Category Archive

In his book, Fooling Some of the People All of the Time, David Einhorn discusses the importance of understanding your counterparty on the other side of the trade. Here’s an excerpt from the book: Greenlight takes the opposite approach. We start by asking why a security is likely to be … Read More

According to his latest Q2 2023 Letter, David Einhorn’s Greenlight Capital funds returned 14.5% in the second quarter of 2023, net of fees and expenses, compared to an 8.7% return for the S&P 500 index. He discussed why he’s ‘worried’ about the future of the market. Here’s an excerpt from … Read More

During his recent Q2 2023 Earnings Call, David Einhorn discussed “Animal Spirits” returning to the anti-value pockets of the market. Here’s an excerpt from the call: The first half of 2023 was an extremely difficult period for shorting as animal spirits returned to the anti-value pockets of the market. While … Read More

During his recent interview with The Money Maze Podcast, David Einhorn discusses the biggest change to value investing today. Here’s an excerpt from the interview: Einhorn: I would tend to have looked at things a long time ago, which is our business was buy things that are sort of cheap, … Read More

During this interview with Cambridge Union, David Einhorn discusses what investors should do when they’re ‘on tilt’. Here’s an excerpt from the interview: Einhorn: There’s some overlap in the skill-sets. Like if you just think about an investment versus a poker hand, there’s some information that you know. You know … Read More

In his Q1 2023 Letter, David Einhorn explained why the economic outlook is unusually difficult to project. Here’s an excerpt from the letter: Einhorn: Macro was a small detractor for the quarter, with positive contribution from our gold and inflation positions, which were slightly more than offset by negative-performing interest … Read More

During this interview with Invest Like The Best, David Einhorn discusses what to do when all of your stocks appear to be losers. Here’s an excerpt from the interview: Einhorn: It was very, very difficult. We weren’t making money on anything. It’s not like you had some winners and some … Read More

In his recent Q4 2022 Letter, David Einhorn explained how he benefited by shorting so called ‘innovation’ stocks. Here’s an excerpt from the letter: We are nothing if not persistent. In March of 2021, we again believed that the bubble had popped… this time correctly. We created our third bubble … Read More

In his recent Q4 2022 Letter, David Einhorn explained why a ‘debilitated’ value investing industry is great news for his firm. Here’s an excerpt from the letter: 2022 was an exceptionally good year. In many ways it was our best ever and is most comparable to 2001, the year after … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

During his recent interview on The End Game Podcast, David Einhorn explains why value investing will continue to be a very successful strategy. Here’s an excerpt from the interview: Einhorn: Sure, I welcome the opportunity to elaborate on what I said and what I meant, I quibble only slightly with … Read More

In his latest Q3 2022 Letter, David Einhorn explains why these are ‘Very Strange Times’. Here’s an excerpt from the letter: It isn’t entirely clear whether we are, or are not, in a recession. The first two quarters of 2022 had negative GDP growth, which usually marks a recession. Even … Read More

In his recent interview with Bloomberg, David Einhorn explained why value investing may never come back. Here’s an excerpt from the interview: Einhorn: Relating to value investing, I don’t know that it ever comes back. You know there have been serious changes to the market structure and pretty much most … Read More

In his latest Q2 2022 Letter, David Einhorn discusses why investors should invest in companies that are buying back stock during bear markets. Here’s an excerpt from the letter: Einhorn: The market is still dominated by the types of investors who we described in our year-end 2020 letter: those that … Read More

In his latest Q2 2022 Letter, David Einhorn explains why his new position in Twitter Inc (TWTR) gives him 50-50 odds on something that should happen 95%+ of the time. Here’s an excerpt from the letter: In April, Musk agreed to buy TWTR for $54.20 per share. Then, in May, … Read More

In his recent interview with the Sohn Conference Foundation, David Einhorn discussed what a decade of structural under-investment means for investors. Here’s an excerpt from the interview: Einhorn: Our supply problems aren’t limited to a short-term inability to get goods from China but extend to a decade of structural under-investment … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

In his latest Q4 2021 Shareholder Letter, David Einhorn discusses why half a silly stock price is not Deep Value. Here’s an excerpt from the letter: A basket of bubble stock shorts contributed during the quarter. We have often remarked that twice a silly stock price is not twice as … Read More