American - Businessman | November 20, 1968 -
We believe in constructing the portfolio so that we put our biggest amount of money in our highest-conviction idea, and then we view the other ideas relative to that.
David Einhorn
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We try not to have many investing 'rules,' but there is one that has served us well: If we decide we were wrong about something, in terms of why we did it, we exit, period.
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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.
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Texas hold 'em is all about folding and waiting for that time that comes up every hour or two where you actually have an advantage and you can press it.
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We never invent new reasons to continue with a position when the original reasons are no longer available.
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During my freshman year at Cornell, I joined my dorm's intramural football team. At the first practice, upper classmen pointed out I was tall, so I should try playing QB. Well half an hour later, it was abundantly clear that I should not be the QB.
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There's more at risk in what happens in Microsoft than I could ever bet on a poker table.
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I've got a fantasy-baseball team with my brother. But I have to admit, he does all the work.
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Both poker and investing are games of incomplete information. 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.
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My father and grandfather were businessmen. The family business was Adelphi Paints in New Jersey. When the first energy crisis came in the early 1970s, the business suffered.
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I rooted for the Milwaukee Brewers and its stars, Robin Yount and Paul Molitor. I went to a lot of games, including the World Series in 1982. The Brewers may have been a bad team for most of my life, but to have your team at its peak when you are thirteen years old is an experience I wish for every fan.
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I spent most of high school working on the debate team, probably at some expense to my grades. Being a member of the team was great training in critical analysis, organization, and logic.
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