David Einhorn

  • bold pattern choices here

    Hedge Funds

    David Einhorn Wants Apple Shareholders To Vote On Voting On Issuing Preferred Stock

    David Einhorn is suing Apple to make them give shareholders a separate vote over whether shareholders should have a vote over whether Apple can issue preferred stock. I guess that requires some unpacking. Let’s start at the end, with the preferred stock. Here is Einhorn’s plan: For example, Apple could initially distribute to existing shareholders […]

    / Feb 7, 2013 at 10:26 AM
  • greenlightcapital4q2012

  • News

    Bloomberg: This Is What Wall Street, And One Former Baywatch Star, Will Be Feasting On Come Thursday

    David Einhorn, Greenlight Capital: “Cranberry sauce — not from the can, just cranberries and sugar.” Julian Robertson, Tiger Management: “Wild rice.” Gary Cohn, Goldman Sachs: “Oysters — not shucked by me.” Glenn Dubin, Highbridge Capital Management: “I love turkey. I would love to eat turkey all year round, because I’m a chicken person.” David Hasselhoff, […]

    / Nov 19, 2012 at 6:10 PM
  • Bloomberg, DMGT LN equity and UKX index. Disclosure was required as of November 1.

    News

    EU Rules Ensure Everyone Gets A Chance To Short Stocks Alongside David Einhorn

    So I guess the Einhorn effect hasn’t yet taken London by storm? There’s this: David Einhorn’s $7.7 billion hedge fund Greenlight Capital Inc. disclosed a short position of 4.4 percent in the shares of Daily Mail and General Trust Plc, which publishes the U.K.’s second-biggest selling daily newspaper. Greenlight’s bearish bet on London-based Daily Mail […]

    / Nov 6, 2012 at 6:03 PM
  • david-einhorn-on-phone

    Hedge Funds

    If Ben Bernanke Is Going To Keep Printing Money, David Einhorn Is Going To Continue Stockpiling Gold Watches

    In other GL updates, sources at Brovada say the investment team has swung from two point underdogs to 13.5 point favorites in the annual interoffice basketball game and the Greenlight baby-making machine continues to work overtime.

    Greenlight Capital 3rd Quarter Letter 2012 [PDF]
    Related (-ish): The Search For Einhorn’s Gold

    / Oct 24, 2012 at 11:55 AM
  • lessons

    “For Example, Racing To Short A Stock I Mention Because It Contains Two Of The Letters Of A Stock I Shorted Last Year. That Would Be Example Of You Guys Acting Like Jo Jo The Idiot Circus Boy.”

    During a presentation on Tuesday at which he was expected to reveal his latest bearish thesis, Mr. Einhorn, a hedge fund manager, introduced a discussion of General Motors with an ambiguous line. Mr. Einhorn, the president of Greenlight Capital, pivoted on the ticker symbol of Green Mountain Coffee Roasters, a target of his criticism last […]

    / Oct 2, 2012 at 8:02 PM
  • Valuable look of disapproval

    News

    The Mystery Of Einhorn

    The Journal has a nice article about David Einhorn today, making the point that he can move stocks with the sheer power of his disapproval. Not even disapproval, really; a raised eyebrow will suffice, as it did for HerbaLife. Imagine his parenting skills. Here is a chart from the Journal and I guess you win […]

    / Sep 18, 2012 at 1:30 PM
  • davideinhorngreenlight

    Hedge Funds

    Dear Greenlight Investors

    August performance.

    / Sep 4, 2012 at 10:52 AM
  • YOU DON'T WANT TO KNOW WHAT HAPPENS WHEN THE MUTE COMES OFF

    David Einhorn’s Brother Will Rip Out The Hearts Of Underperforming Companies And Shove Them Down Their Throats, But In A Polite, Midwestern Way

    A world away from Wall Street and the tech money culture of Silicon Valley, the Einhorn family started a venture capital firm here [in Milwaukee], which raised a $40 million fund last year. David Einhorn is the largest investor in the fund, run by his brother, Daniel, and their father, Stephen. The firm, Capital Midwest […]

    / Aug 28, 2012 at 1:47 PM
  • Hedge Funds

    Greenlight Capital Is Sick Of Ineffective European Leadership, Rival Organizations Poaching Its Talent

    By early June the market had given back all of its first quarter gains, and the crisis yet again came to a head. The European leaders took a cue from Groundhog Day and did as they always do: they announced yet another ‘Summit to Fix Everything’…The whole thing is such a mess – who can […]

    / Jul 24, 2012 at 11:56 AM
  • News

    Warren Buffett And David Einhorn Are In Agreement Re: The Frigidity Of Their Disfavored Investment Ideas

    Back in February, in his annual letter to investors, Berkshire Hathaway chief Warren Buffett spent a good bit of time discussing why one shouldn’t own gold. Beyond the fact that, according to WB, gold doesn’t “change in size and [is] incapable of producing anything,” and you’d be much better off buying farmland (which “a century from now will have produced staggering amounts of corn, wheat, cotton and other crops and will continue to produce that valuable bounty”) or shares of Exxon Mobil (which “will probably have delivered trillions of dollars in dividends to its owners,” the Oracle of Omaha had one incontrovertible, be all end all reason for eschewing the metal: its unfuckability. Oh sure, you can do things to a cube, you can fondle it, you can talk dirty to it, you can send nude pictures of yourself, you can even drill a hole in it and fuck it senseless, but, the thing is, the cube will not respond. No reciprocation, no gratitude, not even a sign it enjoyed itself.  For Buffett, no further argument was necessary as to the worthlessness of the commodity. (Silver, on the other hand, will make you feel like you’re 18 again.) Anyway, David Einhorn sort of feels the same way about the dollar.

    Greenlight Capital 1Q2012 Letter To Investors [PDF]
    Related: Don’t Think He Hasn’t Tried

    / May 30, 2012 at 12:47 PM
  • Ira Sohn

    David Einhorn Puts Martin Marietta Materials On Notice, Gives GJF.NO His Blessing

    Einhorn says he has a lot of stocks to talk about, starts with Martin Marietta Materials, which he says has “lots of problems.” Einhorn calls MLM CEO a “degree in megalomania”…Einhorn just pulled out a magic wand and I’m pretty sure made a Harry Potter reference. And he’s onto talking global economies. He’s talking up […]

    / May 16, 2012 at 3:56 PM
  • News

    David Einhorn Will Just Put It Out There That A Salad Every Once In A While Won’t Kill You

    Directed at no one in particular but if a certain jelly donut-addicted Fed Chair has found even his extra-forgiving sweatpants getting too snug, he might want to take note.

    / May 3, 2012 at 11:46 AM
  • News

    David Einhorn Is Doing All Of His Management Calls Publicly From Now On

    Wouldn’t it be fun to be the kind of guy who could swoop into an earnings call and be all “aren’t you just a giant fraud?” and freak everybody out and cause the stock to plummet? I feel like that would be fun. I am not that kind of guy, which is just as well, […]

    / May 1, 2012 at 5:39 PM
  • greenlightcapital

    Hedge Funds

    Dear Greenlight Investors

    March performance.

    Greenlight Capital Offshore
    March: 0.4%
    YTD: 6.7%

    / Apr 2, 2012 at 10:33 AM
  • greenlightcapital

    Hedge Funds

    Dear Greenlight Investors

    February performance.

    / Mar 1, 2012 at 12:49 PM
  • david einhorn great tie

    News

    After The STOCK Act It Will Still Be Legal To Trade On Congressional Inside Information*

    Here’s a sort of touching monologue from David Einhorn’s call with Punch:

    If you’ve done the analysis, and come to the conclusion that on it’s own, the company is not going to make it, it makes all of the sense in the world to raise equity at whatever the price is, so that you can know that the company, you know, is – is going to make it. Now, what that brings to my mind though is, you know, obviously we haven’t done your analysis, we haven’t done — signed an NDA; I don’t know that we’re going to sign an NDA, because we prefer to just remain investors, but from my perspective, and I’ll be just straight up with you, is that gives a lot of signalling value. And the signalling value that comes from figuring out the company has figured out that it’s not going to make it on it’s own is that we’ve just grossly misassessed the — you know what’s going on here. And — and that, that will cause us to have to just reconsider what we’re doing, which is not the end of the world to you. You will continue on even if we don’t continue on with you.

    You could sort of see why the FSA read that to mean that he was insider trading. Like …
    (1) You have told me something with signalling value. Sorry – “a lot of signalling value.”
    (2) I will now act on that signal.
    (3) Don’t be mad.
    “Signalling value” sure sounds like it means “material nonpublic information,” doesn’t it?

    Now as we’ve discussed before, trading on that information would not be enough to make Einhorn guilty of insider trading in the US, though maybe it wouldn’t be exactly a great idea here either. Why? Because in our weird but sort of sensible insider trading laws, it’s just not illegal to trade on material nonpublic information. It’s only illegal to trade based on material nonpublic information that was obtained in violation of some sort of duty of confidence. Since Einhorn didn’t sign an NDA, he had no duty of confidence. And since the Punch CEO and bankers weren’t tipping him for nefarious purposes, but were instead sounding him out on the company’s behalf as a shareholder and potential investor in a new capital raise, they weren’t breaching their duty of confidence. You could quibble with the details of that but it’s basically the law here. In England not so much.

    That also seems to be the law for our friends in Congress, who recently passed a law making it illegal for them to insider trade, which is worrying some people who make their living from trading on Congressional inside information:

    / Feb 16, 2012 at 7:10 PM
  • david einhorn 16feb12

    Hedge Funds, News

    David Einhorn Said No To A Capital Raise, Kept The Door Open For A Pub Crawl

    Remember how David Einhorn got in trouble in England for insider trading on Punch Taverns stock and he was all “what?” and we were all “what?“? Well, you can judge it for yourself because now the entire disputed call with Punch is available online (at the back of this). So go read it, or read the highlights here. The FSA still thinks it’s insider trading, but the count of people confused by the whole thing is rising, and now includes the Merrill banker on the call. There’s lots of insider traderiness on this side of the pond today too so we should talk about that in a bit.

    For now, though, two other things. One is quick – no one can resist one part of the call and I can’t either so here it is:

    DAVID EINHORN: Hi, I’m sorry I didn’t get to see you when you were in New York.
    PUNCH CEO: No, no, we — well, we’ve — we’ve only had the chance to speak once, although we have seen [reference to Greenlight Analyst] a few times since then.
    DAVID EINHORN: Oh, you’re — you’re — you’re getting more than — than I could help with anyway. So, this is good.
    PUNCH CEO: Okay. That’s fair enough. Well, one day we’ll get you around on a pub crawl around some English pubs.
    DAVID EINHORN: Oh, that sounds fun.
    PUNCH CEO: It is. You’re right.

    English readers: Is it? I just assumed that Punch Taverns are rather grim places, like TGI Friday’s but with more … punching? … but maybe I’m totally off base here. Also, here is a hypothesis: vice investments do well because, for the same level of profitability, they get more analyst/investor coverage and enthusiasm. Wouldn’t you rather go on a pub crawl instead of like a tour of an auto parts factory in Queens? Would that influence your stock recommendations / money allocations? Someone should do a study.

    / Feb 16, 2012 at 2:14 PM

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