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david einhorn (2)

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David Einhorn’s Comments at the Greenlight Re (GLRE) Investor Day on May 20th 2014

  • Bernanke was predictable, but the new chairwoman is less predictable.
  • It has been 5 yrs into the recovery. Corporate profits have increased a lot and continue to grow. Current earnings expectations are high at a double-digit growth rate. Q1 numbers are showing the economy growing at  ~1%.
  • The fund is fully invested at 114% long and 66% short. It has increased its net long book from 35 to 50%.
  • Largest longs are Alpha Bank, Apple, gold, Marvel, Micron, and Oil States International.
  • Longs are cash-rich tech companies and businesses benefiting from structural changes. Shorts include secular decliners, momentum stocks, and iron ore related companies. Macro…

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Hump Day Reads

  • New homes sales down -14.5% and if it were the weather, why were they up in the Northeast?  Looking at reality. Mish
  • Einhorn warns of a second tech bubble in 15 years.  It's all about overvaluation in certain names and momentum stocks folks.  Oh, for the days of fundamentals. 
  • Test your knowledge, take the…

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