The Navigator
Judgement in the fog, money, risk and the call others cannot make.
David Einhorn is The Navigator who charts markets he openly diagnoses as structurally malfunctioning. At Greenlight Capital he anchors to deep-value multiples and buyback mechanics rather than consensus flows, reading algorithmic dominance and the motivations of other participants as terrain to be mapped, not noise to be feared.
“I studied government. I was a government major And the thing with me is that I don't really think too far out into the future. What I just try to do is do a really good job wherever I'm doing when I'm doing it and figure that that will just create good options for me going forward.”
“They fire their staffs. There's way fewer people listening. And the result is if we buy these things, we're not going to get the same kind of return that we used to get. So what we have to do now is be even more disciplined on price. So we're not buying things at 10 times or 11 times earnings.”
“This, like, it's not even like there's an intermediate plan for fiscal responsibility. So the idea that the market is focused on 50 billion here of incremental treasury borrowings or how many tenure bonds they're going to sell or how many dirtier bonds, what it is, is underneath that is an acknowledgement that there's a big problem.”
“Look, most people in business who are running companies try to conduct their business basically honestly. So they're selling their product, they're developing their product, they're paying their people, they're recording their books, auditors come in, they're trying to show them the right results, things work out pretty good.”
Masters in Business: “David Einhorn: Market Structures Are Broken”
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