We truly believed that nothing could top the crushing sadness conveyed in David Einhorn's letter to Greenlight Capital investors last summer. The mix of self-loathing and pathological belief in himself despite a number of failed investments and one failed marriage left us feeling bereft for the man himself. We even went so far as to present hime with an exit strategy.
But it turns out that we were wrong. David Einhorn is still hitting his rock bottom...
“Nothing went right for the entire year,” Einhorn said in the letter to investors. “In 2018, the losses were a mile wide and a yard deep. It’s much easier to explain results when they are driven by large moves in a few names. It’s much harder when the answer is a lot of everything. But today, it feels more like a combination of a few where we were wrong, a difficult environment for value investing, and a lot of adverse variance.”
Einhorn also admits that his Ackmania for Tesla is still in full flower, telling investors that he will triumph over Elon one day [SPOILER: he won't]. But he's also got an emergency plan, and you'll totally guess what it is...
The hedge fund manager is also using gold as a hedge against “imprudent” global fiscal and monetary policies as the national debt has ballooned to more than $2 trillion under the current administration.
“When the economy eventually slows, the deficit is sure to expand rapidly, possibly catastrophically. The politicians say deficits don’t matter. History says otherwise,” Einhorn said.
We can't read any more of these. They're just too tragic.