Tag Archive | "david einhorn"

Want To Present An Investment Idea At The Ira Sohn Conference This Year?

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If your name does not appear here, you have not be asked, but there’s still hope.

The conference organizers are putting on the inaugural Ira Sohn Investment Idea Contest, to be judged by Michael Price, Bill Ackman, David Einhorn, Joel Greenblatt and Seth Klarman. Entrants “must submit an online application that includes an analysis of a favorite current investment idea; selections can be any marketable security, long or short, provided that the company’s market capitalization is greater than $1 billion.” Whoever is picked for “most compelling investment idea, with a one-year horizon,” will then give a presentation at the conference on Wednesday, May 25, 2011. The deadline to submit is (this) Friday, May 20, at 4PM. More info can be found here. Proceeds from the conference go toward pediatric cancer research and care. Good luck!

Article courtesy of Dealbreaker

Opening Bell: 05.17.11

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IMF chief claims consent in hotel ‘attack’ (NY Post)
“The evidence, we believe, will not be consistent with a forcible encounter,” said Ben Brafman, the high-powered lawyer of IMF chief Dominique Strauss-Kahn, at the suspect’s sensational arraignment in a packed criminal courtroom. A source close to the defense later told The Post, “There may well have been consent.”

New York Investigates Banks’ Role in Fiscal Crisis (NYT)
The New York attorney general has requested information and documents in recent weeks from three major Wall Street banks about their mortgage securities operations during the credit boom, indicating the existence of a new investigation into practices that contributed to billions in mortgage losses. Officials in Eric T. Schneiderman’s, office have also requested meetings with representatives from Bank of America, Goldman Sachs and Morgan Stanley, according to people briefed on the matter who were not authorized to speak publicly.

How Big Investors Are Betting (WSJ)
Mr. Cohen, whose SAC Capital reported a 9.3% increase in securities holdings in the quarter ended March 31, increased a stake in consumer electronics retailer Best Buy Co. to 2.3 million shares from 53,306 at the end of the previous quarter. SAC also more than doubled its stake in BJ’s Wholesale Club Inc. to 2.8 million shares from 1.1 million.

John Paulson Loves Hewlett-Packard (Deal Journal)
The $5 Billion Man, hedge fund manager John Paulson, reported plowing $1 billion into Hewlett-Packard, pared his stake in Citigroup and is standing pat with his big investment in a gold ETF…Paulson & Co. also disclosed owning 123.6 million shares of Bank of America, down by 226,522 from the end of 2010. And one interesting new holding showing up on Paulson’s radar: Lubrizol.

Soros Fund Cuts Gold, BofA, J.P. Morgan Stakes; Adds to Citi, Wells (Deal Journal)
Soros decreased his holdings of the SPDR Gold Trust, a gold-backed exchanged-traded fund, by 4.7 million shares to 49,400 shares, valued at $6.9 million at March 31…The fund lowered its Bank of America holding by 1.2 million shares and now owns 29,400 shares. Soros sold 378,050 shares of J.P. Morgan, leaving him with 624,600 shares. In contrast, his firm tripled its stake in Citigroup to 29.4 million shares. Soros’ stake in Wells Fargo climbed six-fold to 3.5 million shares.

Bill Ackman Throws in the Towel on Target (Deal Journal)
Pershing Square reported owning 7.4 million Target shares as of Dec. 31, but there is no whisper of the Target investment in Pershing’s latest snapshot of its stock holdings as of March 31.

David Einhorn Buys…General Motors (DJ)
David Einhorn’s Greenlight Capital investment fund reported new ownership stakes in two newly public companies, hospital operator HCA Holdings and General Motors, a.k.a. Government Motors.

Falcone’s Harbinger Holdings Adds Bunge Shares, Trims Gold Stake (Bloomberg)
Harbinger Holdings LLC, the hedge fund run by Philip Falcone, bought shares of food company Bunge Ltd. (BG) in the first quarter and sold shares of SPDR Gold Trust, according to a regulatory filing.

Schwarzenegger fathered a child with longtime member of household staff (LA Times)
Former California Gov. Arnold Schwarzenegger and his wife, Maria Shriver, separated after she learned he had fathered a child more than a decade ago — before his first run for office — with a longtime member of their household staff.

Jump in Revenue Helps Halve California Deficit (NYT)
After months of doomsday scenarios and apocalyptic warnings about cuts to California schools, parks and the police, the news from Gov. Jerry Brown on Monday was nothing short of startling: California is now expected to see $6.6 billion more in revenue over the next two years than had been expected.

U.K. Inflation Quickens More Than Forecast (Bloomberg)l
Consumer prices rose 4.5 percent in April after a 4 percent increase in March, data today showed. The median forecast of 32 economists in a Bloomberg News survey was 4.1 percent. Core inflation quickened to the fastest in at least 14 years. King said in a letter to Chancellor of the Exchequer George Osborne that the surge is being driven by higher sales tax and increases in energy and import prices.

London Finance Job Openings Climbed 15% in April (Bloomberg)
The number of openings in the City, London’s main financial district, and elsewhere in the capital rose to 6,426 last month from 5,569 in April 2010, executive search firm Morgan McKinley said today. The figure was flat compared with the previous month.

President, first lady’s assets valued at $1.8 million to nearly $12 million (WaPo)
Financial disclosure documents released Monday showed the assets for last year…Assets are listed in wide ranges on the disclosure forms — for example, between $1 million and $5 million — making it difficult to determine their value with precision. Royalties from Obama’s books, “Dreams From My Father” and “Audacity of Hope,” totaled between about $1 million and $6 million.

Man To Eat 25,000th Big Mac (HP)
Wisconsin-based Don Gorske plans to eat his 25,000th Big Mac on May 17, 2011, 39 years after his first Big Mac bite on May 17, 1972. He averages two Big Macs per day and has 10,000 Big Mac cartons still in his possession. He keeps two Big Macs in his luggage in case he cannot find a McDonald’s when he travels. Gorske believes he has drank over 200,000 Cokes along with his burgers.

Article courtesy of Dealbreaker

Write-Offs: 05.10.11

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$$$ NY Fed ‘Pleased‘ With Sale of Ex-AIG Subprime Bonds (WSJ)

$$$ At around 10 last night, Lady Gaga arrived in a glowing egg positioned on top of a cart filled with cakes and macaroons. Escorted by brawny men in sleeveless Roman tunics, the cart rolled past hedge-fund founders Dan Och, David Einhorn, Steven A. Cohen, Ken Griffin, and more than 4,000 others gathered in the Jacob K. Javits Convention Center for the Robin Hood Foundation benefit. Soon “the Gaga,” as emcee Brian Williams called her, emerged onstage wearing a cream outfit that exposed her midriff. “I’d like to thank all the rich people for donating tonight,” she said. “And when I say rich, I mean rich in spirit.” (Bloomberg)

$$$ Goldman Sachs Cuts First-Quarter Estimate for Possible Legal Losses by 21% (Bloomberg)

$$$ Goldman Goes Long US Government Debt (CNBC)

$$$ JPMorgan denies gouging Lehman in $8.6 billion fight (Reuters)

$$$ Bank of America Billions in Losses at Stake on Moynihan Outlook (Bloomberg)

$$$ Charity to auction lunch date with Warren Buffett (Reuters)

$$$ Junk bond yields hit record lows (FT)

$$$ Whistleblowers in muniland (FT Alphaville)

$$$ Ireland to Impose Levy on Pension Funds to Finance Jobs Plan (Bloomberg)


$$$ Microsoft-Skype Deal May Upset AT&T, Verizon Relations (Bloomberg)

$$$ Google launches music service without labels (Reuters)

$$$ Japan Scraps Plan for New Nuclear Plants (NYT)

$$$ Donald Trump’s poll numbers collapse (Politico)

$$$ Northwestern University

Article courtesy of Dealbreaker

Yahoo!, Best Buy Up On Einhorn Stake

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Shares of Yahoo! (YHOO) are up 42 cents, or 2.4%, at $18.12 after reports circulated that Greenlight Capital, the hedge fund run by noted investor David Einhorn, took a position in the stock at $16.93 in Q1, according to a write-up at Market Folly in advance of the 13-F filing by Greenlight.

Market Folly notes the position came amidst a 2.5% drop in Greenlight’s total return in the quarter. The firm apparently is banking on the value of Yahoo!’s stake in Asian e-commerce venture Alibaba Group, according to the report.

In addition to Yahoo!, Einhorn bought into Best Buy (BBY) at $33.33. Best Buy shares are up 60 cents, or 2%, at $31.82 this morning.

Article courtesy of Tech Trader Daily

Greenlight Capital: Not Unlike The Way Charlie Sheen Must Feel 99.9% Of The Time, The Last Quarter Left Us A Bit ‘Confuzzled’

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Greenlight Capital Q1 Letter [PDF]

Article courtesy of Dealbreaker

Write-Offs: 02.17.11

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$$$ Allen Stanford Sues U.S. Prosecutors, SEC and FBI Agents [Bloomberg]

$$$ Apple to build its biggest store yet in Grand Central; David Einhorn nods approvingly. [COM via Daily Intel]

$$$ “Countrywide was one of the greatest companies in the history of this country,” Mr. Mozilo told Congressional examiners in September, more than two years after Bank of America bought the firm during the throes of the financial crisis. [Dealbook]

$$$Orgy Of The Rich‘ Protest At Sotheby’s [ANY]

$$$ Insider Trading Laws Do Not Apply to Members of Congress [Minyanville]

$$$ Beloved ‘Seinfeld’ Actor Len Lesser (Uncle Leo) Dies [PopEater]

Article courtesy of Dealbreaker

Bruce Berkowitz “Brings To Light Some Truths About St. Joe”

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In a report that references: “A certain short’s recent presentation on the St. Joe Company.”

St. Joe

Berkowitz throws the gauntlet in the battle over St. Joe [Fortune]

Article courtesy of Dealbreaker

Bruce Berkowitz Has Heard What David Einhorn Has To Say

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“I read his St. Joe short analysis, which is quite extensive. And he makes some very good points. And I’ve taken them all into account.” [Bloomberg]

Article courtesy of Dealbreaker

Greenlight Capital Has A Question For Ben Bernanke

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Greenlight Capital Fourth Quarter Letter 2010 [PDF]

Article courtesy of Dealbreaker

Greenlight Capital Sent Investors Home From Annual Dinner With Apple-Themed Goodie Bags

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You get an iPod! And you get an iPod!

“Einhorn’s presentation was witty and well thought-out as always. Q+A took forever. Dan Loeb was in attendance and was mentioned within the presentation with regard to his request to “not explain the modified high-water mark again.” David made a quick note and, as per Dan’s request, skipped the page (page 31). Our gift this year (last year was his fathers joke book) on the way out was an IPod nano. Pretty good. Pretty, pretty, pretty good.”

Article courtesy of Dealbreaker