David Einhorn Quotes

• As an investor my job is to figure out what will happen rather than what should happen.

  David Einhorn

  Jobs, Figures, Should

  "The Fed’s Jelly Donut Policy". www.huffingtonpost.com. May 2, 2012.

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• The loss was not bad luck. It was bad analysis.

  David Einhorn

  Loss, Luck, Analysis

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• One of the best investors around, Joel Greenblatt, has written a popular, charming and funny book about investing in great companies at low P/E multiples. To simplify an already simple book, great companies are generally measured as companies that can generate lots of profit without requiring a lot of capital. This means that they have high ROEs.

  David Einhorn

  Book, Mean, Simple

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• What do you call a stock that's down 90%? A stock that was down 80% and then got cut in half.

  David Einhorn

  Cutting, Half

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• You have a certain set of facts and you are looking for situations where you have an edge, whether the edge is psychological or statistical.

  David Einhorn

  Facts, Psychological, Certain

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• In the real world, illiquid assets carry a discount.

  David Einhorn

  Real, World, Assets

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• A 99% Value-at-Risk calculation does not evaluate what happens in the last one percent... This is like an airbag that works all the time, except when you have a car accident.

  David Einhorn

  Car, Risk, Doe

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• When you leave a good job to go off on your own and don't expect to make money for a while, you name the firm whatever your wife says you should.

  David Einhorn

  Jobs, Names, Wife

  David Einhorn (2010). “Fooling Some of the People All of the Time, A Long Short (and Now Complete) Story, Updated with New Epilogue”, p.27, John Wiley & Sons

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• When people ask me what I do for a living, I generally tell them 'I run a hedge fund.' The majority give me a strange look, so I quickly add, 'I am a money manager.' When the strange look persists, as it often does, I correct it to simply, 'I'm an investor.' Everyone knows what that is.

  David Einhorn

  Running, People, Giving

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• I will keep a substantial long exposure to gold -- which serves as a Jelly Donut antidote for my portfolio. While I'd love for our leaders to adopt sensible policies that would reduce the tail risks so that I could sell our gold, one nice thing about gold is that it doesn't even have quarterly conference calls.

  David Einhorn

  Nice, Long, Leader

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• What is uncertain is how much further the bubble can expand, and what might pop it.

  David Einhorn

  Might, Pops, Uncertain

  "Einhorn: Tech bubble brewing, shorting momentums". David Einhorn's investor letter, www.cnbc.com. April 22, 2014.

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• Microsoft has one more shot at a role in smart phone software through its deployment on Nokia phones. Nokia is still the global market share leader in cell phones. Maybe it will work out, but this is hard to envision great success in the area coming on the heels of so much disappointment in missed opportunity in this important and visible category.

  David Einhorn

  Disappointment, Smart, Opportunity

  "Transcript of David Einhorn's Speech at the Ira Sohn Conference". www.businessinsider.com. June 2, 2011.

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• Ive got a fantasy-baseball team with my brother. But I have to admit, he does all the work.

  David Einhorn

  Baseball, Brother, Team

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• Microsoft could help Facebook with one of the biggest challenges, namely monetizing its traffic without reducing the user's experience. It's obvious that Microsoft needs traffic and Facebook needs search.

  David Einhorn

  Challenges, Needs, Microsoft

  "Transcript of David Einhorn's Speech at the Ira Sohn Conference". www.businessinsider.com. June 2, 2011.

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