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We think David Einhorn is dreamy. So you can imagine our alarm when rumors reached us to the effect that Greenlight was involved in this shabby Volkswagen business. Greenlight, apparently, was betting against Volkswagen via short positions. Not a bad play early in the game of a budding global recession. Equally deft given the powerful union at Volkswagen, a force preventing any sort of cost mitigation during a downturn. So when Porsche, which has been quietly and not so quietly angling for control ("domination" in the German) of Volkswagen for some time, surprised the market with a set of rather aggressive announcements, panic set in, shares quadrupled and shorts scrambled to cover. You can be fundamentally right and still take it on the chin.
We hope David comes through. Don't let us down, Einhorny!
Panicked Traders Take VW Shares on a Wild Ride [The New York Times]



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