David Einhorn
The Navigator
Judgement in the fog, money, risk and the call others cannot make.
David Einhorn is The Navigator who charts markets he openly diagnoses as structurally malfunctioning. At Greenlight Capital he anchors to deep-value multiples and buyback mechanics rather than consensus flows, reading algorithmic dominance and the motivations of other participants as terrain to be mapped, not noise to be feared. That he proceeds without conventional market validation is the point, a contrarian course held because the reading, not the crowd, sets the heading.
“I view the markets as fundamentally broken. Value is just not a consideration for most investment money that's out there. There's all the machine money and algorithmic money, which doesn't have an opinion about value.”
“We're not going to buy something at ten times earnings. We're buying things at four times earnings, five times earnings, where they have huge buybacks — we can't count on other long only investors to buy our things.”
“If you figure out what the motivations are, you can often understand people's actions.”
Masters in Business: “David Einhorn: Market Structures Are Broken”
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