David Einhorn on Credit Agencies
Apropos of our last post, a dozen of you (1st in: Scott Frew of Rockingham Partners) directed our attention to David Einhorn's presentation at the Annual Graham & Dodd Breakfast.
The PDF text of the full presentation is at Naked Shorts . . .
Wednesday, November 21, 2007 | 10:28 AM | Permalink
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Nice call on IBM over a year ago. You made somebody a nice chunk of change, I'm sure.
http://www.youtube.com/watch?v=lPKHB4SCojg
Great Blog! Thanks for all the work that you do here. Much Appreciated.
Posted by: Jim Posner | Nov 21, 2007 11:28:40 AM
That gave a nice sell signal early October, too . . .
Posted by: Barry Ritholtz | Nov 21, 2007 11:33:32 AM
Thanks for the link. I'll be buying that guy's book.
Posted by: 12th percentile | Nov 21, 2007 11:42:44 AM
That Einhorn speech is one of the most important pieces of analysis surrounding the credit bubble. A must read.
Posted by: Moose | Nov 21, 2007 11:50:24 AM
Great insight from Einhorn. I'm maddeningly disgusted by the comments made by corporate and government leaders, pundits and journalists laying blame for sub-prime squarely at the feet of borrowers.
We all know the story of the migrant familie that bought a $750K house with little documentation-blah, blah, blah. Anecdotes like those made good copy and ruffled feathers but as we now know were only the tip of a very, very deep iceberg. Seems once Andy Fastow went to prison everyone turned their blind eye back to the dark side of securitization.
Given the academic and professional credentials of the leaders of the Fed, Treasury, and SEC I don't know what disgusts me more their ignorance or their arrogance.
This Thanksgiving I'm thankful for my brand new bong and websites like these and others written by professionals that have been casting a long shadow of doubt on the supercilious cheerleaders of this economy.
Posted by: Bonghiteric | Nov 21, 2007 11:57:32 AM
I had no idea the ratings agencies were so fundamentally compromised. Spooky.
Posted by: Northern Observer | Nov 21, 2007 12:33:50 PM
This was a giant eye-opener. Great post.
Posted by: Jeremiah | Nov 21, 2007 1:01:41 PM
I had no idea who this guy was but thought he sure sounded a whole lot more intelligent and less full of sh-t than most people who claim to understand how things work. So I did some Googling and found that seems to In case anyone else was unaware of his track record.
Last Friday I (along with 359 of my closest friends) had breakfast with David Einhorn, the founder and CEO of Greenlight Capital, a value-oriented hedge fund. With annualized returns averaging over 27% since inception in 1996, Greenlight Capital is well-known and well-respected in the hedge fund community as is its founder.
Posted by: 12th percentile | Nov 21, 2007 4:26:14 PM
