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THE VALUE INVESTOR WHO EXPOSES BALANCE SHEETS · GREENLIGHT CAPITAL
Value with activist shorting: long undervalued companies, short cooked books and unsustainable fads.
David Einhorn founded Greenlight Capital in 1996 with less than a million dollars, building a reputation as Wall Street's most feared balance-sheet analyst. His public takedown of Lehman Brothers' accounts in May 2008 — four months before the bankruptcy — remains one of the most prophetic calls in financial history.
His book "Fooling Some of the People All of the Time" chronicles the six-year battle against Allied Capital, through fraud allegations and investigations: he was ultimately vindicated. His presenting a short at a conference can still knock 5% off a stock within the hour.
After difficult years during the growth mania, his traditional value investing returned to excellent results in 2022–2024, as the fads he had shorted deflated.
Greenlight Capital's positions are public: see the 13F portfolio of Greenlight Capital or follow it explained in the app.
Forensic depth: he reads accounts like a hostile auditor, hunting for the line that doesn't add up. His theses are lessons in fundamental analysis.
Long positions are in the quarterly 13Fs; shorts don't appear there, but Einhorn often announces them publicly.