Article: US Financial Markets Have Become A Giant Mirage Built On A Foundation Of Fraud

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US Financial Markets Have Become A Giant Mirage Built On A Foundation Of Fraud

TYLER DURDEN, 17 April 2021

Would you pay more than 100 million dollars for a single deli in rural New Jersey that had less than $36,000 in sales during the last two years combined? I know that sounds like a completely ridiculous question, but the stock market apparently thinks that deli is worth that much. On Thursday, the Dow Jones Industrial Average closed above 34,000 for the first time in history, and investors all over the country cheered. But this financial bubble is not real. It is a giant mirage that is built on a foundation of fraud. Continue reading “Article: US Financial Markets Have Become A Giant Mirage Built On A Foundation Of Fraud”

Article: David Einhorn calls out Elon Musk and Chamath Palihapitiya, defends GameStop champion Roaring Kitty, and blasts market regulators in a new letter. Here are the 11 best quotes.

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David Einhorn calls out Elon Musk and Chamath Palihapitiya, defends GameStop champion Roaring Kitty, and blasts market regulators in a new letter. Here are the 11 best quotes.

Theron Mohamed, 16 April 2021

The elite investor David Einhorn blasted market regulators, accused Elon Musk and Chamath Palihapitiya of juicing assets, and praised the GameStop champion Keith Gill in a letter to Greenlight Capital investors this week.

The Greenlight president also highlighted the “Big Short” investor Michael Burry’s exit from Twitter and pushed for greater scrutiny of Archegos Capital, the family office that blew up in March. Einhorn’s latest letter was obtained by ValueWalk. Continue reading “Article: David Einhorn calls out Elon Musk and Chamath Palihapitiya, defends GameStop champion Roaring Kitty, and blasts market regulators in a new letter. Here are the 11 best quotes.”

Article: Einhorn: “The Market Is Fractured And In The Process Of Breaking Completely”

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Einhorn: “The Market Is Fractured And In The Process Of Breaking Completely”

TYLER DURDEN, 15 April 2021

In many ways, David Einhorn’s Greenlight appears to be back to its “new normal” – in a letter sent to investors, Einhorn writes that Greenlight again underperformed the market and returned -0.1% in the first quarter, badly underperforming the 6.2% return for the S&P 500 index, before proceeding to bash the Fed, broken markets, Chamath and Elon, the basket of short stocks and much more.

That said, even though as Einhorn writes Greenlight made only a handful of portfolio changes and essentially broke even, “a lot happened. In general, the investment environment – especially from mid-February through the end of the quarter – was favorable as value outperformed growth, and interest rates and inflation expectations rose.” Continue reading “Article: Einhorn: “The Market Is Fractured And In The Process Of Breaking Completely””

Subject: Jessica Einhorn

Subject of Interest

Jessica Einhorn serves on the Board of Directors at BlackRock, Inc. She is the former Dean Paul H. Nitze School of Advanced International Studies (SAIS) at the John Hopkins University. Prior to becoming Dean, she was a consultant at Clark & Weinstock, a strategic consulting firm. Einhorn also spent nearly 20 years at the World Bank, concluding as Managing Director in 1998. Between 1998 and 1999, Einhorn was a Visiting Fellow at the International Monetary Fund. Prior to joining the World Bank in 1978, she held positions at the U.S. Treasury, the U.S. State Department and the International Development Cooperation Agency of the United States. She currently serves as a Director of both the Peterson Institute for International Economics and the National Bureau of Economic Research. As of July 2012, Ms. Einhorn is resident at The Rock Creek Group in Washington, D.C., where she is a Senior Advisor and longstanding member of The Rock Creek Group Advisory Board. Einhorn holds a Ph.D. in politics from Princeton University, an M.A. in international relations from SAIS, and a B.A. from Barnard College. 

Biography

Black Rock, Inc 

Subject: David Einhorn

Subject of Interest

David Einhorn started his career with the hedge fund Siegler, Collery & Co. in 1993. In 1996, Einhorn founded Greenlight Capital Inc. with Jeffrey Keswin. The firm began with less than $1 million, and as of 2017, the firm had close to $10 billion assets under management. However, as of July 2018, after more than ten years of winning on Wall Street, investors estimate that Greenlight Capital has shrunk to about $5.5 billion in assets under management, reported The Wall Street Journal. Frustrated clients are pulling their investments from the firm.

Continue reading “Subject: David Einhorn”

Article: Famed short-seller David Einhorn calls out Tesla’s billing practices again, erasing the stock’s post-earnings gain

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Famed short-seller David Einhorn calls out Tesla’s billing practices again, erasing the stock’s post-earnings gain

Business Insider, 30 April 2020

David Einhorn of Greenlight Capital has again taken to Twitter to call out Tesla’s accounting practices in a message directed at CEO Elon Musk.

“Dear Elon, I guess the offer of a factory tour was never serious,” Einhorn, a long-time Tesla bear and short-seller, tweeted Thursday. “I remain curious about your accounts receivable.”

Shares of Tesla pared gains from earlier in the day and traded down as much as 3% following Einhorn’s comments.

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Article: Tesla short-sellers take record losses in battle with Elon Musk

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Tesla short-sellers take record losses in battle with Elon Musk

Richard Henderson

Irish Times, 3 February 2020

Investors betting against Tesla suffered record losses of $5.8 billion (€5.2 billion) in January after the stock hit a new high, marking a win for chief executive Elon Musk in a long-running battle with short-sellers.

Mr Musk’s testy sparring online with notable short-sellers, including David Einhorn of Greenlight Capital, has become one of the fiercest rivalries in capital markets.

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Article: Elon Musk wants to send investor ‘short shorts,’ as he battles David Einhorn

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Elon Musk wants to send investor ‘short shorts,’ as he battles David Einhorn

DailyMail, 9 November 2019

Elon Musk has offered to send a pair of ‘short shorts’ to his biggest critic and Tesla short seller David Einhorn, after the hedgefund boss was forced to admit to his shareholders that he’s lost money betting against the automaker.

Musk’s jibe came after Einhorn took a swipe at the Tesla owner in a letter to his shareholders last week, in which he claimed that the ‘accepted reality (at Tesla) appears to be that Elon Musk is above the law.’

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Article: Tesla’s Musk, Greenlight’s Einhorn taunt each other on Twitter

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Tesla’s Musk, Greenlight’s Einhorn taunt each other on Twitter

Reuters, 8 November 2019

Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk and noted short-seller David Einhorn mocked each other in open letters published on Twitter on Friday, trading barbs clothed in polite language.

Einhorn on Oct. 30 had told his investors at Greenlight Capital that his fund had lost money on Tesla. Greenlight bet against the electric carmaker, and shares rose in the second quarter.

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Article: Short sellers slammed as Tesla shares surge the most in 6 years

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Short sellers slammed as Tesla shares surge the most in 6 years

Kevin Dugan

New York Post, 24 October 2019

Tesla shares are surging — and short sellers are hurting.

Wall Street investors betting against Tesla’s stock got clobbered to the tune of nearly $1.5 billion on Thursday after Elon Musk’s electric-car maker reported a surprise profit, giving the company’s shares their biggest boost in six years.

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Article: David Einhorn Still Laboring Under Sad Misconception That Tesla Is Subject To Basic Logic

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David Einhorn Still Laboring Under Sad Misconception That Tesla Is Subject To Basic Logic

Thornton Mcenery

Dealbreaker, 14 January 2019

Like many in his peer group, things have been pretty rough lately for good old David Einhorn. What with losing all that client money, getting shut down on his big GM play and the Mets being sellers at the deadline, Big Dave just needs a win.

But he seems to be barking up the wrong tree with his strange Tesla obsession. See, David Einhorn is a systematic value investor who likes to look at things through a logical prism. He’s a master poker player with a long-term view of the world. He’s a billionaire who drives a Honda Odyssey.

Of course David Einhorn doesn’t understand Tesla.

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Article: ‘Despondent’ Musk’s Tesla resembles Lehman, Greenlight’s Einhorn says

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‘Despondent’ Musk’s Tesla resembles Lehman, Greenlight’s Einhorn says

Jennifer Ablam, Jonathan Stempel

Reuters, 5 October 2018

Hedge fund manager David Einhorn lambasted Tesla Inc (TSLA.O) and its “despondent” Chief Executive Elon Musk on Friday, comparing the electric car company to Lehman Brothers Holdings Inc, where he had flagged accounting problems several months before its 2008 collapse.

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Article: Meet this maverick short seller whose favourite pastime is exposing ‘bad companies’

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Meet this maverick short seller whose favourite pastime is exposing ‘bad companies’

Tom Redmond

The Economic Times, 12 February 2017

The roosters start crowing at 4 am on Alder Lane Farm, about an hour north of San Francisco on the edge of Sonoma wine country. While horses stir in their stables and chickens begin to roam the 20-acre property, one of the world’s most fearsome short sellers puts on his usual attire—shorts and flip-flops—and makes his way in the dark to the room behind his garage. Six pinball machines, a gigantic flatscreen, and a pingpong table compete for attention. If not for the Bloomberg terminal in the corner, you might assume this was your typical man cave.

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Article: Why I Respectfully Disagree With David Einhorn About Green Mountain Coffee Roasters

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Why I Respectfully Disagree With David Einhorn About Green Mountain Coffee Roasters

Bill Maurer

SeekingAlpha, 19 October 2011

Shares of coffee giant Green Mountain (NASDAQ:GMCR) were slammed on Monday after hedge fund investor David Einhorn said that the stock should be shorted. I respectfully disagree with Mr. Einhorn and others that are against the stock.

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