American - Businessman | November 20, 1968 -
On my best days, I fancy myself a combination of Dad's persistence/patience and Mom's toughness/skepticism.
David Einhorn
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In my business investing, you are buying a stock, and someone else is selling the stock. Right there, that's like a debate. Is the stock going up, or is it going to go down?
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After my undergraduate, I've written a thesis that was in the government department, but largely, it turned out almost an economic type of thesis. And I was very interested in that, and I wanted to go get a Ph.D. in Economics.
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I worked in investment banking for two years. I was in a program where they kind of just owned you. And you - I didn't realize that I've signed up for that, which was one of the problems. I didn't know anybody who'd done this.
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Investing in a poker game and investing in stocks, at least the way I do it, it's a very similar skillset.
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For one thing, Greenlight only hires nice people. By that, I don't mean that we avoid hiring jerks. I mean we actively look to hire people who are nice.
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In an industry that celebrates personal sacrifice as a symbol of commitment, you might not consider 'making sure everyone gets home for dinner' to be a mark of success, but creating and maintaining that culture is one of the things I'm most proud of.
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Obviously, I wasn't expecting Wall Street to be a laid-back place. I was prepared for hard work. Sadly, much of the work the new guys were asked to do and the insane hours we were expected to keep had little to do with making the bank more productive. It felt more like hazing.
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My parents are nice people, and they also made a point to have dinner as a family every night.
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The enthusiasm for Tesla and other bubble-basket stocks is reminiscent of the March 2000 dot-com bubble. As was the case then, the bulls rejected conventional valuation methods for a handful of stocks that seemingly could only go up. While we don't know exactly when the bubble will pop, it eventually will.
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Our view is that just because Amazon can disrupt somebody else's profit stream, it doesn't mean that Amazon earns that profit stream.
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We take the traditional value investor's process and just flip it around a little bit. The traditional value investor asks 'Is this cheap?' and then 'Why is it cheap?' We start by identifying a reason something might be mispriced, and then if we find a reason why something is likely mispriced, then we make a determination whether it's cheap.
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