David Einhorn’s 2018 Letter: Nothing Went Right the Entire Year

2018 loss of -34.2% vs. S&P 500 of -4.4% Since inception, returned 1,367% cumulatively or 12.6% annualized Given the valuations and fundamentals of our 5% or larger positions, we believe they should all do better in 2019 AerCap (AER) – Long 5.8x P/E on 2018 estimates, 65% of book value Leases new and mid-life airplanes […]

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David Einhorn’s 2Q18 Letter: Brighthouse Financial, GM, and Short Tesla & Athenahealth

Another difficult quarter and lost an additional 5.4%, bringing year-to-date loss to 18.3% Environment for value investing has been tough. AllianceBernstein recently reported that value investing strategies are performing in the bottom one percentile since 1990 In the past 18 months, Russell 1000 Pure Growth index has outperformed the Russell 1000 Pure Value index by […]

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