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Exclusive Presentation from David Einhorn of Greenlight Capital
The following is a recent post from Santangel's Review, a value investing newsletter that profiles emerging and undiscovered investment managers. Anyone interested in understanding the investment processes of great investors should check out the site and look into subscribing to the quarterly newsletter. I promise you that the publication is unlike any investment newsletter available today.
On their blog this week, the authors have included a transcription of David Einhorn's presentation to the Financial Crisis Inquiry Commission. The guys have a knack for finding content that no one else has access to and this piece is no exception. As such, I recommend checking the site often for interesting news and pieces on the topic of value invetsing.
Without further ado, here is the document in Scribd format:
Transcription of David Einhorn's Interview with the Financial Crisis Inquiry Commission
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scribd format sucks bigtime
and too much bs to convert to pdf , too bad
Nice, thanks. I would call it "One Shoe Fell". Implied in the questioning was, "Why didn't you cry wolf?" Answer: Not my job, man. David is an independent businessman with his own money at risk, not a public watchdog agency created to make up for the inadaquacies of the existing agencies.
Interesting was the statement that if the bond insurers were lowered from AAA all the issues they'd insured would also need a credit review. Has this happened on The Muni side of the market? Someday this interviewer might be asked the same implied question about the muni market when "The Other Shoe Fell". Always fighting the last war, trying to put Humpty Dumpty together again. This backward-looking process keeps smart men like David Einhorn in business.
Dude brings his laywer to interviews, no red flags there. Interesting article on him on the Byrne site.
Read his book about the Allied Capital short and you'll see why he brings his lawyers. They came after him with lawyers working for the SEC who later took positions at Allied.
Lawyers, guns and money - always helpful if you must have dealings with the government.
Given the Govt's habit of scapegoating peripheral players to the game, can you really blame him? Also, based on some of the peripheral questions, it looks like having counsel present was warranted.
Based on the lines of questioning, I got the impression that the Govt was trying to find some justification for pinning the debacle on short-selling!
Thanks for the site