David Einhorn

David Einhorn

Last Update: 11-21-2017

Number of Stocks: 39
Number of New Stocks: 8

Total Value: $6,274 Mil
Q/Q Turnover: 17%

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

David Einhorn past Portfolios

David Einhorn 13F Filings

Portfolio DateNumber of StocksTotal Value (Mil)Number of New StocksQ/Q Turnover
2017-09-3045$6,340817%
2017-06-3043$6,21866%
2017-03-3139$7,195627%
2016-12-3141$5,81947%
2016-09-3048$5,23226%
2016-06-3055$5,4511116%
2016-03-3154$5,897515%
2015-12-3155$5,4561528%
2015-09-3049$6,032418%
2015-06-3052$7,972616%
2015-03-3150$7,787818%
2014-12-3159$7,5241228%
2014-09-3052$6,9311216%
2014-06-3047$7,177511%
2014-03-3151$6,679815%
2013-12-3141$7,294815%
2013-09-3034$6,035410%
2013-06-3044$5,330712%
2013-03-3143$6,553613%
2012-12-3143$6,383314%
2012-09-3045$5,98538%
2012-06-3050$6,3661028%
2012-03-3144$5,65933%
2011-12-3148$5,1051020%
2011-09-3043$4,672730%
2011-06-3044$4,680414%
2011-03-3148$5,168718%
2010-12-3142$4,943614%
2010-09-3037$4,019312%
2010-06-3043$3,317729%
2010-03-3147$3,075617%
2009-12-3158$2,938522%
2009-09-3064$2,598518%
2009-06-3084$2,762615%
2009-03-3179$2,376180%

David Einhorn 13D/G Filings

Filing date : 2017-11-06, 2017-10-03,

David Einhorn Watch

  • Einhorn Invests in Macy's

    David Einhorn (Trades, Portfolio) has also jumped on the Macy's (NYSE:M) express along with fellow activist Starboard Value. The guru, who had a terrible 2015, is looking for some redemption, and the Macy's thesis makes a lot of sense.


    Retail, as a whole, is currently out of favor. Many firms are struggling, distressed or already bankrupt. Macy's is doing much better by comparison but isn't exactly knocking the ball out of the park, either, and its share price has suffered:

      


  • David Einhorn Comments on ARM Holdings

    Our thesis for our short position in ARM Holdings (ARM) was that falling chip prices,slowing smartphone growth and more competition from Intel would limit ARM’s potentialroyalty pool. Two of the three have occurred, but Intel’s progress has been disappointing.Also, ARM was more successful than we expected in offsetting its problems by increasing theroyalty rate it charges its customers. We covered the position at a small loss and moved on.

    From David Einhorn (Trades, Portfolio)'s Green Light Capital fourth quarter 2015 shareholder letter.  


  • David Einhorn Comments on Micron Technology

    MU (NASDAQ:MU) was our biggest winner in 2014 and our biggest loser in 2015. We have written a lotabout it and have exited the position. When all the dust settled, our average purchase was at$19.93 and our average sale was at $22.14, generating an IRR of 14%. The coulda-woulda-shoulda perspective that this was a disaster is belied by the overall decent return we made onthe investment.

    From David Einhorn (Trades, Portfolio)'s Green Light Capital fourth quarter 2015 shareholder letter.  


  • David Einhorn Comments on Cairn Energy

    We exited our position in Cairn Energy (LSE:CNE). The downturn in oil prices was negative but tolerable; however, the ongoing retroactive extraterritorial taxation claims by India made profitable ownership of Cairn impossible. We initiated a small position in early 2012 at £2.72and gave up at £1.54.

    From David Einhorn (Trades, Portfolio)'s Green Light Capital fourth quarter 2015 shareholder letter.  


  • David Einhorn Comments on Bank of New York Mellon

    We decided to sell our position in Bank of New York Mellon (NYSE:BK) with a small profit. We becamemoderately less comfortable with the market exposure in both the Investment Services andInvestment Management segments and felt that the market was giving the company too muchcredit for potential earnings leverage to multiple Fed rate hikes.

    From David Einhorn (Trades, Portfolio)'s Green Light Capital fourth quarter 2015 shareholder letter.  


  • David Einhorn Comments on Applied Materials

    We entered Applied Materials (NASDAQ:AMAT) at $20.31 after the Tokyo Electron deal fell apart, with a viewthat margin improvement through cost cutting and aggressive buybacks could lead to earningsoutperformance. Despite reasonable execution and lots of share repurchases, concerns aboutoverall spending levels in the semiconductor capital equipment space mattered more. The riskof a pending cyclical downturn caused us to exit at $18.21 with a small loss.

    From David Einhorn (Trades, Portfolio)'s Green Light Capital fourth quarter 2015 shareholder letter.  


  • David Einhorn Comments on Mylan

    We initiated a position in Mylan (NASDAQ:MYL), a global generic pharmaceuticals company. MYLshares fell 29% in the first three quarters of 2015 and over 45% from their mid-year highsafter generics rival Teva abandoned a hostile takeover bid for the company. During the fall,the market became overly focused on a series of overhangs including potential earningsdilution from a proposed and ultimately failed buyout of Perrigo (a private-label OTC business); corporate governance concerns including an unusual takeover-defense mechanism;and widespread unease about the pharmaceutical sector amidst scrutiny of specialty pharmaceutical manufacturers like Valeant.


    We acknowledge eventual headwinds for the company’s branded EpiPen product, whichcould encounter competition from generics in late 2016. However, we see medium-termupside from a competitor recall, an announced share repurchase, and board review ofcorporate governance complaints. Ultimately, we expect MYL to earn close to $7 per share in2018, driven by a robust pipeline of respiratory, injectable and biologic drugs and by furthercapital deployment including share repurchases. We initiated our position at an average priceof $45.32, about 9x 2016 consensus EPS estimates. MYL shares ended the quarter at $54.07.

      


  • David Einhorn Comments on E ON SE

    We established a position in Macy’s (M), the operator of about 900 Macy’s, Bloomingdale’sand Bluemercury stores, at an average price of $45.69. Earlier in 2015, with the stock at $70,an activist argued that the store real estate could be separated to unleash a valuation in excessof $125 per share. Management determined a whole-company REIT wouldn’t provide therequired operational flexibility.


    Now, with the stock closing the year at $34.98, the math might make more sense. While it’sunlikely that management will reverse course on its own, it wouldn’t surprise us if a privateequity firm teamed up with a REIT to buy the company and unlock the value privately.

      


  • Einhorn Looks Back at Tough Year With 20% Losses



  • Greenlight Capital Reaps 5% Yield From Vodafone

    David Einhorn (Trades, Portfolio) is president of Greenlight Capital (a value-oriented investment advisor). He believes an investment approach emphasizing intrinsic value will achieve consistent absolute investment returns and safeguard capital regardless of market conditions.


    His portfolio is composed of 42 stocks and the following are the ones that pay the highest dividend yield.

      


  • The Top 3 Undervalued Stocks in David Einhorn’s Portfolio

    David Einhorn (Trades, Portfolio) is the founder of Greenlight Capital. He is a value-oriented investor who believes purchasing businesses below their respective intrinsic values will achieve consistent absolute investment return in a risk-averse manner, regardless of the market environment. He will take activist positions at times if the situation dictates that it needs to happen.


    Here are three companies from David Einhorn (Trades, Portfolio)’s portfolio that we find interesting at current levels:

      


  • Guru Investors Sell Shares of David Einhorn, Dan Loeb's Green Brick Partners

    Several guru investors in a home builder company backed by prominent hedge fund manager David Einhorn (TradesPortfolio), Green Brick Partners (NASDAQ:GRBK), pulled out of their positions in the third quarter. Each of the other holders tracked by GuruFocus – besides heavily invested Daniel Loeb (Trades,Portfolio) – sold nearly half their shares or more.


    The two investors to sell out made a relatively quick entrance and exit. Leon Cooperman (TradesPortfolio) of Omega Advisors was the biggest investor to trade out of his position in the Dallas-based company, selling 245,681 shares purchased in the previous quarter. Paul Tudor Jones (Trades, Portfolio) also sold all of his 118,750 shares, which he bought the previous quarter. Each owned less than a percent of its shares outstanding, respectively.

      


  • David Einhorn and Reasons Why Widely Followed Stocks Get Mispriced

    Over the weekend I was reading David Einhorn (Trades, Portfolio)’s book "Fooling Some of the People All of the Time." I’ve had it on my bookshelf for some time, and it has always taken a back seat to other books until I decided to pick it up recently.


    It’s an entertaining read, basically recounting his short thesis on Allied Capital (ALD) in great detail. It is a good book because it provides a glimpse into the significant amount of research and due diligence that a great investor like Einhorn performs in his investment approach.

      


  • David Einhorn Comments on St. Joe Company

    St. Joe Company (NYSE:JOE), shorted at $36.90, covered at $17.17: After being short for almost 10 years, we decided to declare victory and move on, even though the shares remain somewhat overvalued.

    From David Einhorn (Trades, Portfolio)'s third quarter 2015 Greenlight Capital shareholder commentary.  


  • David Einhorn Comments on Robert Half

    Robert Half (NYSE:RHI), shorted at $28.96, covered at $41.61: A multiyear short where the company generally performed better than we expected.

    From David Einhorn (Trades, Portfolio)'s third quarter 2015 Greenlight Capital shareholder commentary.  


  • David Einhorn Comments on Intel

    Intel (NASDAQ:INTC), shorted at $34.23, covered at $29.28: We mitigated a portion of our long exposure to personal computers.

    From David Einhorn (Trades, Portfolio)'s third quarter 2015 Greenlight Capital shareholder commentary.  


  • David Einhorn Comments on Spirit Aerosystems

    Spirit Aerosystems (NYSE:SPR), purchased at $20.28, sold at $50.55: New management improved core margins, exited unprofitable development programs and initiated a stock buyback. This led to higher earnings and a higher multiple. We exited as the shares reached fair value.

    From David Einhorn (Trades, Portfolio)'s third quarter 2015 Greenlight Capital shareholder commentary.  


  • David Einhorn Comments on LAM Research

    LAM Research (NASDAQ:LRCX), purchased at $54.07, sold at $75.30: We believed the cycle was peaking, putting 2016 estimates at risk.

    From David Einhorn (Trades, Portfolio)'s third quarter 2015 Greenlight Capital shareholder commentary.  


  • David Einhorn Comments on Citizens Financial Group

    Citizens Financial Group (NYSE:CFG), purchased at $22.36, sold at $26.28: Lowered 2016 guidance which defeated our thesis that there was upside to estimates.

    From David Einhorn (Trades, Portfolio)'s third quarter 2015 Greenlight Capital shareholder commentary.  


  • David Einhorn Comments on UIL Holdings

    We established a position in UIL Holdings (NYSE:UIL) at an average price of $49.57 per share. UIL Holdings currently owns and operates several regulated utility assets in Connecticut and Massachusetts. In February, UIL Holdings announced that it was combining with Iberdrola USA, the U.S. division of Iberdrola, a large Spanish company with power and utility assets around the world. The Iberdrola USA business is currently made up of regulated utility assets in the Northeast, one of the largest wind energy portfolios in the U.S. and a well-regarded renewables development organization with a healthy pipeline of wind projects.


    Upon closing, UIL shareholders will receive $10.50 per share in cash and one share in a new publicly listed entity which will comprise stable utility assets and a growing renewables business. The pro forma entity will be less levered than its peers with a large tax asset and attractive renewables cash flows that we believe are not fully reflected in the stock price today.

      


  • David Einhorn Comments on Michael Kors

    Michael Kors (NYSE:KORS) designs, distributes and retails women’s accessories, footwear and apparel. Michael Kors shares fell 25% after North American comparable store sales fell 5.8% in the March quarter. A distribution center shutdown led to a temporary halt in ecommerce, and the winter product line was repetitive, cooling customer interest. The market went from expecting ongoing earnings beats to worrying the company is a fad that has run its course. Both issues are now resolved, and the fall product line appears much improved. We believe Michael Kors has multiple avenues of continued growth, including its international business and footwear. We established our position at an average price of $45.18, less than 9.5x March 2016 fiscal year earnings estimates net of the $4 per share in cash.

    From David Einhorn (Trades, Portfolio)'s third quarter 2015 Greenlight Capital shareholder commentary.  


  • David Einhorn Comments on Micron Technology

    Micron Technology (NASDAQ:MU) was our biggest winner in 2014. Unfortunately, we overstayed our welcome and gave back much of those gains this year. The shares peaked at over $36 last December before collapsing to $14.98 on Sept. 30. Our thesis has been that Micron Technology’s primary product, DRAM, has consolidated to three players, who are likely to create more industry profits compared to when DRAM production was highly fragmented.


    The problem is that structural industry improvement doesn’t make DRAM less cyclical. The large capital requirements force participants to make large investments in anticipation of future demand. If the industry overestimates demand, it still makes sense to operate at full capacity and oversupply ensues. This year, demand came up short, DRAM prices collapsed, and despite our concerns about PC demand, we missed the turn of the cycle. Those PC demand worries led us to sell LAM Research and Marvell Technology at good prices prior to a sell-off in each security and we shorted (and subsequently covered) Best Buy (NYSE:BBY), IBM (NYSE:IBM) and Intel (NASDAQ:INTC). Although all of these moves helped, we underestimated the extent of Micron Technology’s exposure to the PC demand shortfall.

      


  • David Einhorn Comments on SunEdison

    For the first part of the year SunEdison (SUNE) was by far the fund’s biggest winner. The shares rallied from $19.51 to a peak of $32.13 on June 23 before collapsing to $7.18 by Sept. 30. SunEdison’s business is to develop solar and wind projects for major utilities and commercial customers that agree to buy the power over a very long term, often 20 years. These projects have purchase contracts from highly creditworthy counterparties and produce an average unlevered return on capital of 10% and 13% in developed and emerging markets, respectively. SunEdison makes money by selling the projects at a premium to investors seeking safe, long-term income.


    Given the low-rate environment, SunEdison thought it could make even more money if it created its own related yield vehicles to buy the projects and dividend the income to shareholders. It createdTerraForm Power (NASDAQ:TERP) for its developed markets projects and TerraForm Global(NASDAQ:GLBL) for its emerging markets projects. Initially this worked very well, and in July 2014SunEdison successfully brought TerraForm Power public. This July it brought TerraForm Global public with much less success.

      


  • David Einhorn Comments on CONSOL Energy

    CONSOL Energy (NYSE:CNX) is an Appalachia-based coal and natural gas production company. From its most recent high of $33.34 on May 8, the shares traded down gradually to $9.80, where they ended the quarter. There was no single moment where the shares fell sharply; it was essentially an orderly collapse. Yes, coal and natural gas prices both fell modestly during the decline. Yes, the company’s effort to bring its coal assets public in a separate vehicle was greeted coolly by the market. Yes, there is an oversupply of natural gas in the region, which has caused local realizations and quarterly earnings to fall below plan. We could have mitigated a portion of our loss by hedging natural gas, but with the price already near a historical low, we made the incorrect decision not to hedge the commodity risk.


    However, CONSOL Energy has had plenty of overlooked good news. The company went through a significant cost-cutting effort and cut its capital-spending budget aggressively. In July it reported fantastic drilling results and a significant success at a test well in the Utica Shale. Ordinarily, the market responds favorably to positive drilling news. In the current environment, it has responded more like a child receiving socks as a birthday present, “Gee, just what I always wanted … more, cheap natural gas.” We believe the market has undue concern about the near-term prospects for Appalachian coal and natural gas, leading it to discount the company’s long-term resource value far beyond anything we anticipated.

      


  • Dodge & Cox Comments on Petrobras

    Petrobras (NYSE:PZE) is the leading producer of oil and gas in Brazil, accounting for roughly 90% of Brazil’s oil production. In 2014, its stock price declined approximately 50% due to a corruption scandal involving kickbacks on procurement contracts, a weakening Brazilian Real, and increasing debt from years of outspending its cash flow. The lower oil price environment and high financial leverage have raised concerns about the viability of funding growth through additional borrowings. The CEO and other senior executives resigned earlier this year and were replaced with a new management team. Investors are skeptical about the company’s ability to rectify its problems and grow production. As a result, it trades at 2.6 times 2015 estimated operating cash flow and at a substantial discount to its net asset value, well below historical levels and that of its peers.


    Despite this perfect storm of challenges, the company managed to grow production in the first half of 2015 compared to the first half of 2014. This growth was driven by the company’s leading position in the deepwater fields, also known as “pre-salt,” of the Santos Basin, which is one of the Western Hemisphere’s largest oil discoveries in 30 years. These fields are prolific, low-cost, and should enable Petrobras to maintain or grow production over the long term. In addition to possessing excellent reserves, Petrobras has improved corporate governance: the company hired two independent investigative firms and meaningfully revamped internal governance structures. The new management team is displaying more discipline on capital spending; it has announced plans to reduce capital expenditures by 37% and focus on the company’s most profitable exploration and production projects. Combined with a large scale divestiture program, these efforts should lead to a stronger balance sheet.

      


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