically adjusted price to earnings of 23.5 and suggests that the market is currently about 40% overvalued according to this popular and robust method … These factors taken together make it appear that we are approaching levels from which large drops in asset prices could easily occur.  


  • David Einhorn Hedge Fund Buys Yahoo!, Best Buy

    In his first-quarter investor letter, hedge fund investor David Einhorn disclosed that he had made two peculiar new additions to his portfolio – Yahoo! Inc. (YHOO) and Best Buy Inc. (NYSE:BBY). The letter does not say how large the new positions in these companies are, but Einhorn describes them as “significant.” The amount of shares he bought will be reported in his upcoming 13-F filing. Einhorn’s firm, Greenlight Capital, paid $16.93 per share for Yahoo!. Yahoo! stock surged more than 3% to as high as $18.26 on Monday after Einhorn’s letter came out.

    In the letter, Einhorn discusses the new Yahoo! position:  


  • Whitney Tilson's Presentation on St. Joe

    Whitney Tilson gave an impressive presentation on his largest short position: St. Joe (NYSE:JOE).

    Tilson stated, “We are short St. Joe. It’s our largest short position,” and, “We think David Einhorn’s thesis is correct and the stock is worth a half to a third its current price.”  


  • Greenlight Capital Q1 Letter

    Dear Partner:

    Greenlight Capital, L.P., Greenlight Capital Qualified, L.P. and Greenlight Capital Offshore (collectively, the “Partnerships”) returned (2.5)%, (2.9)% and (3.2)%1 net of fees and expenses, respectively, in the first quarter of 2011.  


  • A Gold Stock For Value Investors

    Gold has long been the exact opposite of what value investors look for in an investment. Subsequently, gold stocks have been ignored by large parts of the value investing community.

    However, some value investors do have macroeconomic concerns, and they would like U.S. dollar protection. David Einhorn owns SPDR Gold Trust (GLD) and value investor Mario Gabelli continues to load up on Newmont Mining (NYSE:NEM).  


  • Several Major Hedge Funds Suffer Losses

    Several major hedge funds suffered substantial losses in the first quarter of 2011, during which the Japan earthquake and tsunami occurred. The S&P 500 was down 0.1% in March, and up 5.42% in the first quarter. John Paulson

    John Paulson, whose hedge fund was ranked the third largest in 2010 at $36 billion, saw losses in his firm’s largest hedge fund, the Advantage Fund, according to Reuters. It fell 1.74% over the first three months and 4.4% in March alone. During the first two weeks of March when the Japan earthquake hit, the fund was down 6.14%.  


  • Einhorn/Berkowitz - Showdown in the Sunshine State

    You know a real-estate development is in trouble when the Hertz GPS denies that one of its major streets even exists. You really know it’s in trouble when Google Maps also shrugs, and asks if you wouldn’t like to know more about a similarly named town in Costa Rica.

    I had gone to the Florida Panhandle to find out more about an outfit named the St. Joe Company. It sounds like the sort of place that makes designer coffee cake or handcrafted pine furniture, but until recently it was the largest landowner in Florida, a former timber barony that has spent the past decade or so transforming itself into a real-estate developer. Its current roster of developments covers acres of some of the world’s most beautiful beachfront property: sugar-white sand and emerald-green waters unfolding along a pristine, undeveloped coastline. If heaven has beaches, this is what they look like.  


  • David Einhorn's Recommended Reading List



  • The Latest on St. Joe

    There were two good articles on St. Joe recently. For anyone living in a cave, Bruce Berkowitz of Fairholme Fund, is the largest shareholder of JOE, and David Einhorn of Greenlight Capital, is short of the company. Both are widely recognized as excellent value investors, and have incredible track records.

    An article in Barrons, was bearish on the company, stating that:  


  • Tejon Ranch Co (TRC): Like St. Joe’s with Berkowitz Upside at Einhorn Prices

    There has been a lot of press lately over St. Joe’s (JOE), a Florida-based real estate development company. Two prominent investors have taken opposite sides of the stock. Leading the short case is hedgefund manager David Einhorn of Greenlight Capital, who contends that the JOE’s land in Florida is no more valuable than cheap rural or timber lands. The chief bull is Bruce Berkowitz of the Fairholme Fund, who believes that the land can be developed into much more valuable real estate. With super investors on either side, other investors are left with a dilemma. If you go long and Einhorn is right, you stand to lose a lot of money. If you go short and Berkowitz is right, you could lose a significant amount of money. Investors are essentially left with a coin flip.

    But what if you could buy St. Joe at an Einhorn price and experience the upside that Berkowitz sees? Then if it turned out that the Einhorns of the world were right, you wouldn’t lose very much. If the Berkowitzes of the world turn out to be correct, you would have significant gains. It’s not a pipe dream—if you are willing to look in California instead of Florida. A different real estate development company, Tejon Ranch Co (NYSE:TRC) in California, fits our “what if” scenario. TRC owns 270,000 acres of real estate primarily in Kern County, with a small amount in Los Angeles County. TRC’s stock price currently implies that its real estate holdings are not much more valuable than run-of-the-mill farm or ranch land despite the fact that much of the land has entitlements that allow development and some of it has been developed.  


  • David Einhorn's Testimony Before The Financial Crisis Inquiry Commission

    Some very smart investors/economists etc. gave testimony before the Financial Crisis Inquiry Commission discussing the causes of the sub-prime meltdown, collapse of Lehman Brothers, the role of rating agencies, and other causes of the financial crisis . While, some of the testimonies are very interesting to listen to, most are quite lengthy (Warren Buffett's testimony lasted two hours), and I prefer reading rather than listening to the audio. H/T to my friend Steve of http://www.santangelsreview.com who transcribed David Einhorn's testimony before the commission, which took place in November 2010. In the interview, Einhorn details his thinking in late 2008; how he saw the disaster coming and shorted several major financial institutions.

    Below is the entire testimony in scribd format, if you prefer to listen to the audio, the link is here-David Einhorn, Greenlight Capital • MP3  


  • Fooling Some of the People All of the Time, A Long Short by David Einhorn

    “Remember, you can fool some of the people all of the time. Those are the people we need to concentrate on. “

    This caption appears below a picture of executives talking at a conference table in David Einhorn’s updated book, Fooling Some of the People All of the Time, A Long Short. The book is about a company called Allied Capital, a midcap stock involved with numerous financial shenanigans.  


  • Hedge Fund Greenlight Capital Buys S, BP, LYB, POT, SEMG, GDX, IM, BDX; Sells CIT, HNT, VRGY

    David Einhorn of Greenlight Capital Inc. reported his Q4 portfolio. As of 12/31/2010, Greenlight Capital Inc owns 39 stocks with a total value of $4.9 billion. These are the details of the buys and sells.  


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  • Einhorn Takes Stake In Georgia Bank

    David Einhorn's hedge fund Greenlight Capital Greenlight Capital recently revealed a new position in State Bank Financial (NASDAQ:STBZ). In his 13G filings with the SEC, Einhorn disclosed a 6.6% ownership stake in STBZ with 2,100,000 shares.

    The position is relatively small for Greenlight at over $30 million. As a point of reference, one of Einhorn's larger positions is Ensco (ESV) where Einhorn owns over $300 million of stock.  


  • Critique of David Einhorn's Sprint Purchase

    David Einhorn, manager of Hedge Fund Greenlight Capital recently disclosed new positions in Sprint Nextel as one of the largest holdings in his fund.

    Einhorn has been one of the more consistent and successful managers over the last decade. “Since inception in May 1996, Greenlight Capital,L.P. has returned 1,635% cumulatively or 21.5% annualized, both net of fees and expenses.”  


  • David Einhorn’s Hedge Fund Exits African Barrick Gold, Foster Wheeler, Lanxess

    This is a follow up article about what renowned hedge fund manager David Einhorn traded in the fourth quarter. He sold out his positions in African Barrick Gold, Foster Wheeler, Lanxess, and Rheinmetall AG.

    The information came from Greenlight Capital Q4 Letter. We have reviewed his top positions and new purchases. You can check the details of his portfolios here. This portfolio was from Q3. The detailed A4 portfolio will be released in about 3 weeks.  


  • Hedge Fund Greenlight Capital Discloses Top Holdings: Arkema, ESV, PFE; Buys BP plc, Sprint Nextel

    Hedge Fund Greenlight Capital just released its fourth quarter shareholder letter. The fund is run by renowned hedge fund manager David Einhorn. The fund disclosed new positions in BP and Sprint Nextel, with Ensco, Pfizer and Vodafone as the largest holdings.

    Due to its defensive position, Greenlight Capital LP slightly outperformed the market with a much smaller volatility. “Since inception in May 1996, Greenlight Capital,L.P. has returned 1,635% cumulatively or 21.5% annualized, both net of fees and expenses.”  


  • Greenlight Capital Q4 Letter

    Always excited to see what Einhorn is up to. Couple of new positions detailed as follows:

    During the quarter we established a new position in BP plc (NYSE:BP), one of the world's largest integrated energy companies, at an average price of $41.18 per share. The Deepwater Horizon oil spill in April 2010 caused a significant decline in BP's share price. BP has reserved nearly $40 billion pre-tax to account for costs related to this accident and has thus far sold $22 billion of non-core assets (with a stated target of up to $30 billion in divestitures), leaving the balance sheet in excellent shape. Pro forma for these asset sales and after taking into account our estimate of BP's eventual oil spill related expenses, we expect BP will still be able to earn nearly $20 billion per year from continuing operations. At less than 7x pro forma earnings, we purchased BP at a 25% discount to its peers. The company is well positioned to reinstate a dividend in early 2011 and generate higherproduction growth with its high-grade asset base. BP shares ended the year at $44.17 per share.  


  • David Einhorn vs. Bruce Berkowitz; Contrary on St. Joe, Agree on CIT Group

    We would like to look closely on the contrary views of the two greatest investors of our generation, Bruce Berkowitz and David Einhorn.

    The clash between Bruce Berkowitz and David Einhorn over Jacksonville, FLlorida based St. Joe (NYSE:JOE) has been widely covered. We realized their totally opposite view over the company. However, most of investors do not realize that they have almost contrary views on a lot of aspect. Also they do agree on one company, CIT Group (NYSE:CIT).  


  • Face To Face With David Einhorn: King World News

    Eric King of King World News just conducted an interview with David Einhorn. When asked about the Fed’s zero interest rate policy and other Fed actions being dangerous longer-term Einhorn responded, “I think that they’re quite dangerous. We just went through a period with mortgage borrowers and with mortgage borrowers what we saw, particularly relating to the adjustable rates and so forth, the teaser rates, is when the rates are at a particular level the borrowers are able to service the debt.

    [url=http://kingworldnews.com/kingworldnews/Technical_Guide.html]  


  • The battle between Einhorn and Berkowitz Over St. Joe Company Goes On

    In 2002, David Einhorn was asked at a charity investment conference to share his best investment advice -- Shorting sell Allied Capital. At the time, Allied was a leader in the private financing industry. Einhorn claimed Allied was using questionable accounting practices to prop itself up. In 2008, Einhorn advised the same conference to short sell Lehman Brothers.

    Einhorn was right on both cases.  


  • David Einhorn’s Favorite Long Pick of 2011

    In an interview with Insider Monkey earlier yesterday, hedge fund manager David Einhorn said hisfavorite long pick this year is Dutch insurer Delta Lloyd Group (Euronext: DL). Einhorn says the company is doing very well but is trading at about half of book value and about 6 times earnings. “That’s probably the only stock we have that I think can double and it would still be cheap“, said Einhorn.

    Delta Lloyd is a financial services group organized around three activity sectors: insurance – life insurance is about 71.9% of gross premiums issued and general insurance is about 28.1%, fund management, and banking services. The life business is the company’s largest segment and it focuses on pension buyouts from corporations.  


  • Stocks Ideas Shared by David Einhorn and Daniel Loeb: CIT, AAPL, HNT, CFN, BIOF

    Bess Levin of dealbreaker.com disclosed that David Einhorn’s Greenlight Capital Offshore Fund returned 4.3% for the month of December and 12.5% for the year of 2010:

      


  • David Einhorn: Big Banks Pickpocket Pension Funds

    David Einhorn was the guest on Bloomberg’s “In The Loop” program last Friday for two hours. Most of what he said about the European debt crisis, Apple (NASDAQ:AAPL), St. Joe Company (NYSE:JOE) and the gold market was covered by the media. But his remarks about the rating agencies were overlooked. He essentially said the credit rating agencies’ inaptitude facilitates big banks to pickpocket passive pension funds by front-running them or dumping their bad bonds on them. That’s why big banks want the rating agencies to stay. Here is what Einhorn said:

    “There are a bunch of high profile investors, bond investors who said ‘look we don’t rely on credit ratings for what we are doing, but those pension funds and stuff like that they need these credit ratings to protect themselves’. But the fact of the matter is it’s those people who say that they are not relying on credit ratings who are most depended on the credit rating system. Because what they do is they look at the credit ratings, they compare that to their own analysis, and they are looking for inefficiencies. And they know how the people who depend on credit ratings are going to behave. So, essentially by analyzing the credit better, they know how the other market participants are going to behave and essentially they pickpocket these passive pension funds both coming and going.”  


  • Deal Breaker's Bess Levin: Heads Up Play With David Einhorn

    Deal Breaker's Bess Levin had a interview with David Einhorn lately. You definitely wants to click through and read:

    Excerpt:
    If you’re going to commit financial fraud, you probably don’t want to find yourself sitting at a table across from David Einhorn, who will know what you’re up to and share it with the world. Similarly, if you’ve never played poker and have only ever had a 15 minute tutorial on the game, you probably should avoid playing with the Greenlight Capital founder, whose vastly superior skills will demonstrate just how much you suck. As I like to live on the edge, yesterday in an undisclosed location, I choose not to heed the wisdom of the latter. Over several hands, Einhorn and I discussed the new edition of his 2008 book, “Fooling Some Of The People, All Of The Time.”
      


  • David Einhorn on St. Joe Company and Apple

    Bloomberg’s Betty Liu interviewed David Einhorn today, the firm provided the brief clip of the interview on the web and a re-cap write-up of the interview at Bloomberg.com. Here are his comments on St. Joe Company and Apple:

    On St. Joe Company:  


  • BusinessInsider: A Deep Look Into David Einhorn's Investment Technique

    Business Insider has a good article entitled “A Deep Look Into David Einhorn's Investment Technique”.

    The article cited Einhorn’s book Fooling Some of the People All of the Time: A Long Short (and Now Complete) Story on the subject of his investment technique:
      


  • David Einhorn on European Debt Crisis and US Labor Market

    David Einhorn, president of hedge-fund operator Greenlight Capital Inc., talks about the European debt crisis and the U.S. labor market. Einhorn speaks with Betty Liu and Jon Erlichman on Bloomberg Television's "In the Loop."

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  • Charlie Rose Interviews David Einhorn; Einhorn Commenting on Apple

    What did I say? when the good thing happen in your life, take it and enjoy it. I was referring to the public appearances of David Einhorn this week. First we say him at CNBC, then we read about his speech at Reuters 2010 Investment Outlook Summit. It turns out, Einhorn was the guest of Charlie Rose on Monday, Dec. 6, 2010.

    The twenty-minute interview can be watched by following this link.  


  • David Einhorn Spoke at Reuters 2011 Investment Outlook Summit

    If you think we have had too much of coverage on David Einhorn since yesterday, you are not alone. But good things do not happen often, so enjoy them while you can.

    Today, Einhorn was the key-note speaker at Reuters 2011 Investment Outlook Summit. Reuters carried a series of articles on his speech, each providing a good piece of investment insight for the coming year:
      


  • Transcript for David Einhorn interview with Consuelo Mack

    In case you missed the broadcast, I found the following transcript for the recent David Einhorn interview by Consuelo Mack.

    Einhorn - Consuelo Mack
      


  • David Einhorn on Risk of Corporate Fraud and High Inflation

    At GuruFocus, we follow David Einhorn closely. Recently, he revised and added three chapters to his book:Fooling Some of the People All of the Time: A Long Short (and Now Complete) Story.

    Einhorn was also the first person who spoke publicly about Lehman Brothers fraud in Nov. 2007. This morning he tells CNBC how he spotted the red flags early on.  


  • Einhorn Sold Out LMT and EMC

    In this segment of the CNBC interview, David Einhorn talked about some of his long positions and answered some of the viewer questions.

    He said his shop has been quite slow these days, for the third quarter, his company has not bought any new stocks other than Sprint (S), which he finished buying. He talked about his long positions: Sprint (S), Apple (AAPL), Pfizer (PFE), Vodafone (VOD), and Carefusion (CFN) and short positions: St. Joe Company (JOE) and rating agencies – Moody’s (MCO) and S&P parent company, McGraw-Hill (MHP)  


  • Einhorn on His Long and Short Positions; Top Purchases 3Q10: AAPL, CFN, ESV, BR, IM

    In this segment of the CNBC interview, David Einhorn talked about some of his long positions and answered some of the viewer questions.

    He said his shop has been quite slow these days, for the third quarter, his company has not bought any new stocks other than Sprint (NYSE:S), which he finished buying. He talked about his long positions: Sprint (NYSE:S), Apple (NASDAQ:AAPL), Pfizer (NYSE:PFE), Vodafone (NASDAQ:VOD), and Carefusion (CFN) and short positions: St. Joe Company (JOE) and rating agencies – Moody’s (MCO) and S&P parent company, McGraw-Hill (MHP)  


  • David Einhorn's Latest Words or Wisdom

    Hedge fund titan David Einhorn, president of Greenlight Capital, talked to CNBC this morning.

    He told CNBC why he thinks low interest rates are "very dangerous long-term policy."  


  • Consuelo Mack Interview David Einhorn; Einhorn Top Sells: LMT and EMC


  • Consuelo Mack Interview David Einhorn; Einhorn Top Purchases: AAPL, CFN, ESV, BR, IM


  • Consuel Mack Interviews David Einhorn; Einhorn Top Holdings: CIT, ESV, PFE, CFN, AAPL, CAH

    On this week’s Consuelo Mack WealthTrack, a rare television interview with the prescient hedge fund manager who correctly called the precarious condition of financial firms from Allied Capital to Lehman Brothers and the financial system as a whole. Greenlight Capital’s David Einhorn discusses the current state of the markets and his investments with host Consuelo Mack.

      


  • Hedge Fund Greenlight Capital Buys AAPL, CFN, ESV, NVR, TRH, SYMM, Sells EMC, LMT

    This is the Q3 portfolio of hedge fund Greenlight Capital. The fund is run by David Einhorn, one of the best hedge fund managers.

    In his most recent shareholder letter, David Einhorn said that his funds returned 4.6%, 4.4%, and 4.2% net of fees in the third quarter, bringing the respective year to date net returns to 6.9%, 6.1%, and 5.0%.  


  • Berkowitz and Einhorn : By Joe who is right ?

    Read what both had to say. In various articles and releases . And frankly. It is very interesting scenario. And one that has a lot of lessons for the average Joe to understand. For me at least. I have found that Berkowitz has some stocks I fundamentally cant buy as I don’t get it quantitatively. And with Einhorn the same is true .

    . But I Like Einhorn as he is very human and his ego is in check and he is willing to admit missteps and pokes fun at himself. I kinda admire that. Berkowitz is a bit less approachable and identifiable. Now I don’t like the way Berkowitz took Einhorns requests. This sends a message to me that Berkowitz isnt being a neighborly value investor. Didn’t care for his attitude. Or his rebuttal. Very unprofessional. But I sort of understand. As a value investor we make decisions and are inner individuals who don’t run with the crowd. And this confrontation sets up the ultimate question. Who is right ?  


  • DCF Model Cannot Be Applied to Unpredictable businesses like St. Joe

    There has been wide coverage over the clash on the valuations of St. Joe company between Bruce Berkowitz and David Einhorn. Both of them are great value investors. But they have contrary views on St. Joe. Bruce Berkowitz is buying the shares, and wants to buy all the shares if possible, while David Einhorn is shorting the stock.

    These are the related articles we have published about this topic:  


  • Buffett Might Side With Einhorn Over Berkowitz on St. Joe Position

    It doesn’t get much more interesting than the two opposing positions that David Einhorn and Bruce Berkowitz have on Florida land developer St. Joe.  


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  • Slideshows From The Value Investing congress

    This will be my last article on the value investing congress.

    Most of the speakers had slideshows which accompanied their presentations. I have embedded all the speakers slideshows from the congress and embedded them here. Each document will contain a brief introduction.  


  • Value Investing Congress Presentations

    Thanks to Valuehuntr, here are some of the best presentations from the NYC Value Investing Congress:

    Field of Schemes: If You Build It, They Won’t Come (David Einhorn)  


  • Poor Old JOE

    Growing up in the Florida citrus industry is great training for a value investor. Farming is a wonderful classroom. There are superior businesses and inferior ones. Some businesses are inherently profitable, while others (including family farms) are not. Steady positive cash flow is a beautiful thing. And you don't need a textbook to define free cash flow once you go without it.

    I also learned to be wary of asset valuations, especially when someone else (or even the market) is providing the number. The 1980's are memorable for this reason. Many in the citrus industry borrowed heavily to buy/plant more citrus acreage at ever-rising costs. After all, citrus prices were only going higher, thanks to overseas demand. Land values would certainly follow. For a time, it was a self-fulfilling prophecy. Higher prices provided confirmation of the thesis and it continued.  


  • CNBC Whale Watch: Berkowitz vs. Einhorn

    The following video serves to highlight the issue rather than providing detailed information:



  • Bruce Berkowitz Responds To Einhorn: I Want To Buy You A Box Of Chocolates

    As you may know, on Wednesday, David Einhorn made the announcement to the public that he's shorting St. Joe.

    At the recent Value Investing Conference, which was attended by over 500 people and covered by dozens of media outlets, Einhorn gave an emphatic 139-page presentation on why he's shorting St. Joe, a real estate development company.  


  • Bruce Berkowitz Debates with Real Money, Buying More St. Joe Company and AIG

    Before presenting his bearish case to VIC, David Einhorn called Bruce Berkowitz and offered to debate over the investment merits of the St. Joe Company (NYSE:JOE). Until the news hit the wire, Einhorn was still waiting for Berkowitz’s call.

    St. Joe Company stock decline about 10% after Einhorn’s presentation from over $24 to around $22 yesterday. At the time of this writing, the stock declined another 9% to a little over $20 per share.  


  • The Long And Short Of The St. Joe Company

    Today, David Einhorn reiterated his short thesis on St. Joe Company at VIC. A little over three months ago, the topic was well debated here at GuruFocus. As it turns out, much of Einhorn's thesis has not changed since 2007 -- the numbers have changed, but the core is inact. Here I repost a good write-up by Greenbackd who presented both sides of the debate:

    ------------------------------------------------------------------------------------------------------  


  • David Einhorn's Short Thesis on St. Joe Company

    This might be the top story of the day: David Einhorn presented a thesis to short St. Joe Company today at Value Investing Congress in NYC.

    Here is the presentation:  


  • David Einhorn's Short Thesis For St. Joe: The Highlight of The Value Investing Congress

    I am lucky to be attending the Value Investing Congress. I took extensive notes on every speech and hope to post each one on GuruFocus over the next few days, in addition I will be posting a couple of interviews I plan on conducting. To follow my live updates from the Congress sign up for my Twitter alerts http://twitter.com/valuewalk

    David Einhorn was by far the best speaker of the Congress in my opinion. He focused his entire presentation on one item; why he is now short St. Joe Company, ticker (NYSE:JOE). The presentation consisted of 139 slideshows about why he is short the company.  


  • Clash of the Guru Titans – Einhorn vs Berkowitz Over St. Joe (JOE)

    This one is just too good to be true.

    Breaking headlines today about David Einhorn at the Value Investing Congress unveiling his newest short position St. Joe (NYSE:JOE). St. Joe of course is a large holding of Bruce Berkowitz of Fairholme Capital.  


  • Confidence Game: Book Review

    I recently finished reading Confidence Game: How a Hedge Fund Manager Called Wall Street's Bluff by Christine Richard. The topic of the book is Municipal Bond Insurance Assuance (MBIA). More specifically, the book discusses MBIA and the investor who predicted and made a killing as a result of its downfall, Bill Ackman.

    The story begins in 2002, when Bill Ackman published a research report on MBIA, titled “Is MBIA Triple-A?” In the report, he detailed why his first hedge fund, Gotham Partners, had taken a short position in MBIA. From this, the reader can draw a comparison between this book and Fooling Some of the People All of the Time. The main difference between the two is the fact that Confidence Game was not written by Bill Ackman. This fact is negated by the fact that the author, Christine Richard, a very good writer for Bloomberg, was given a CD by Bill Ackman with everything that he ever written about the company. In addition, I found the amount of additional research she conducted for the book to be quite impressive, so much so that she probably wrote the book as well as Bill Ackman could have.  


  • Hedge Fund Greenlight Capital Buys Ensco International, NCR Corp., Apple Inc., Sells Automatic Data Processing, ATP Oil & Gas, Coinstar Inc.

    Renowned hedge fund manager David Einhorn just reported his second quarter portfolio. These are the details of buys and sells.

    The three funds at Greenlight Capital avoided the market decline of 2Q10. Each returned 2.2, 1.7 and 2.2% after fees. For the first half of the year, numbers have not changed much: 1.6, 2.2, and 0.8%, respectively. Einhorn attributed his success during the periods to “a conservative and defensive portfolio”. He has maintained a “small net long position” during the period and managed to avoid the market volatility completely.  


  • David Einhorn Publishes Quarterly Letter and Comments on Holdings: Moody’s Corporation, Pfizer, Apple Inc., Ensco plc, NCR Corporation

    David Einhorn of Greenlight published his letter to partners for 2Q10. He reported performance of his funds, shined light on what he think will happen next, and provided his thoughts on a few of his holdings.

    The three funds under his management avoided the market decline of 2Q10. Each returned 2.2, 1.7 and 2.2% after fees. For the first half of the year, numbers have not changed much: 1.6, 2.2, and 0.8%, respectively. Einhorn attributed his success during the periods to “a conservative and defensive portfolio”. He has maintained a “small net long position” during the period and managed to avoid the market volatility completely.  


  • Stocks that Hedge Fund Greenlight Capital Keeps Buying: Pfizer Inc., and Foster Wheeler AG; Keeps Selling Health Management Associates Inc.

    We just reported that David Einhorn of Greenlight Capital released his Q2 shareholder letter, and commented his positions in in Barrick Gold, Apple Inc., Ensco Plc, and NCR Corporation. We like to check the complete portfolio of Greenlight Capital to see what stocks the fund has been buying and selling.

    The Greenlight Capital funds returned 2.2%, 1.7%, and .2% net of fees and expenses in the second quarter, and gained 1.6%, 2.2% and 0.8% year-to-date, respectively. Einhorn attributed the gains partially to the long positions that declined less than the market and the shorts that declined more than the market.  


  • Greenlight Capital Releases Q2 Shareholder Letter; Comments on African Barrick Gold, Apple Inc., Ensco Plc, and NCR Corporation, shorting Moody’s

    David Einhorn of Greenlight Capital just released his second quarter shareholder letter (link provided again at the end of the article). His funds returned 2.2%, 1.7%, and .2% net of fees and expenses in the second quarter, and gained 1.6%, 2.2% and 0.8% year-to-date, respectively.

    His modest gains come from his conservative and defensive portfolio, with a small net long position throughout the year and have almost entirely avoided the volatility of the market. He also benefited from the gold positions, as gold appreciated more than 10% in the second quarter.  


  • David Einhorn: Ratings Agencies a 'Public Bad,' Should Be Tossed

    Ratings agencies, such as Moody's (NYSE:MCO) and Standard & Poor (MHP) are not serving a useful purpose and either should be changed dramatically or eliminated, hedge fund manager David Einhorn told CNBC.

    [center]
      

  • Presentations From The Ira Sohn Investment Conference

    Thanks Above Average Odds for providing the following two Presentations From The Ira Sohn Investment Conference:

    Steve Eisman of The Big Short discusses his latest short thesis:  


  • David Einhorn Op-Ed: Easy Money, Hard Truths

    Hedge fund manager David Einhorn has fast become one of the up and coming stars in the financial world after his calling out of Lehman Brothers pre death spiral. But he was certainly an up and comer before that, and has now become one of the more widely watched investment gurus.

    Einhorn has become a bit of a gold guru as he shares many of the same worries I do. [Oct 19, 2009: David Einhorn's Speech at Value Investing Congress]  


  • 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/

    For those that are new, the idea is this: You buy a pretty expensive ticket and some of the smartest minds on Wall Street give you some of their best ideas for the coming year. The money gets donated to the charity. Each year I put out a synopsis of the event. I try to get as much of the content as I can; however, I am no reporter and I am certain that I miss a few things. So, this may not be complete and this is NOT a Cantor Fitzgerald research piece. I’m just a guy reporting what I heard.  


  • Einhorn: Short on Moody’s Corp. and S&P

    Hedge fund manager David Einhorn, who had questioned the health of Lehman Brothers four months before its collapse, said yesterday at the Ira Sohn Conference that he is still shorting Moody’s Corp, citing the short-term approach it uses in its assessments.

    Shares of the rating agency plunged 6.6 percent to $19.50 in after-hours trade, following Einhorn’s comments.  


  • Hedge Fund Greenlight Capital Buys Xerox Corp., NVR Inc, Flagstar Bancorp Inc., Sells Barrick Gold Corp., Huntsman Corp., Boston Scientific Corp.

    Hedge Fund manager David Einhorn has a enviable performance, when he started hedge fund Greenlight Capital with $1 million and through 2008, he produced an annualized net eturn of 22% for his investors. He expressed no-excitement in the availabilities in new opportunities in his latest shareholder letter. This is the Q1 portfolio update of Greenlight Capital.

    David Einhorn buys Xerox Corp., Nvr Inc, Flagstar Bancorp Inc., Symetra Financial Corp., Coinstar Inc., Iconix Brand Group Inc., sells Barrick Gold Corp., Ticketmaster Entertainment, Inc., Sinclair Broadcast Group Inc., Pattersonuti Energy Inc., Nike Inc., Mcdermott International Inc., Huntsman Corp., Endurance Specialty Holdings Ltd., Boston Scientific Corp., Memc Electronic Materials Inc. during the 3-months ended 03/31/2010, according to the most recent filings of his investment company, Greenlight Capital Inc. David Einhorn owns 36 stocks with a total value of $3.1 billion. These are the details of the buys and sells.  


  • Comment for David Einhorn Portfolio Holdings -- GuruFocus.com

    for david einhorn, I saw in Market folly article dated 4/26
    top 5 positions as
    1. CIT Group (CIT)  


  • View on David Einhorn

    loved his Fool Some of the People All of the Time; quite enlightening  


  • Long Positions Einhorn Closed Out: BJ Services, Boston Scientific, McDermott International, PattersonUTI Energy, Ticketmaster Entertainment, MEMC Electronic Materials, Mercer International debt

    David Einhorn released his Quarterly Letter for 1Q10 (see a copy at the end of the post). During the quarter in which S&P 500 returned 5.4%, his three funds barely broke even or incurred a small loss. The quarter was not friendly for a hedge fund that employs long/short strategy, particular for Einhorn, as the winners are few and losers are many.

    Long term, Einhorn’s performance is very enviable: from 1996 when he started a hedge fund with $1 million and through 2008, he produced an annualized net eturn of 22% for his investors.  


  • Hedge Funds Are Betting on a Wireless Revolution: Video

    Some of the top hedge fund managers are betting on a wireless revolution. Bloomberg's Sheila Dharmarajan reports.

    [center]
      


  • A Lesson from Boston Scientific

    Anyone who doesn't own Boston Scientific (NYSE:BSX) is once again breathing a sigh of relief. It seems like an ever shrinking list. Holders of BSX include Paulson & Co., Primecap, Dodge & Cox, Wellington, Greenlight Capital (Einhorn), and even Brandes. It's a Who's Who in Investment Royalty.

    We mere mortals in the field have taken notice. And the logic seems clear enough. First there is the attractive demographics. We're all falling apart and will need everyone from Medtronic (NYSE:MDT), Johnson & Johnson (NYSE:JNJ), and Abbott (NYSE:ABT) to Stryker (NYSE:SYK), Zimmer (ZMH), and St Jude (NYSE:STJ) to duct tape us back to relative health.  


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