David Einhorn

Animal Spirits Are A Late-Stage Event

“While the temptations are great, and the pressures strong, illusions in numbers are only that - ephemeral, and ultimately self-destructive.

The Value Of "Lunch With Warren Buffett" Plunges 22%

The winning bidder in legendary investor Warren Buffett’s annual charity auction has pledged $2.68 million for the privilege of eating lunch with the billionaire investor... about $800,000 shy of the record sum of $3,456,789 paid in 2016.

It's Different This Time...

Throughout history, financial bubbles have only been recognized in hindsight when their existence becomes “apparently obvious” to everyone. Of course, by that point is was far too late to be of any use to investors and the subsequent destruction of invested capital. This time will not be different. Only the catalyst, magnitude, and duration will be.

Einhorn: "The Longs Say Stocks Can Only Go Up, Seemingly To Infinity And Beyond. We Have Seen This Before"

"The bulls explain that traditional valuation metrics no longer apply to certain stocks. The longs are confident that everyone else who holds these stocks understands the dynamic and won’t sell either. With holders reluctant to sell, the stocks can only go up – seemingly to infinity and beyond. We have seen this before. It’s painful for the shorts, as the TSLA CEO has been happy to remind everyone via Twitter."

David Einhorn Explains How He Is Trading The "Trump Presidency"

1) Long a variety of low-multiple, tax-paying, U.S. value stocks; 2) Long AAPL; 3) Long GM; 4) Short “bubble basket.” 5) Short oil frackers, 6) Short CAT (and other similar industrial cyclicals that have moved much higher post-election).

Dave Collum's 2016 Year In Review - "And Then Things Got Really Weird..."

"Markets don’t have a purpose any more - they just reflect whatever central planners want them to. Why wouldn’t it lead to the biggest collapse? My strategy doesn’t require that I’m right about the likelihood of that scenario. Logic dictates to me that it’s inevitable..."