As promised recently we are updating/cleaning the investor resource pages on a regular basis. This week we’ve updated the resource pages of:
And today, we’ve completed the renovation of David Einhorn’s resource page.
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Below is a partial excerpt from both pages followed by link to each full page, which can also be found under Value Investors tab on the top of the page.
http://www.valuewalk.com/david-einhorn-resource-page-bio-current-portfolio-quotes-videos/
Investing Philosophy
Einhorn states that his process is the opposite of most value investors. Most value investors look for stocks at low multiples of earnings book value, free cash flow etc. and then try to figure out why they are cheap, and if the current market price is below the intrinsic value.
Einhorn takes a very different approach. He starts by asking why a security might be mis-priced; once he has a theory, he sees if the security is in fact miss-priced. Einhorn will never invest in a security if he believes that he does not have a large analytical edge over the person on the opposite side of the trade.
Some investors compare themselves to an index (usually the S&P 500). Therefore, if the S&P goes down 20%, but they are down 10% they are “happy”.
Einhorn does not use this method of investing; he is an absolute return investor. This means that Einhorn expects to make money regardless of market conditions. The goal of Einhorn’s Hedge Fund is to make money, or at least to preserve capital.
See full page here.
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