Money and Finance
- Motley Fool Interview With David Einhorn
Thanks to Matt for passing this along.David Einhorn is the president of Greenlight Capital and the author of Fooling Some of the People All of the Time, a compelling account of his battle with Allied Capital (NYSE: AFC). Einhorn also presciently called...
- Heads Up Play With David Einhorn
If you’re going to commit financial fraud, you probably don’t want to find yourself sitting at a table across from David Einhorn, who will know what you’re up to and share it with the world. Similarly, if you’ve never played poker and have only...
- 17th Annual Graham & Dodd Breakfast
GREAT presentation by David Einhorn: - 17th Annual Graham & Dodd Breakfasta keynote address by: David Einhorn, President, Greenlight Capital“Fooling Some of the People All of the Time”October 19, 2007 ...
- A Reminder On American Express
I thought it would be a good time to remind readers what Joel Greenblatt had to say about American Express (AXP) last summer. Although I haven't done the valuation work yet and thus haven't invested in AXP, there are 2 things I do know: (1) American...
- Investing Lessons From David Einhorn
I recently finished reading David Einhorn's Fooling Some of the People All of the Time, which is primarily focused on his hedge fund's (Greenlight Capital) take down of Allied Capital. The Allied Capital case study is a must-read in itself, as...
Money and Finance
David Einhorn Speech - "Accounting Ingenuity"
Ira W. Sohn Investment Research Conference
David Einhorn, Greenlight Capital, “Accounting Ingenuity”
May 21, 2008
David Einhorn, Greenlight Capital, “Accounting Ingenuity”
May 21, 2008
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I appeared at this conference six years ago and joked that my wife, while trying to help me prepare my presentation of the Allied Capital analysis, had a hard time staying awake. This is pretty ironic, since the ensuing fallout from that speech has cost us a substantial amount of sleep. Over the past six years I have learned a lot and grown a little, and formed some strong views about Wall Street regulation and the muzzle it often places on free speech.
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I think that research conferences like these are important. Of course, this one is particularly worthy because it supports a great cause: The Tomorrows Children’s Fund. Further, it is important for investors to discuss market information and analysis to help sort the good companies from the bad. But, there is a structural impediment in our financial markets that creates a massive disincentive to share research about companies doing bad things.
I think that research conferences like these are important. Of course, this one is particularly worthy because it supports a great cause: The Tomorrows Children’s Fund. Further, it is important for investors to discuss market information and analysis to help sort the good companies from the bad. But, there is a structural impediment in our financial markets that creates a massive disincentive to share research about companies doing bad things.
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I can fully understand why other investors might decline to appear in this forum or to share a critical analysis. Who could blame them? The cost is high (think lawyers here), it extracts an enormous personal toll, and there are better ways to raise money for a good charity. I have decided to persist because I believe it is important and the right thing to do.
I can fully understand why other investors might decline to appear in this forum or to share a critical analysis. Who could blame them? The cost is high (think lawyers here), it extracts an enormous personal toll, and there are better ways to raise money for a good charity. I have decided to persist because I believe it is important and the right thing to do.
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Book: Fooling Some of the People All of the Time: A Long Short Story
- Motley Fool Interview With David Einhorn
Thanks to Matt for passing this along.David Einhorn is the president of Greenlight Capital and the author of Fooling Some of the People All of the Time, a compelling account of his battle with Allied Capital (NYSE: AFC). Einhorn also presciently called...
- Heads Up Play With David Einhorn
If you’re going to commit financial fraud, you probably don’t want to find yourself sitting at a table across from David Einhorn, who will know what you’re up to and share it with the world. Similarly, if you’ve never played poker and have only...
- 17th Annual Graham & Dodd Breakfast
GREAT presentation by David Einhorn: - 17th Annual Graham & Dodd Breakfasta keynote address by: David Einhorn, President, Greenlight Capital“Fooling Some of the People All of the Time”October 19, 2007 ...
- A Reminder On American Express
I thought it would be a good time to remind readers what Joel Greenblatt had to say about American Express (AXP) last summer. Although I haven't done the valuation work yet and thus haven't invested in AXP, there are 2 things I do know: (1) American...
- Investing Lessons From David Einhorn
I recently finished reading David Einhorn's Fooling Some of the People All of the Time, which is primarily focused on his hedge fund's (Greenlight Capital) take down of Allied Capital. The Allied Capital case study is a must-read in itself, as...