david einhorn (2)


th?&id=HN.608023376202893503&w=300&h=300&c=0&pid=1.9&rs=0&p=0David 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 overlay due to monetary policy and unresolved imbalances.
  • Divergence between stock and bond markets?  Bond market is saying that economy is slowing down and yields have come down. Yields are not down because of deflation – we are not in deflation as commo

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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. Mish1290674?profile=original
  • 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 quiz.  Who's the worst of developed countries?  The U.S.?
  • Slap in face to NFLX as AMZN signs a deal with HBO.  Amazon prime lovers, don't get too excited.  The deal does not include shows newer than three years old so you'll still have to tune into HBO to view Game of Thrones.  Still, this move has generated more talk about NFLX and how it's ability to offer new streaming is limited in contrast to what's available due to licensing agreements.
  • More talk today about "fringe" energy other than solar.  We've already witnessed Elon Musk (TSLA) transforming the electric car market.  What about the artificial leaf based on photosynthesis and others?  Check out this very interesti

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