Yeah, Chewy IS a lot like Pets.com, David, where have we heard that before?

Once proud former hedge fund titan David Einhorn has had a tough go of it in recent years. 

He's lost a phenomenal amount of money for his investors by developing an Ackmaniacal dark obsession with Tesla, spending 2018 making only bad investments, and fallen entirely from the ranks of billionaires. The guy even lost money on Aspirin.

And while we have mercy for Ol' D-Hornz, does he have to start stealing our material?

Per CNBC:

Greenlight Capital’s David Einhorn, who successfully made bets against companies including Enron, is likening hot IPO Chewy to dot-com bubble poster child Pets.com.

Umm, what?

In his quarterly letter to clients, Einhorn also trumpets a successful short position in Tesla but does not specifically mention if the fund is betting against Chewy.

“For those that think the 2000 bubble was the big kahuna, consider Chewy, which went public in June 2019,” Einhorn said.

Shares of the online pet retailer were up more than 2% Thursday, and have soared more than 50% since its public debut in June. Einhorn pointed to Chewy’s current debt and market value, which he said is 30 times the value of Pets.com at its peak, as reasons for skepticism.

“Over its life, Pets.com chewed through just over $200 million of investor capital,” Einhorn said. “CHWY has burned $1.6 billion and counting.”

Wow, Einhorn, way to steal our analysis from like seven weeks ago, BRO!

Yeah, we see you, joke thief. Out there trying to pass off our totally original humor [no one else could have possibly drawn the line between these two...please don't check Twitter] to your investors and pretend it's your investment idea. For shame, David Einhorn, FOR SHAME.

But hey, if you're reading Dealbreaker regularly and plumbing us for ideas, you're clealry close to rock bottom and in search of some new truth. And if that is the case, then please refer to this gem from last summer in which we showed you the way to true happiness.

SPOILER: It's not stealing our shit, David.

Hedge fund manager Einhorn likens Chewy to dot-com bubble poster child Pets.com [CNBC]

Related

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.