Here are some of the things that David Einhorn likes and does not like, having just started his speech at the Ira Sohn Conference:
- Martin Marietta - stock plunges 10% and triggers circuit breaker.
- France - "a french default is not out of the question" - France not limit down yet. He says that a return to the Franc is not out of the question.
- Einhorn likes GJF.NO - "Norway is the only country which can finance itself."
- Einhorn likes Cairn Energy as it trades at discount to assets in just Britain and India.
- Says China is misunderstood and is not an investment opportunity: not enough money to feed the economy and banks aare becoming illquid; money is leaving the country
- Also does not like Japan for all the usual Kyle Bass and Andy Xie reasons. The Yen will continue strengthening.
- Einhorn likes AMZN, calls it "elephant in the room", but questions profit growth.
- Einhorn likes Dena Co, and Gree Inc in Japan
- Einhorn is short DKS
- Einhorn, who is long about $870MM AAPL as per last night's 13F, likes AAPL. Stunner.
- Finally, the happiest people in the room are HLF longs who are up 20% on the day, begging the question: did Einhorn pull the mother of all headfakes and use the selling panic to buy up the company at the lows where everyone thought he was shorting?
And a bunch of other stuff. We will bring you the full presentation shortly.