David Einhorn
David Einhorn is the founder and manager of the activist hedge fund Greenlight Capital. Greenlight has $4 billion in assets and boasts annualized returns of 27% going back 10 years. Einhorn has been quoted as saying, "We take the traditional value investor's process and just flip it around a little bit. The traditional value investor asks 'Is this cheap?' and then 'Why is it cheap?' We start by identifying a reason something might be mispriced, and then if we find a reason why something is likely mispriced, then we make a determination whether it's cheap." In addition, Einhorn finished eighteenth in the World Series of Poker in 2006.
Einhorn made headlines in spring-2008 related to his short sale on Lehman Brothers (NYSE: LEH). Einhorn questioned the level of the investment bank's write-downs related to the credit crunch.
If you pay attention to the stock market then you've probably heard about the problems in hedge fund land. For the past few months each day is filled with headlines about how much one fund lost and how another is being closed completely, and still others are pulling money out of the market. On Friday, we got a small glimpse on how bad things are getting. Each quarter, hedge funds larger than $100 million must file a 13F disclosing their long market positions as of the end of the quarter. Usually this quarterly ritual is a great way to find new stock ideas, but this quarter the filings just confirm some of the things we've heard about the trouble in the industry.
Below is data from 11 top hedge funds about where they stacked at the end of the quarter. For the most part, the data is showing a significant ...
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http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5981443
Daniel Loeb's Third Point hedge fund released its 13F for the quarter ended September 30, 2008. Notably, Third Point's total long exposure went from $3.888 billion to $1.724 billion Here is a summary:
New Stakes:
Amedisys (Nasdaq: AMED) 100,000 shares
Anheuser-Busch (NYSE: BUD) 800,000 shares
AVI Biopharma (Nasdaq: AVII) 100,000 shares
Citigroup (NYSE: C) 200,000 shares
DineEquity (NYSE: DIN) 590,000 shares
Dr Pepper Snapple Group (NYSE: DPS) 3,350,000 shares
CVS Caremark (NYSE: CVS) 1,000,000 shares
EDCI Holdings (Nasdaq: EDCI) 155,000 shares
Epicor Software (Nasdaq: EPIC) 2,400,000 shares
Hewlett-Packard (NYSE: HPQ) 650,000 shares
JB Hunt (Nasdaq: JBHT) 10,000 shares
Lorillard (NYSE: LO) 1,100,000 shares
Merrill Lynch (NYSE: MER) 250,000 shares
Rohm & Haas (NYSE: ROH) 700,000 shares
UST (NYSE: UST) ...
Bill Ackman's Pershing Square Capital hedge fund released its 13F for the quarter ended September 30, 2008. Here is a summary:
New Stakes:
AIG (NYSE: AIG) new 33,088,568 share ...
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Form 4 Greenlight Capital Re, For: Nov 10 Filed by: Goldberg Leonard R
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October Hammers Several Hedge Funds
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MI Developments announces 2008 third quarter results
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Form SC 13G URS CORP /NEW/ Filed by: GREENLIGHT CAPITAL LLC
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Greenlight Capital (GLRE) Reports Large Q3 Loss
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Greenlight Re Announces Third Quarter 2008 Financial Results
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Form 10-Q Greenlight Capital Re, For: Nov 04
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Form SC 13D/A MI DEVELOPMENTS INC Filed by: GREENLIGHT CAPITAL LLC
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Form 8-K Greenlight Capital Re, For: Nov 04
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Could The Porsche-Volkswagen Squeeze Cause Some Hedge Funds To Go Bankrupt?
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Some Hedge Funds Still Raising Money-SAC, Greenlight, Elliott Mgmt & Brevan Howard
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Bad Volkswagen Trade Adds To Greenlight Capital's Recent Woes
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Form SC 13G EchoStar CORP Filed by: GREENLIGHT CAPITAL LLC
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StreetInsider.com Reporting From Value Investing Congress Today
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Unusual 11 Mid-Day Movers 10/1: AGM, NCC, ABK, EFJI Higher; GLRE, PNX, SLM, GNW Lower
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Form 8-K Greenlight Capital Re, For: Oct 01
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Greenlight Capital Re (GLRE) Reports Preliminary Q3 Results
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Greenlight Re Reports Preliminary Third Quarter 2008 Results
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Worth Interviews Hedge Fund Guru David Einhorn
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Greenlight Re Expands and Strengthens Board of Directors with Appointment of Bryan Murphy
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David Einhorn Warning On Lehman Brothers (LEH) Proves Correct
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Bill Ackman Cashes In On Fannie, Freddie Short (FNM, FRE)
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Einhorn's Greenlight Capital Shows Stakes in Teradata (TDC) and Unitedhealth (UNH), Cuts Microsoft (MSFT) Stake
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Loeb's Third Point Buys Into Starwood (HOT) and Tibco (TIBX), Dumps Yahoo! (YHOO)
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Einhorn's Greenlight Capital Discloses 9.56% Stake in Fifth Street Finance (FSC)
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Lehman (LEH) Shares Flirt With Bear Stearns Armageddon Levels
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After Profitable Lehman Short, What Else Is David Einhorn Trading? Health Mgmt (HMA), Patriot Coal (PCX), Microsoft (MSFT) Among Others
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Greenlight Capital Objects to Reorganization of MI Developments (MIM)
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Obrem Capital Boosts Stake In Micrel (MCRL), Requests Special Meeting to Replace Board
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Following Einhorn: Walgreen (WAG) Looks Like a Good Buy
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MI Developments (MIM) Announces Rescheduling of Greenlight Capital Appeal Hearing
