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 year. “If you take the CR away from GMCR, you get G.M.,” Mr. Einhorn said. Shares of General Motors plunged, before investors realized that the assessment of the automaker was positive. Mr. Einhorn emphasized the folly of taking his ideas on faith. “It doesn’t make sense to blindly follow me or anyone else into a stock,” he said as a preface to his presentation at the Value Investing Congress in Manhattan. “Do your own work. And when a successful investor shows you their work, check their work.” [Dealbook]
“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.”By Bess Levin
“I think they’ve been doing gang-bangers across the board”– Bob Pisani’s thoughts on GM to Melissa Lee and Jim Cramer earlier this morning
The president is set to share his thoughts on Detroit’s big day at 4:15. What do we think he’ll say? Will he urge everyone to go out and buy a Yukon Denali Hybrid? Will he call out UBS by name? Will he mention today’s winner of Call The (GM) Close (who should email me to redeem his/her prize)?
“No, I will probably not by shares of GM,” TBP told Bloomberg TV. “I remember what happened to the equity holders there one time. I’d buy Ford.”
No victory is too small to celebrate. Read more »
Last week, we reported that UBS had been kicked off the General Motors IPO as a result of a senior high-yield analyst sending out a note to a bunch of clients that included his musings on the valuation ahead of the IPO. In a filing today, GM confirms our story. Read more »
If you’ve seen the latest General Motors S-1, you might have noticed that UBS is not listed as part of the syndicate anymore, although they were part of the team as recently as October 29. Why might that be? Glad you asked! Read more »