Einhorn Eviscerates Buffet: "If You Wrap Up All $100 Bills In Circulation, It Would Form A Cube 74 Feet Per Side"

Tyler Durden's picture

In Greenlight's latest letter we learn that "At quarter end, the largest disclosed long positions in the Partnerships were Apple, Arkema, General Motors, gold and Seagate Technology. The Partnerships had an average exposure of 98% long and 62% short." Also, we find a spirited defense of AAPL (if one which breaks no real new ground with the ever louder recent criticisms of the company), some thoughts on STX, a discussion on the Yen, some of the firm's profitable shorts, including DMND, GMCR, and JOE, but most delightful is this scathing attack on old crony capitalist, TBTF money bags himself:

The debate around currencies, cash, and cash equivalents continues. Over the last few years, we have come to doubt whether cash will serve as a good store of value. If you wrapped up all the $100 bills in circulation, it would form a cube about 74 feet per side. If you stacked the money seven feet high, you could store it in a warehouse roughly the size of a football field. The value of all that cash would be about a trillion dollars. In a hundred years, that money will have produced nothing. In a thousand years, it is likely that the cash will either be worthless or worth very little. It will not pay you interest or dividends and it won’t grow earnings, though you could burn it for heat. You’d have to pay someone to guard it. You could fondle the money. Alternatively, you could take every U.S. note in circulation, lay them end to end, and cover the entire 116 square miles of Omaha, Nebraska. Of course, if you managed to assemble all that money into your own private stash, the Federal Reserve could simply order more to be printed for the rest of us.

But David, hatin' on paper makes you an uncivilized man. You better be stitching the barbaric gold into your clothes as you type. Oh wait:

After covering redemptions and growing the assets by an additional 6%, we remained heavily oversubscribed and rationed capacity. A high percentage of the capital we raised was invested in the dollar series of the Greenlight Capital Gold funds and, as a result, the gold and the dollar series of these funds are now about evenly balanced. We appreciate all the support we received during this opening from our existing partners, and we welcome our new partners.

Full letter:


Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Flakmeister's picture

I'd settle for one forklift pallet of those Benjamins dropped off on the porch.....

DrewJackson's picture

Dropped by helicopter of course.

CvlDobd's picture

I have devised a plan to temporarily remove the 13 year old trolls.


You can up and downvote porn videos! Have fun kiddies!

5880's picture

maybe they're long, and wrong

whstlblwr's picture

"Why I Am Endorsing Mitt Romney For President (And Not Ron Paul)

I understand that there are a number of Republicans (including Yours Truly) who are currently campaigning to become delegates to the Republican National Convention who have formerly expressed support for the presidential candidate, Ron Paul.

Like me, they may be running into some questions about their loyalty to the “presumptive candidate”, Mitt Romney.

For that reason, and others that I will soon explain, I thought it was high time for me to officially switch my support from Ron Paul and go on record endorsing Mitt Romney for President of the United States.

While I hope that my endorsement will help, in some small way, to promote party unity, I am also aware that there will probably be some cynics who doubt my sincerity. After all, it is public record that I have donated the maximum amount to the Ron Paul 2012 campaign. And my neighbors might have noticed the four foot “Ron Paul 2012” banner in my yard or the the eight by four foot sign that I bolted to an unused utility pole (lit by two floodlights and surrounded by twinkling multi-colored Christmas lights).

So to reassure any sceptics, here is a partial list of the reasons I am endorsing Romney for president:

1. Consistency - Mitt Romney has been unwavering in his public devotion to the principles and issues that would help to advance the political career of Mitt Romney.

2. Flexibility - Unlike Ron Paul who has been ridiculously rigid in his defense of the U.S. constitution, personal liberty, a balanced budget and the sanctity of life (so much so that he earned the nickname “Dr. No” in congress); Romney has shown that he is capable of rolling with the punches, going with the tide, changing with the times, and bending with the breeze.

3. Supporters - The top six donors to Romney’s campaign are banks (including Goldman Sachs, J.P. Morgan, Bank of America, etc.). Who knows what is best for the average American? Why, multi-billionaire bankers, of course. Obviously Romney’s supporters have the kind of deep pockets that can not only pay for his campaign, but also buy the kind of congress that will make SURE that America will have another TARP bailout if we need it.


Anyway, those are a few of the reasons why I am endorsing Mitt. But I saved the best for last. The main reason I am endorsing Mitt Romney is for my children.

You see, they need to understand the way the world REALLY works. My son and daughter need to see that their dad knows the score and why their hero should be someone like Mitt Romney. They need to learn from his and my example.

They need to know that it is never too late to learn from your mistakes, especially when it is politically convenient.

I want them to decide what is right, make a stand and never waiver,... until it becomes unpopular.

They need to learn that when the going gets tough, they should take a poll.

They need to know that if all of their friends want to do the wrong thing, it’s time to join the crowd.

Because after all, NOTHING is more important than getting along.

And that’s why I am endorsing Mitt Romney for president.


*MDB wishes he was this good.

Buzzworthy's picture

Mitt "Corporations are People" Obamney. 

Matt's picture

Except when being treated as a person would be punitive, then they elect not to be people. The Duality of Corporations, it is a wonder.

Clampit's picture

He's the Washington Generals candidate; Horton hatched Mitt to preserve the duopoly. "An elephant's faithfull, 100%."

ElvisDog's picture

You forgot the best reason - because Mitt Romney has more, thicker hair on his head than Ron Paul.

ITrustMyGut's picture

+1000 Brilliant.. ( and thanks for the real LOL )

Greater Fool's picture

Mitt Romney, the next Persident of teh Untied States of Amercia!

I may have to refer to him as "Ronmey" from now on.

(And BTW, no, this is not a partisan attack: I am an equal-opportunity scorner.)

caconhma's picture

Thank you for a Romney infomercial.

I like Presidents who are either born who knows where or keep their money in offshore banks.

As Romney said, he never makes a step or a move without clearing it with Zionist-terrorist Benjamin Netanyahu. So, why in world do we need a no-good Mormon intermediary if we can have the real of America boss Netanyahu and his real masters the Zionist Rothschild family?


After all these times, America, being for a short period of time a Great Nation, once again is becoming a colony. Criminals, losers, and slaves who for more than 200 years ago were coming and/or were sent to America have failed to be free. Stupidity and greed have killed once the Prosperous and Great Nation!


dumpster's picture

hi school rah rah ,, same old mind set as always

vote for poison instead of the gun. 

the vote for any thing less than the usual leaves blood drippign all over your sophmoric forehead.

vote for continual war,  vote for the statuis que.. vote for endless poverty .. the keynesian way, the federal reserve way,  sure romney will do all of the above .

you have a scant idea of what is wrong and think that voting for romney will change a thing, dumb and dumber as you stick your tongue on the ice cold pipe  

Dr. Engali's picture

Is this the SEC web site? I thought that they had exclusive rights to the midget tranny porn.

CvlDobd's picture

Yes it's the SEC site.

Full selection of amateur teen POV anal Zucking videos.

ag3nt0rang3's picture

Not bad, but the conosur always goes to xnxx.com or efukt.com ...I also think bringing back the math equations would help.

BooMushroom's picture

Find a class of math problems that are human solveable but not wolfram alpha solveable, and I'm down.

strannick's picture

Mungers gold filings sre worth more than the intrinsic value of JPM

TWSceptic's picture

You can have your colored pieces of paper with provisional value, I'll settle for a pallet gold bars...

Cognitive Dissonance's picture

"You could fondle the money."

Or pay someone to fondle you.

Hey...........I'm just trying to think outside the box here.

AssFire's picture

Maybe you should think inside the box..the TSA box that is.  You know they fondle without payment.. (Well, it is included in the price of your flight and the illegal confiscation of your income)

ThisIsBob's picture

I don't think they let men pat down women.  Do they let gay agents pat down straight men?

jayman21's picture

Actually we pay them $5 per session....the critters are trying to raise it to $10 per session.

jayman21's picture

Actually we pay them $5 per session....the critters are trying to raise it to $10 per session.

Dr. Engali's picture

Well we won't see Einhorn on CNBS any more.

vast-dom's picture

Seagate you say?

z123's picture

why no topics on this site about the miserable  gold and silver performance, only topics about EUR

HurricaneSeason's picture

They know what will happen when the debt ceiling debate begins again, which could be any day now. It's time to stack at a good price.

5880's picture

you can only speak of a higher gold price here

or the trolls long 10oz will flame you

that's a REALLY BIG position for them

Axenolith's picture


It's purchasing power has maintained par or better consistently.  That's the objective.  Sell it if you have it and are feeling watery sac'd but enough with the "miserable performance" bullshit...

5880's picture

I buy and sell

without pom poms

the puchasing power has only done well since 2000

if you're long from 1980 you need $23,000 per oz to keep up with the SPX divs reinvested

deflation before inflation

take the cheerleading skirt off, sally

Thisson's picture

The purchasing power of gold generally increases during deflation.  Gold is generally a poor hedge for inflation.

Pladizow's picture


And fees, commissions and taxes?

I dont think the SPX was around in 1980, so you would either have to buy each share individually or buy a fund.

I'd also be interested in either your math or your source!

Also, why buy and hold anything for 30+ years?

And what makes you think the next 30 years will be anything like the last 30?

5880's picture

sp500 as an index i think since '62. and yes, pros buy the shares. retail buys the spy

do the math yourself with almost any hp calc. compounding returns

i didn't say buy n hold. but very large investors can't swing the market. too big

i didn't say the next 30 will be the same as last 30. my point was, is and will always be, gold is only a price play. not a lottery ticket

i had physical below 300 and sold almost 1500. looking to buy more under 1500, but it's a trade, not a lifestyle

Nobody For President's picture

Why buy and hold anything for 30+ years? You ask...

It is called investing.

Bought my land 40 years ago and lived on it since rent free (though there are taxes, but still far less than rent) and built a homestead on it. Lived a lot of places before I got here, there is nowhere else I want to be.

Bought stocks 40 + years ago, still hold a couple of them that have split, gone back to pre-split price, split again - ditto, split again - the cost basis is less than $10 now on them, one at $80 and the other over $100 - take the dividends (~3%) each year and will the stocks to the kids.

There are a few 'things' that are worth buying and holding for 30+ years. FB probably not. 

5880's picture

don't give the kids stocks,

get a 430 spider and 500 Sundancer

francis_sawyer's picture

 "if you're long from 1980 you need $23,000 per oz to keep up with the SPX divs reinvested"


Hey Biff ~ the last time I checked, unless you loan me your DeLorean & I can go back in time, that bit of knowledge has no value whatsoever (cherry picking 'tops' of days gone by)... the last time I checked, if I want to manage a portfolio of so-called assets, the timeline starts TODAY and moves forward from that...

5880's picture

lighten up Francis

i'm short spy from 138.5 with a 115 target, looking to buy gold under 1500, hoping for 1400

francis_sawyer's picture

Like I'm really fucking interested in hearing about the open positions of the only retail investor left on the planet (who claims that nobody around here even owns more than 10oz of gold)...

Have fun being the Last Boy Scout... I hope you get your merit badge...

5880's picture

You said it starts today, so I answered

I was a CBOE market maker 87-03 and now im IA.

I guess you were some flunky at a firm who got coffee? We called you girls clerks