LowIQinvestor Posted December 11, 2012 Share Posted December 11, 2012 Under book value today-so we are in for the first time. Not a screaming bargain but we like management and their appreciation for risk control. Link to comment Share on other sites More sharing options...
LowIQinvestor Posted December 24, 2012 Share Posted December 24, 2012 Does anyone know if Einhorn is short HLF? I know he asked a question about Herbalife's retail sales numbers on a conference call this year but then he never disclosed a "short"? We just got long GLRE so we are interested. Link to comment Share on other sites More sharing options...
jay21 Posted December 24, 2012 Share Posted December 24, 2012 Does anyone know if Einhorn is short HLF? I know he asked a question about Herbalife's retail sales numbers on a conference call this year but then he never disclosed a "short"? We just got long GLRE so we are interested. I think he is, but I wouldn't think one short position has too much of an effect on his returns. Link to comment Share on other sites More sharing options...
orion Posted January 1, 2013 Share Posted January 1, 2013 His returns for Q4 are out: -4.4% +7.1% for the full year. As of 31-December-2012, the largest disclosed long positions in our investment portfolio are Apple, Cigna, General Motors, gold and Vodafone; our investment portfolio is approximately 102% long and 64% short. www.greenlightre.ky/?q=node/153 Link to comment Share on other sites More sharing options...
giofranchi Posted January 1, 2013 Share Posted January 1, 2013 His returns for Q4 are out: -4.4% +7.1% for the full year. As of 31-December-2012, the largest disclosed long positions in our investment portfolio are Apple, Cigna, General Motors, gold and Vodafone; our investment portfolio is approximately 102% long and 64% short. www.greenlightre.ky/?q=node/153 Thank you orion, of course the big drop in Apple stock price has much hindered performance in Q4... :( giofranchi Link to comment Share on other sites More sharing options...
giofranchi Posted January 24, 2013 Share Posted January 24, 2013 Find the Q4 2012 letter to shareholders in attachment. giofranchiQlet2012-04.pdf Link to comment Share on other sites More sharing options...
muscleman Posted January 24, 2013 Share Posted January 24, 2013 Find the Q4 2012 letter to shareholders in attachment. giofranchi AAPL is dropping big and David Einhorne is adding to the positions. Do you think this is the right thing to do? Link to comment Share on other sites More sharing options...
matts Posted January 24, 2013 Share Posted January 24, 2013 I think Einhorn has proven in the past he can cut his losses (or even winners) and not hold positions just out of ego. The Apple position hurts, but I'm staying long, so I guess I trust him. Link to comment Share on other sites More sharing options...
LowIQinvestor Posted January 24, 2013 Share Posted January 24, 2013 Einhorn Closed Short Position in Herbalife, WSJ Says http://www.bloomberg.com/news/2013-01-24/einhorn-closed-short-position-in-herbalife-last-year-wsj-says.html?cmpid=yhoo Link to comment Share on other sites More sharing options...
muscleman Posted January 24, 2013 Share Posted January 24, 2013 Einhorn Closed Short Position in Herbalife, WSJ Says http://www.bloomberg.com/news/2013-01-24/einhorn-closed-short-position-in-herbalife-last-year-wsj-says.html?cmpid=yhoo Yes. That is good. Otherwise it will hurt even more. Looks like he is smarter than Bill Ackman. Link to comment Share on other sites More sharing options...
giofranchi Posted February 9, 2013 Share Posted February 9, 2013 I don't know if someone has already posted this, but here is a good interview of Mr. Einhorn on Bloomberg about Apple: http://www.bloomberg.com/video/einhorn-urges-investors-to-send-message-to-apple-5p8zH57HT8SO63ufjW1InA.html# giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes Link to comment Share on other sites More sharing options...
bargainman Posted February 9, 2013 Share Posted February 9, 2013 Interesting. Eihorn seems very soft spoken and rational. A far cry from some other activists.. Link to comment Share on other sites More sharing options...
giofranchi Posted February 10, 2013 Share Posted February 10, 2013 The following is a bearish thesis on GreenlightRe that, needless to say, I clearly don't believe in. But I think it is always very useful to listen to the arguments of people who disagree with my point of view: http://www.econmatters.com/2013/02/so-david-einhorn-is-dumb-money-on-apple.html giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes Link to comment Share on other sites More sharing options...
giofranchi Posted February 10, 2013 Share Posted February 10, 2013 Einhorn's letter to Apple shareholders. giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes Einhorn-Urges-Apple-Shareholders.pdf Link to comment Share on other sites More sharing options...
plato1976 Posted February 10, 2013 Share Posted February 10, 2013 Hi Gio: I begin to study Einhorn. His tracking record is stellar. But I couldn't find enough materials to find out how he built his records. Are there many old letters on the web to show his trading in history ? Thanks! /Plato1976 Einhorn's letter to Apple shareholders. giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes Link to comment Share on other sites More sharing options...
giofranchi Posted February 10, 2013 Share Posted February 10, 2013 Hi Gio: I begin to study Einhorn. His tracking record is stellar. But I couldn't find enough materials to find out how he built his records. Are there many old letters on the web to show his trading in history ? Thanks! /Plato1976 Hi Plato, I have checked and I have letters by Mr. Einhorn that go back to October 2008. I am not sure, but I guess you could find even older letters on the web. I would suggest to download the AM Presentations from the GLRE website, and to read Mr. Einhorn’s book “Fooling Some Of The People All Of The Times”, to get a better perspective on both GLRE operations and Mr. Einhorn’s abilities as an investor. giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes Link to comment Share on other sites More sharing options...
muscleman Posted February 10, 2013 Share Posted February 10, 2013 I don't know if someone has already posted this, but here is a good interview of Mr. Einhorn on Bloomberg about Apple: http://www.bloomberg.com/video/einhorn-urges-investors-to-send-message-to-apple-5p8zH57HT8SO63ufjW1InA.html# giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes Thanks! Link to comment Share on other sites More sharing options...
constructive Posted February 10, 2013 Share Posted February 10, 2013 The following is a bearish thesis on GreenlightRe that, needless to say, I clearly don't believe in. But I think it is always very useful to listen to the arguments of people who disagree with my point of view: http://www.econmatters.com/2013/02/so-david-einhorn-is-dumb-money-on-apple.html I'm not sure it's "always" useful to get the variant view. It would be dangerous to assume the aggressive, physically painful stupidity of that post is typical of Greenlight bears... Link to comment Share on other sites More sharing options...
muscleman Posted February 11, 2013 Share Posted February 11, 2013 The following is a bearish thesis on GreenlightRe that, needless to say, I clearly don't believe in. But I think it is always very useful to listen to the arguments of people who disagree with my point of view: http://www.econmatters.com/2013/02/so-david-einhorn-is-dumb-money-on-apple.html I'm not sure it's "always" useful to get the variant view. It would be dangerous to assume the aggressive, physically painful stupidity of that post is typical of Greenlight bears... I agree. Especially for this article, which is completely non-sense. However if there is some serious allegation, that is interesting to pay attention to. Link to comment Share on other sites More sharing options...
lookingstill Posted February 12, 2013 Share Posted February 12, 2013 http://seekingalpha.com/article/1174731-greenlight-capital-re-is-an-undervalued-fast-growing-reinsurer?source=yahoo Link to comment Share on other sites More sharing options...
giofranchi Posted February 20, 2013 Share Posted February 20, 2013 4th Quarter and Year End 2012 Financial Results giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard KeynesGreenlight_4th_Quarter_and_year_end_results.pdf Link to comment Share on other sites More sharing options...
giofranchi Posted February 20, 2013 Share Posted February 20, 2013 Q4 2012 Earnings Call Transcript giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynesgreenlight-capital-re-Q42012-earnings-call-transcript.pdf Link to comment Share on other sites More sharing options...
Liberty Posted February 20, 2013 Share Posted February 20, 2013 http://brooklyninvestor.blogspot.ca/2013/02/greenlight-2012-results.html Link to comment Share on other sites More sharing options...
blainehodder Posted February 21, 2013 Share Posted February 21, 2013 I think David Einhorn is a great investor. So please go easy on me here as I am often mistaken :D, but ... The problem for me here is a) the fees charged for him to manage the money, and b) they appear to have little underwriting discipline at Greenlight... The classic flaw in reinsurance. What signs do you see that the float will ever be a "paid float"? It is nice to play what if on a superior combined ratio, but I see no competitive advantage for GLRE. At current interest rates, why not just buy into the hedge fund on margin if you want to lever Einhorn's investments. You can prob lever up cheaper than Greenlight's loose pen. Better yet, you could just go out and match his 13f if you want and avoid the high fees. Lever up to your liking. Link to comment Share on other sites More sharing options...
eclecticvalue Posted February 21, 2013 Share Posted February 21, 2013 It doesn't help he became a "Macro Tourist" investor. I wonder how well he is doing in his gold position. Link to comment Share on other sites More sharing options...
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