[Zanimivost]
Unlike other types of funds, Greenlight doesn’t use borrowed money, or leverage, to amplify small profit spreads, nor does the firm rack up huge trading volume. The nine analysts who work for Einhorn take weeks, if not months, to research companies, and when they find one that he likes—or doesn’t like—he tends to hold the position for a long time. Given this approach, Einhorn can’t afford to be wrong very often, and he hasn’t been. If you had given him $1,000 in 1996, he’d have turned it into $14,600 by now.
Einhorn proceeded with a bracing analysis—including a recap of the Allied saga and a careful dissection of Lehman’s recent financial filing—that had all the moral fervor of a prosecutor’s closing argument. It was as if he were putting away a killer. His firm had a short position on Lehman Brothers, he maintained, not only because Lehman had fudged its numbers but because its recklessness had put the financial system as we know it at grave risk. He ended with a call to federal regulators to “guide Lehman toward a recapitalization and recognition of its losses—hopefully before federal taxpayer assistance is required.”
He doesn’t spend much time playing poker anymore. He took it up mostly for the purpose of playing at the World Series; all he really did to prepare was read a couple of books and play a bit with friends and online. But that was enough to finish in eighteenth place with a big chunk of prize money, which he donated to charity. “Texas hold ’em is all about folding and waiting for that time that comes up every hour or two where you actually have an advantage and you can press it,” he says. “I had a couple of advantages over the group. Number one, I probably cared less. This was the event of the year for them. We make bigger bets every day. There’s more at risk in what happens in Microsoft than I could ever bet on a poker table. Two, I keep a reasonably decent poker face.” A trader who has known him for more than a decade said his talents at the table translate easily to the market: “There are lots of smart people out there. I don’t think all of them have the ability to read the rest of the players as well as David. He can actually see how stocks move on different pieces of news and judge what facts the market seems to be acting on. Then he assesses what analytical edge he has over the other players.
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