David Einhorn Takes Break From Losing Money To Lose More Money

Bright sides: It was the most fun he’s had losing $1 million recently, and it was for charity.
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When you’ve “been running face first into the wind” for as long as David Einhorn—and he’s been so running for a few years—every now and then, you need to take a break, lest you be utterly deranged by the experience. Little walks down memory lane are nice, but as reminders of better times passed, they are also brutal portals to the horrible present. No: To properly recharge, you really must get out from the blistering gales and numbing cold. This, friends, is why Las Vegas exists. A place where the cards fall as they may and math reigns supreme and, unlike anything involving Elon Musk, things still make sense.

einhorn-cosmic

Unfortunately, even the Greenlight Capital chief’s happy place has turned against him.

Einhorn and 26 other businessmen and poker players each ponied up $1 million to enter the World Series of Poker's “Big One for One Drop" tournament…. While other players were doing all they could to avoid getting eliminated, Einhorn didn’t seem to mind playing aggressively.

For his sixth-place finish Einhorn receives no prize money. Fifth place would have paid out $2 million.

On the bright side, at least Einhorn understands how he lost that $1 million.

Hedge fund billionaire Einhorn places sixth in major poker tournament [CNBC]

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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.