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David Einhorn's Greenlight Capital this week revealed a fresh stake in agriculture equipment maker CNH Industrial , and increased its bets on Peloton Interactive and gold in the third quarter. The hedge fund, which Einhorn founded in 1996, disclosed in its latest regulatory filing that it took a roughly $79 million stake in CNH during the latest quarter. Einhorn also increased his holding in Peloton by roughly 40%, bringing his stake in the company to about $45 million. That led him to buy medium-sized stakes in a few value companies and take a larger position in gold. Einhorn added 3.1% to his holding in SPDR Gold Trust in the most recent quarter, bringing it to $51 million.
Persons: David Einhorn's, Einhorn Organizations: Interactive, CNBC, CNBC's, Alpha, Robin Hood Investors Conference, Cornell, Trust, Capri Holdings, Penn Entertainment, HP, Roivant Sciences, Packaging, Tenet Healthcare Locations: CNH, Holland, New York City, Capri
Value investors believe these companies are undervalued due to temporary issues, market overreactions, or broader economic conditions. The approach is long-term, as value investors wait for the market to recognize the company's actual value, which may take time. On a podcast earlier this year, well-known hedge fund manager David Einhorn of Greenlight Capital lamented that modern-day passive investors pay no attention to "value" of the companies they buy. Outcome Scenarios : If the stock price stays above the strike price, the option expires worthless, allowing the investor to keep the premium as profit. If the stock price falls below the strike price, the option buyer will likely exercise it, obligating the seller to buy the stock at the strike price.
Persons: Benjamin Graham, Warren Buffett, David Einhorn, CNH Organizations: Greenlight, Deere & Co, Agco Corp, Farmers, CNBC, NBC UNIVERSAL
"We have increased our bets on inflation," he told CNBC's Leslie Picker at CNBC's Delivering Alpha investor summit on Wednesday. "We will have another inflection up in inflation," he said. "The policy mix being proposed is inflationary and we will see more of that over the next few years." The latest CPI data released Wednesday showed inflation in line with market expectations, at 2.6%. There is an argument for tolerating it and trying to run the economy as hot as possible.
Persons: David Einhorn, Donald Trump's, CNBC's Leslie Picker, Einhorn, bearish, Nelson Peltz, Trump, Harris, You've, you've, Anne Walsh Organizations: Greenlight, Alpha, Trump, Maytag, Trian, Guggenheim Partners Investment Management Locations: U.S
Hedge fund investor David Einhorn's cautious stance all year made his performance suffer as he navigated what he believes is the priciest stock market of his career at Greenlight Capital. Einhorn's hedge fund returned just 9% in 2024 through the end of the third quarter, net of fees and expenses. The high-profile investor said he's neither calling the market a bubble nor being outright bearish, but sky-high prices caused him to be conservatively positioned. It is, by many measures, the most expensive stock market that we have seen since the founding of Greenlight," Einhorn said in the latest investor letter last month. Investors will be interested to hear if he's still finding any values.
Persons: David Einhorn's, he's, Einhorn, Greenlight, Einhorn postelection, Viatris Organizations: Greenlight, Alpha, Trump Locations: Einhorn's, Greenlight, New York City
I tried the $1,000 Beef Case at Papi Steak, the celebrity-loved restaurant at the Fontainebleau Las Vegas. AdvertisementWithin minutes of finding our table at Papi Steak, the flashy Miami transplant at the equally flashy Fontainebleau Las Vegas, an EDM song blasts from the speakers. But there'd be no $1,000 Beef Case without the original Papi steak, once just a fixture of Einhorn's star-studded barbecues. When the Fontainebleau Las Vegas opened its doors in 2023, the pair knew they wanted to bring their concept to the West Coast. And in a city like Las Vegas, plenty of hot spots use their Instagram clout and A-list clientele to mask a subpar dining experience.
Persons: , Anneta, Harry Met Sally, Meg Ryan, David " Papi, Einhorn, Papi Steak, It's, David Grutman, LIV, Leo DiCaprio, David, Papi, Grutman, DiCaprio, Jennifer Lopez, David Beckham, Tom Brady —, I've, Caesar, crème Organizations: Fontainebleau, Service, Beef, Business, Groot Hospitality, Miami, Michelin Locations: Papi, Fontainebleau Las Vegas, Vegas, gawk, Japan, Las Vegas, Miami, South Beach, West Coast, Sin City
The lack of uniformity allows both firms and employees to present themselves in the best light. This lack of uniformity and the relentless war for talent has firms and employees alike taking advantage of the ambiguity. Rokos has two dozen employees with the title "investment officer" in their LinkedIn profiles. At Coatue, executives sign off on what employees put as their title on LinkedIn, people familiar with the firm's operations said. Members of Tiger Global's front-office team use "investor" as their title on LinkedIn instead of a more specific role.
Persons: , David Einhorn's, James Fishback, Morgan Stanley, Goldman Sachs, Ken Griffin, Gerald Beeson, Sjoerd, Google's Paul Darrah, Jose Gamez, Rokos, Chris Rokos, Paul Enright, Townie Wells, Enright, Jain, Tiger, Marshall Wace, D.E, Shaw, allocators, Elliott, Don Steinbrugge, Steinbrugge Organizations: Service, Goldman, Bloomberg, Business, Industry, Citadel, Citadel Securities, Jain, Townie, Viking Global, Sigma, Fund, Talent, Agecroft Partners Locations: Greenlight, Miami, Palm Beach, London, Wells, Coatue
The first page of the deck was titled "15 minute 'Stock Pitch Ride'" and shows an image of Einhorn on a Peloton bike. Greenlight Capital's David Einhorn thinks Peloton could trade as high as $31.50 a share if the company slashes costs, which could double its current adjusted EBITDA projections, CNBC has learned. And Adidas has 8 times more sales than Peloton and an order of magnitude more product lines." In August, Peloton said it expects it can post adjusted EBITDA of between $200 million and $250 million in fiscal 2025. "The nice part of our thesis is that we don't have to convince Peloton this is the right approach," said Einhorn.
Persons: Einhorn, Einhorn pedaled, Greenlight Capital's David Einhorn, Bill Ackman, Robin Hood, Richard Buery —, Karen Boone Organizations: Robin Hood Investors Conference, Wednesday, CNBC, Spotify, Netflix, Adidas, Companies Locations: EBITDA
David Einhorn speaking at the 2024 Sohn Conference in New York City on April 3, 2024. Shares of Peloton spiked more than 11% on Wednesday after Greenlight Capital's David Einhorn said shares of the company are significantly undervalued, CNBC has learned. It was not immediately clear what Einhorn believed Peloton shares should trade at. He made the case for the company as he was riding a Peloton bike, a person familiar with his remarks said. Peloton did not immediately respond to CNBC's request for comment.
Persons: David Einhorn, Greenlight Capital's David Einhorn, Einhorn, Barry McCarthy Organizations: CNBC, Robin Hood Investors, Greenlight, Costco Locations: New York City
James Fishback, the former Greenlight analyst who said he was the head of macro, filed an arbitration claim against his old firm. AdvertisementThe age discrimination claim, according to the filing, is based on a flippant comment Fishback alleges Einhorn made. Fishback told potential backers of his firm he was the head of macro when he was at Greenlight, which prompted the now-viral dispute. The latest legal filing uses the titles "head of macro trading" and "head of macro" interchangeably. Advertisement"I pulled every penny I had invested in Greenlight and put it in Tesla," Fishback wrote on Twitter in September.
Persons: James Fishback, Fishback, David Einhorn, Greenlight, , he's, Einhorn, Toby Haselberger, Mr, Einhorn dismissively, Elon Musk, Donald Trump, Fine, outperforming Einhorn, Azoria, Ben Shapiro, Vivek Ramaswamy, Steve Rosen, Nikki Haley's, Dean Phillips, Tesla Organizations: Service, American, Association, Twitter, overpriced Ivy League, Greenlight, Azoria Partners, Democratic Locations: Greenlight, Manhattan, Tesla
Carson Block told Bloomberg TV that the stock market needs short sellers "more than ever." AdvertisementThe market needs to embrace short sellers if it wants to free itself of fraud, Carson Block told Bloomberg TV. He added: "The market needs short sellers more than ever, given the amount of games that are being played. AdvertisementMeanwhile, some companies have taken to trying to turn investors against short sellers, Block added. "It's easy to demonize short sellers, as part of the populist messaging, and somehow call us suits," Block said.
Persons: Carson, , Carson Block, Jim Chanos, Chanos, David Einhorn, Elon Musk Organizations: Carson Block, Bloomberg, Service, Muddy Waters, JPMorgan, US Securities, Exchange, Tesla's, Trump Media, Technology Group
Read previewDavid Einhorn warned James Fishback he was on "thin ice" less than a year after hiring him. Einhorn's firm, Greenlight Capital, is suing his former analyst, Fishback, Tuesday evening in New York. Advertisement"And, since he had absolutely no authority or discretion whatsoever over Greenlight's macro investment portfolio, he was not responsible for generating any profits, let alone 'over $100 million' of profits." Threats to disrupt Greenlight's partner dinnerThe suit claims Fishback threatened to stand outside Greenlight's annual gathering of investors and service providers with letters that "maliciously and disingenuously called into question Greenlight's macro investing abilities." AdvertisementThe review showed that Fishback had "almost no work files saved on Greenlight's network drive, and had engaged in very little activity on Greenlight's computer system.
Persons: , David Einhorn, James Fishback, Fishback, Greenlight, Greenlight — Fishback, Azoria, Fishback's, Bari, Einhorn Organizations: Service, Greenlight, Business, Azoria Partners, Citi Locations: New York, Greenlight
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewIn 1996, David Einhorn founded Greenlight with less than $1 million in capital — a good chunk of which came from his parents — at the precocious age of 27. And now the 55-year-old is dealing with something he once was: a thorn in the side. Fishback sued his old firm for defamation in October, which is now in arbitration, according to a person familiar with the case. Thursday, Fishback said he was invited to debate Tesla with his old boss, saying Einhorn didn't understand Musk's company's "core value driver" of autonomy.
Persons: , David Einhorn, sayer, sneering, Elon Musk, Einhorn, He's, year's Sohn, James Fishback, Fishback's, Fishback, Greenlight, Pharma Bro, Martin Shkreli, — Fishback, Tesla, Fishback —, Free Press —, I'm Organizations: Service, Business, Lehman Brothers, Allied, Tesla, Pharma, Free Press Locations: , New York, Bari
CNBC Daily Open: Disney wins proxy fight
  + stars: | 2024-04-04 | by ( Clement Tan | In Clemtan | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Korea leads AsiaKorea led stock market gains in Asia-Pacific on Thursday, with markets in Hong Kong, China and Taiwan shut for a public holiday. U.S. Secretary of State Antony Blinken is also due to visit China again later this year. [PRO] Autos winnersA Tesla short-seller named two auto stocks that he believes have the potential to deliver 100% upside for investors.
Persons: Robert Iger, Mickey Mouse, Korea's, Jerome Powell, Steve Cohen, David Einhorn, Henry V, Janet Yellen, Antony Blinken, Tesla Organizations: Walt Disney Company, New, Children's Hospital, Children's Hospital Los Angeles, CNBC, Nikkei, Dow Jones, Intel, Nasdaq, Fed, Treasury Locations: Children's Hospital Los, Los Angeles , California, Korea, Asia Korea, Asia, Pacific, Hong Kong, China, Taiwan, U.S, Yellen, China U.S
Inflation is not reaccelerating, says Evercore's Roger Altman
  + stars: | 2024-04-04 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation is not reaccelerating, says Evercore's Roger AltmanRoger Altman, Evercore founder, joins 'Closing Bell' to react to David Einhorn's statements at the Sohn Conference yesterday.
Persons: Evercore's Roger Altman Roger Altman, David Einhorn's Organizations: Evercore, Sohn
CNBC Daily Open: Disney wins proxy showdown
  + stars: | 2024-04-04 | by ( Clement Tan | In Clemtan | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nick Caldwell, now chief product officer at Peloton, is claiming Musk and X "cheated" him and other executives out of a combined $200,000,000 in severance benefits. This lawsuit is similar to the one filed by other Twitter executives, including ex-CEO Parag Agrawal, claiming they were owed $128 million in unpaid severance. [PRO] Autos winnersA Tesla short-seller named two auto stocks that he believes have the potential to deliver 100% upside for investors.
Persons: Robert Iger, Mickey Mouse, Jerome Powell, Steve Cohen, David Einhorn, Elon Musk, Nick Caldwell, Parag Agrawal, Tesla Organizations: Walt Disney Company, New, Children's Hospital, Children's Hospital Los Angeles, CNBC, Dow Jones, Intel, Nasdaq, Fed, U.S, Elon, Twitter Locations: Children's Hospital Los, Los Angeles , California
Greenlight's David Einhorn said Wednesday at the Sohn Investment Conference in New York he has bought shares of European chemicals company Solvay . "Solvay is an essential chemical company that holds the number one position across all of its markets" Einhorn said. "While all of these are thought of as commodity businesses, they are higher margin and much more stable than most commodity chemical businesses." "All told, Solvay is a commodity chemical company with relatively high and stable margin, a higher return on capital." "At 3.7 times targeted 2028 earnings per share with almost a double-digit dividend yield, it seems too cheap," Einhorn added.
Persons: Greenlight's David Einhorn, Solvay, Einhorn, CNBC's Scott Wapner, Yun Li Organizations: Sohn Investment, Solvay, Wall, Greenlight Locations: New York, U.S, Brussels, Belgium
"I think inflation is reaccelerating. I think there's a lot of indication of that," the famed investor said during the Sohn Investment Conference in New York. As a defense play against a potential market downturn, Einhorn also said he is loading up on his gold position . We own physical bars as well, so gold is a very large position for us," Einhorn said. Value investing opportunities Despite his concerns, Einhorn said opportunities are emerging in value stocks, which he thinks are misunderstood nowadays.
Persons: David Einhorn, Einhorn, CNBC's Scott Wapner, there's Organizations: Greenlight, Federal Reserve, Sohn Investment, Greenlight Capital, Trust, Solvay Locations: New York, Belgium
This story is available exclusively to Business Insider subscribers. In a letter to investors seen by Business Insider, he said his short bets against companies he believed were overvalued went haywire. Einhorn did not name the four short positions in the letter that helped drag the entire short book down 25.6% last year but called the performance "disgusting." The short positions were not new ones. The firm declined to identify the four positions when asked by Business Insider or offer any additional comment on the letter.
Persons: David Einhorn's, Einhorn, ruing, overvalued, Elon Musk's Tesla, Tesla Organizations: Greenlight Capital, Business, Industry
"We ended our buyers' strike and found several promising new investments that we believe will help us in 2024," the hedge fund manager said in an investor letter dated Monday and obtained by CNBC. Einhorn had stopped building new stock positions at one point in the fourth quarter due to worries about intensifying geopolitical risks. Because of his conservative positioning, his hedge fund, particularly the short side, was hurt during 2023's strong year-end rally. Einhorn's hedge fund returned 22.1% in 2023, net of fees and expenses. His stellar track record made him one of the most followed hedge fund managers on Wall Street.
Persons: Capital's David Einhorn, Einhorn, he's, Greenlight, drugmaker, He's, CNBC's Leslie Picker Organizations: CNBC, Cornell grad, Greenlight Capital, Wall, Pfizer, Syensqo, U.S . Aerospace & Defense, Invesco Aerospace & Defense, P Aerospace & Defense Locations: Belgian, U.S
In this article GM Follow your favorite stocks CREATE FREE ACCOUNTMary Barra, CEO of General Motors, at the New York Stock Exchange, Nov. 17, 2022. GM's EV sales last year totaled 75,883 units, or 2.9% of the company's overall sales. However, a vast majority of GM's EV sales were from its now-discontinued Chevrolet Bolt models. Mary Barra, GM chair and CEO, speaks during the unveiling of the Cadillac Celestiq electric sedan in Los Angeles, Oct. 17, 2022. General Motors CEO Mary Barra testifies during a House Energy and Commerce Committee hearing on Capitol Hill in Washington, April 1, 2014.
Persons: Mary Barra, Mary Barra's, Barra, She's, Tesla, Michelle Krebs, Warren Buffett's Berkshire, EVs hasn't, Frederic J, Brown, there's, Cruise, Cruise's, Jeff Kowalsky, Darryll Harrison Jr, Mary, Barra's, Dan Akerson, Dan Ammann, Mark Reuss, Steve Fecht, Stephanie Brinley, they've, Lyft, David Einhorn's, Einhorn Organizations: General Motors, New York Stock Exchange, NYSE DETROIT, Detroit, GM, Wall, U.S, EV, Cox Automotive, Warren Buffett's Berkshire Hathaway, , Hyundai, Kia, Bolt, EVs, Cadillac, AFP, Getty, Honda Motor, Automotive Press Association, Bloomberg, Cruise, CNBC, GM Renaissance Center Global Headquarters, P Global Mobility, Apple, Google, Energy, Commerce, Capitol Locations: Los Angeles, North America, Barra, San Francisco, Detroit, Washington
David Einhorn's Greenlight Capital made several bets in energy and health care during the third quarter, according to a new securities filing. That position was worth $65.2 million. Greenlight also bought up shares in biotech names Gain Therapeutics and Coya Therapeutics , increasing those stakes by 7.7% and 19.2%, respectively. The fund's largest position, homebuilding stock Green Brick Partners , was worth more than $512 million as of the end of September. Greenlight has soared past the broader market this year, returning 12.9% in the third quarter to bring its 2023 gains to more than 27%.
Persons: David Einhorn's, Einhorn, Russia's, Greenlight Organizations: Holdings, Securities, Exchange, Southwestern Energy, Consol Energy, Therapeutics, Coya Therapeutics, Green Brick Partners, Kyndryl Holdings Locations: Israel, Ukraine, U.S
Einhorn's hedge fund returned 12.9% in the third quarter, bringing its 2023 gains to 27.7%. "The complacent investor view that geopolitics should be ignored might be true, except for the times when it isn't. "Higher oil prices would squeeze the consumer and likely cause a recession. His stellar track record made him one of the most followed hedge fund managers on Wall Street. Einhorn said his biggest winners in the third quarter were Consol Energy , Capri Holdings and Black Knight.
Persons: Greenlight Capital's David Einhorn, Einhorn, Russia's, he's, Black Knight Organizations: CNBC, Federal Reserve, West, Cornell grad, Greenlight Capital, Wall, Consol Energy, Capri Holdings, Black Locations: Ukraine, U.S, West Texas
Greenlight Capital releases new investor letter on positioning
  + stars: | 2023-08-14 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGreenlight Capital releases new investor letter on positioningCNBC's Leslie Picker joins 'Halftime' to discuss the latest investor letter from David Einhorn's Greenlight which details the firms material losers and winners.
Persons: CNBC's Leslie Picker, David Einhorn's Greenlight
Einhorn's Greenlight Capital took small stakes in New York Community Bancorp and First Citizens Bancshares in the first quarter, with each bet worth about $20 million, according to a regulatory filing. New York Community Bancorp's subsidiary, Flagstar, acquired Signature Bank assets after that bank was shuttered , while First Citizens bought a large portion of Silicon Valley Bank assets . New York Community shares are up nearly 20% this year, while First Citizens' stock has jumped more than 68% on the year. 'Big Short' Burry of "Big Short" fame snapped up a slew of regional banks last quarter, including New York Community Bancorp , Capital One Financial , Western Alliance , PacWest Bancorp and Huntington Bancshares during the first quarter. To make matters more confusing, the conglomerate dumped its remaining stakes in Bank of New York Mellon and U.S. Bancorp .
David Einhorn joined other big investors in shares in several regional bank stocks last quarter in a bet that the financial institutions would survive the industry crisis that felled Silicon Valley and First Republic banks. That's the bank whose subsidiary, Flagstar, acquired Signature Bank assets after that bank was shuttered. Einhorn's additions come amid a broad selloff of regional bank stocks on concern more institutions could fail as depositors withdrew assets and the value of banks' bond holdings narrowed. "Big Short" investor Michael Burry also bought regional bank stocks last quarter. Outside of the bank stocks, Einhorn notably increased exposure to Concentrix , Gulfport Energy and Tenet Healthcare .
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