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Exclusive Presentation from David Einhorn of Greenlight Capital

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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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Wed, 03/02/2011 - 13:18 | 1011747 AN0NYM0US
AN0NYM0US's picture

scribd format sucks bigtime

and too much bs to convert to pdf , too bad

Wed, 03/02/2011 - 12:10 | 1011378 SwingForce
SwingForce's picture

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.

Wed, 03/02/2011 - 08:45 | 1010678 spanish inquisition
spanish inquisition's picture

Dude brings his laywer to interviews, no red flags there. Interesting article on him on the Byrne site.

Wed, 03/02/2011 - 15:26 | 1012303 DonutBoy
DonutBoy's picture

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. 

Wed, 03/02/2011 - 10:08 | 1010897 OldTrooper
OldTrooper's picture

Lawyers, guns and money - always helpful if you must have dealings with the government.

Wed, 03/02/2011 - 09:47 | 1010824 StychoKiller
StychoKiller's picture

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!

Wed, 03/02/2011 - 03:44 | 1010479 asdasmos
asdasmos's picture

Thanks for the site

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