David Einhorn Works Hard For The Money

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So hard for it, honey. (So you better treat him right, 2012.)

"Last night was the annual Greenlight Capital Partner Dinner. David's presentation was very witty this year as always; he said 2011 was 'hardest I've ever had to work for 2%.' He also described the returns as 'boring.' He noted he had 8 down months this year which is notable for the fact that he has never had more than 6 down months (2008) since inception in 1997. He told a few stories about GMCR, gave a few glimpses into his portfolio and mentioned that no one in Europe has any idea what they are doing. What was worth a laugh was that Camille, his long time operations manager, was retiring shortly. She had written her last self-evaluation and he read it in front of everyone. Apparently, when the firm was in its infancy, she used to get calls for Einhorn from a 'Mr. Ku from Nan Thai,' which, years later, she later found out was none other than....Daniel Loeb! The gift this year was a briefcase/laptop bag. Nice, but no iPod. The food (sushi, mini grills, a bunch of other stations) was very tasty though, as was the booze, so no complaints."

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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.