David Einhorn Views The Mets Investment As An Exciting "Life Experience"


As you may have heard, David Einhorn will be purchasing a minority stake in the New York Mets, for $200 million. DE held a conference call just now to discuss the investment and answer a few questions including but not limited to how he feels about the Mets' financial situation/what his expectations are for stake, which was asked, conservatively, 15 times, and which he responded to each time by reiterating that this is a "personal" deal and he's in it for the love of the game. Also:

* He's been talking to the Mets since January, when he "read in the paper" that they were looking to sell a stake

* He and Fred Wilpon "hit it off, really well"

* No one's heard about the talks (unlike rumors that circulated about other hedge fund managers) because "we didn't tell anyone"

* As for SNY, he had "no interest in owning a TV station"

* He's "beyond comfortable with the financial agreement- more than comfortable: excited"

* He plans to hold the investment "for many years to come"

* As for owning the whole shebang, Einhorn said that what he's "interested the opportunity that’s in front of me right now"

* He has no idea where the Halloween costume is but if someone finds it he'd like it back

* His best friend growing up lived next to Bud Selig; if they hit the ball into Bud's yard, it was considered a home run

No word on whether or not his first invited guest to the owner's box will be Steve Ballmer.


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