The stances below are c8alpha's editorial distillation of David Einhorn's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. David Einhorn is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances.
2026-05-19
GOLD
bullish
David Einhorn · video
Long-term structural case remains intact as the US fiscal situation is unsolvable, global monetary policy is uniformly aggressive, and de-dollarization plus potential loss of petrodollar threaten USD reserve currency status
“The longer term story for gold remains very much intact”
90d -1.5%
David Einhorn 2026-MAY-12 Tuesday
2026-05-19
long ACHC / long CNC / long FLR / long CMCSA (+1 legs)
basket
David Einhorn · video
Five underperforming companies each have an affirmative management plan to transform and improve, creating a valuation dislocation between perceived problems and intrinsic value that the market has not priced in
“all five of these companies are companies that have sort of underperformed...an affirmative plan by the management teams to improve and transform them”
90d +15.6%
David Einhorn 2026-MAY-12 Tuesday
2026-05-15
CNC
bullish
David Einhorn · video
Medicaid and ACA margins collapsed to ~1% from COVID-era distortions but actuarially mandated repricing is underway (ACA rates +35%), margins should normalize by 2028 with AI automation as an additional cost tailwind, producing normalized EPS of $8.49 at a…
“The giant survives and comes out stronger on the other side”
90d +13.3%
David Einhorn pitches at Sohn Investment Conference 2026
2026-05-15
FLR
bullish
David Einhorn · video
Post-near-bankruptcy transformation to 80%+ cost-plus backlog removes legacy fixed-price risk while $60B front-end pipeline in data centers, LNG, nuclear, and copper positions Fluor for a CapEx supercycle re-rating from depressed multiples; $1.4B buyback…
“Fluor is likely to get its share. The company has a fortress balance sheet”
90d +18.0%
David Einhorn pitches at Sohn Investment Conference 2026
2026-05-15
VSNT
bullish
David Einhorn · video
Comcast spin-off force-sold by index funds and non-economic sellers at 4.2x EBITDA / 4.6x PE / 19% FCF yield despite dominant live-news and sports franchise insulated from streaming competition, with management pivoting digital revenue toward 50% of mix over…
“Everybody seems to hate this, which created the opportunity to buy something that has been force sold by non-economic actors”
90d -8.5%
David Einhorn pitches at Sohn Investment Conference 2026
2026-05-15
VSCO
bullish
David Einhorn · video
New CEO (Sept 2024) reversing failed DEI-brand pivot back to core 'sexy DNA' including reinstating the fashion show, brand momentum returning with share gains even while pulling back on promotions, margins at half historical levels with path to 10%+ operating…
“Margins are still barely half of historical levels and continued brand momentum can drive explosive earnings growth”
David Einhorn pitches at Sohn Investment Conference 2026
2025-10-03
GOLD
owns
video
Long-held conviction position as a store of value amid bipartisan fiscal recklessness and the policy of running deficits 'right into the wall'
“I happen to be a big proponent of owning a lot of gold and we've owned a lot of gold for about 15 years”
90d +11.4% · 180d +22.4%
2025-10-03
HOUSING
bullish
video
Companies trading at 5-6x earnings with clean balance sheets return capital via dividends and buybacks, generating endogenous cash-on-cash returns regardless of whether the market ever re-rates them
“we underwrite to the view that nobody cares about these stocks and nobody's going to care about these stocks”
90d -6.6% · 180d -11.2%
2025-06-04
GOLD
bullish
David Einhorn · video
US monetary and fiscal policy has been irresponsible for decades and the dollar will continue to depreciate versus gold, making gold a core portfolio holding
“I think the dollar will continue to depreciate versus gold. It has done so consistently.”
90d +4.7% · 180d +25.4% · 1y +32.3%
Bloomberg Wealth: Greenlight Capital’s David Einhorn
2025-06-04
FED RATE CUTS / SHORT-END RATES
bearish
David Einhorn · video
The US economy was already slowing before Liberation Day and will continue to slow, forcing the Fed to cut rates more than is currently priced into the forward curve
“Our expectation is that there'll be more rate cuts than is priced in to the forward curve at the moment this year.”
Bloomberg Wealth: Greenlight Capital’s David Einhorn
2025-06-04
INFLATION SWAPS
owns
David Einhorn · video
Post-COVID inflation was being dramatically underestimated by the market, making inflation swaps (derivatives on realized inflation) an attractive long position
“We actually took a large position in what are called inflation swaps... it's been one of the more successful investments we've made.”
Bloomberg Wealth: Greenlight Capital’s David Einhorn
2025-06-04
FED RATE CUTS / SHORT-DURATION RATES
bullish
David Einhorn · video
The US economy was already slowing before tariffs and will slow further, forcing the Fed to cut rates more than the forward curve currently prices in
“our expectation is that there'll be more rate cuts than is priced in to the forward curve at the moment this year”
Bloomberg Wealth: Greenlight Capital’s David Einhorn
2025-06-04
INFLATION SWAPS (REALIZED US CPI DERIVATIVES)
bullish
David Einhorn · video
Current US fiscal and monetary policies are fundamentally inflationary and the market was underestimating realized inflation, making long positions on realized-inflation derivatives attractive
“I see the policies that are being created right now as fundamentally inflationary”
Bloomberg Wealth: Greenlight Capital’s David Einhorn
2025-06-04
US FRONT-END RATES / FED RATE CUTS
bearish
David Einhorn · video
The US economy is slowing faster than consensus expects, forcing the Fed to cut rates more aggressively than what is currently priced into the forward curve
“our expectation is that there'll be more rate cuts than is priced in to the forward curve at the moment this year”
Bloomberg Wealth: Greenlight Capital’s David Einhorn
2025-05-20
LXS
bullish
David Einhorn · video
Lanxess has completed a multi-year portfolio transformation into higher-quality specialty chemicals, its near-term headwinds (energy crisis, SAP implementation, destocking) have largely passed, leverage is declining, and the stock trades at ~5-6x EBITDA…
“We think Lancus is set for success and will surprise the market”
David Einhorn pitches Lanxess at Sohn 2025
2025-05-14
GOLD
bullish
David Einhorn · video
Gold rises as confidence in US fiscal and monetary policy erodes, with no credible plan to address structural deficits until a crisis forces action
“Gold is about the confidence in the fiscal policy and the monetary policy.”
90d +5.2% · 180d +29.1% · 1y +45.7%
Greenlight's Einhorn: Gold will go higher and it's based on confidence in fiscal and monetary policy
2025-05-14
US EQUITY INDEX PROTECTION (PUTS/HEDGES)
owns
David Einhorn · video
Market was turning in February 2025, with consumer spending slowing among key demographic segments, warranting a defensive/bearish posture via index protection
“We got much more conservative in February when we felt that the market was turning and bought a lot of index protection.”
Greenlight's Einhorn: Gold will go higher and it's based on confidence in fiscal and monetary policy
2025-05-14
LONG-DURATION INFLATION SWAPS
owns
David Einhorn · video
Aggressive fiscal deficits and loose monetary policy are structurally inflationary, making long positions in longer-duration inflation swaps a logical hedge
“We're also long the longer duration inflation swaps. I think all of these behaviors ultimately lead to inflation.”
Greenlight's Einhorn: Gold will go higher and it's based on confidence in fiscal and monetary policy
2025-05-14
European Equities
owns
David Einhorn · video
Greenlight concentrated net long exposure in Europe because European markets were outperforming the US earlier in 2025
“Most of our net long exposure has been in Europe”
90d +6.4% · 180d +10.7% · 1y +21.3%
Greenlight's Einhorn: Gold will go higher and it's based on confidence in fiscal and monetary policy
2025-05-14
US EQUITY INDEX
short
David Einhorn · video
Market was turning in February 2025 as government firings and policy chill began visibly slowing consumer spending, particularly among roughly half the population, warranting significant index put protection
“bought a lot of index protection, and it's been a fabulous year”
Greenlight's Einhorn: Gold will go higher and it's based on confidence in fiscal and monetary policy
2025-02-14
US SMALL/MID-CAP VALUE STOCKS ($1B-$5B MARKET CAP)
bullish
David Einhorn · video
Secular redemptions from active managers have pushed small/mid-cap stocks to 5-6x earnings with double-digit cash returns via buybacks and dividends, creating mispricing as institutional coverage has been abandoned
“you can pay five times earnings or six times earnings and particularly when you look at companies maybe market caps between one and five billion”
Virtual fireside chat and Q&A with value investor David Einhorn
2025-02-14
GRBK
bullish
David Einhorn · video
Green Brick Partners builds homes in secularly growing Sunbelt markets, trades at 7-8x earnings with an unlevered balance sheet and 25% after-tax returns on capital, making it deeply undervalued relative to its growth prospects
“trading about seven or eight times the current earnings...deploying and returning on Capital 25% after tax”
90d +1.6% · 180d +16.7% · 1y +30.8%
Virtual fireside chat and Q&A with value investor David Einhorn
2025-02-14
SPX
bearish
David Einhorn · video
The US equity market is at historically extreme valuations with near-zero risk premium versus government bonds, meaning investors are not being compensated for equity risk, warranting low gross and net exposure
“the market is about the most expensive that it's ever been in the history of the time that I have been managing the fund”
90d +2.9% · 180d -6.4% · 1y -13.3%
Virtual fireside chat and Q&A with value investor David Einhorn
2025-02-14
EUROPEAN AUTOS
bearish
David Einhorn · video
European auto manufacturers face structural competitive strain from Chinese EV competition, making them uninvestable despite the broader European cyclical opportunity
“European Autos which are under real strain from the competition from the Chinese”
Virtual fireside chat and Q&A with value investor David Einhorn
2025-02-14
AAPL
bearish
David Einhorn · video
Apple has re-rated from ~9x to ~40x earnings while revenue growth has slowed to below nominal GDP, making current valuation unjustifiable; Buffett's large-scale selling corroborates the view
“now it's at like 40 times earnings and it's growing less than nominal GDP and Warren Buffett is selling it”
90d +13.4% · 180d +4.4% · 1y -8.4%
Virtual fireside chat and Q&A with value investor David Einhorn
2025-02-14
INFLATION / INFLATION HEDGE POSITIONING
bullish
David Einhorn · video
Inflation bottomed in August/September 2024 and is re-accelerating based on two to three months of confirming data, driven by policy trajectory, warranting maintained inflation hedge exposure
“I think we're on a policy and trajectory towards a re acceleration of the inflation”
Virtual fireside chat and Q&A with value investor David Einhorn
2024-11-18
CNH
bullish
David Einhorn · video
Agricultural equipment is at trough earnings (~$1/share on a $10 stock = 10x trough vs market at 23x average PE), with a 3-4% dividend and 5-6% buyback providing ~10% annual return while waiting for the inevitable equipment replacement cycle upcycle in…
“trough earnings are a little bit north of a dollar per share and the stock is about 10 so we're about 10 times trough earnings”
90d +21.1% · 180d +24.4% · 1y -11.8%
Active Alpha with Greenlight Capital's David Einhorn at Delivering Alpha 2024 Investor Summit
2024-11-18
INFLATION
bullish
David Einhorn · video
Trump administration's tax cuts, expansionary fiscal policy, immigration restrictions, and already-strong economy will drive inflation to 3.5-4.5%, higher than current market expectations
“I think we're going to have another inflection up inflation”
Active Alpha with Greenlight Capital's David Einhorn at Delivering Alpha 2024 Investor Summit
2024-11-18
Long Dur Treasuries
bearish
David Einhorn · video
Bond market is not yet pricing in fiscal dominance or skyrocketing deficits from expansionary policy, meaning long-duration treasuries face significant unpriced risk as nominal GDP rises and the Fed's primary obligation shifts toward keeping the treasury…
“the bond market is not even beginning to price in a difficult treasury situation”
90d +1.3% · 180d +2.6% · 1y -3.1%
Active Alpha with Greenlight Capital's David Einhorn at Delivering Alpha 2024 Investor Summit
2024-11-13
CNH
bullish
David Einhorn · video
CNH trades at ~10x trough earnings (~$1/share) versus a market PE of ~23, with a 3-4% dividend and 5-6% buyback, while agriculture equipment is in a down cycle that will eventually recover and drive earnings toward $2+ on the next upcycle
“trough earnings are a little bit north of a dollar per share and the stock is about 10 so we're about 10 times trough earnings”
90d +22.2% · 180d +32.3% · 1y +2.3%
David Einhorn is building new position in CNH Industrial, says agricultural play is 'cheap'
2024-11-13
OVERVALUED DETERIORATING EQUITIES (SHORT CANDIDATES)
bearish
David Einhorn · video
Many stocks are both overvalued and experiencing fundamental deterioration, making them useful shorts to reduce net exposure in a historically expensive market
“plenty of things that are probably overvalued and deteriorating that we can use to be a bit more cautious”
Greenlight Capital’s David Einhorn sees a 'really, really, really' pricey market with opportunities
2024-11-13
HATED/FORGOTTEN VALUE STOCKS (ABSOLUTE CHEAP, LOW EXCITEMENT)
bullish
David Einhorn · video
Certain unloved, low-excitement companies trade at reasonable absolute valuations and are despised by the market, creating genuine value opportunities even in an expensive overall market
“there are things that are truly despised and hated and cheap on an absolute basis that I think makes sense to own”
Greenlight Capital’s David Einhorn sees a 'really, really, really' pricey market with opportunities
2024-11-13
CNHI
bullish
David Einhorn · video
CNH Industrial trades at ~10x trough earnings of ~$1/share while the market averages 23x PE; agricultural equipment is in a cyclical downturn that will reverse, and when it does the stock could earn $2+ on the next up-cycle and potentially double, meanwhile…
“you pay a high multiple for trough earnings and a lower multiple for peak earnings”
David Einhorn is building new position in CNH Industrial, says agricultural play is 'cheap'
2024-04-09
SOLB
bullish
David Einhorn · video
New Solvay is trading at ~7x trough earnings with a ~10% dividend yield, yet bears focus only on cyclically depressed soda ash while ignoring the resilient peroxides, silica, and specialty chemicals segments that make up ~60% of revenues, and management has a…
“at twice the price it wouldn't seem expensive so we think this boring essential chemicals business will generate attractive risk adjusted returns”
David Einhorn of Greenlight Capital pitches Solvay SA at Sohn 2024
2024-04-03
NYCB
bearish
David Einhorn · video
Greenlight initially bought NYCB as a purchaser of failed banks at a discount but exited at a small loss immediately after the bank reported charges, so the position is closed with no remaining conviction
“we immediately just sold all of the stock and we exited it actually very small loss”
Greenlight's David Einhorn breaks down why he believes the market is 'fundamentally broken'
2024-04-03
PASSIVE INDEX FUNDS / INDEX-DRIVEN MARKET STRUCTURE
bearish
David Einhorn · video
Passive indexing has eradicated price discovery so capital flows to the most overvalued names, causing valuations to diverge further from fair value rather than converge, making active long/short strategies structurally advantaged
“new money comes and overvaluation becomes more overvalued, undervalued becomes even more undervalued”
Greenlight's David Einhorn breaks down why he believes the market is 'fundamentally broken'
2024-04-03
BUBBLE BASKET SHORTS (SPECULATIVE/MOMENTUM STOCKS)
neutral
David Einhorn · video
Greenlight covered its basket short of parabolic/speculative names in Q1 2023, and current short book is only idiosyncratic single-name ideas with no macro basket exposure
“we covered our bubble basket stocks in the first quarter of last year”
Greenlight's David Einhorn breaks down why he believes the market is 'fundamentally broken'
2024-04-03
IPO MARKET / NEW LISTINGS
bearish
David Einhorn · video
The collapse of active long-only managers means there is no natural buyer base for IPO roadshows, keeping the IPO market effectively closed even in favorable economic and market conditions
“you have a closed IPO market even in the face of really really favorable market conditions otherwise”
Greenlight's David Einhorn breaks down why he believes the market is 'fundamentally broken'
2024-03-11
HIGH-BUYBACK UNLEVERED VALUE STOCKS
bullish
David Einhorn · video
Unlevered companies returning the majority of earnings via buybacks at deeply depressed valuations are mathematically compelled to deliver returns because at 15% annual buyback the float disappears in ~6.5 years regardless of market re-rating
“if you are buying back 15% of your company the stock goes up or in 6 and a half years there's no stock left”
How Passive Investing May Have Created A Bifurcated Market For Value Investors - With David Einhorn
2024-03-11
ACTIVELY MANAGED VALUE EQUITY FUNDS
bearish
David Einhorn · video
Chronic outflows from active to passive have stripped active managers of capital, research staff, and buying power, eliminating the reflexive bid that historically drove value stock re-ratings and making the traditional value catalyst obsolete
“the value investing industry has had irreparable damage and is unlikely to recover in a material way”
How Passive Investing May Have Created A Bifurcated Market For Value Investors - With David Einhorn
2024-03-11
DEEP VALUE SMALL/MID-CAP EQUITIES IGNORED BY PASSIVE FLOWS
bullish
David Einhorn · video
Passive investing has created a wasteland of deeply undervalued companies trading at 4-5x earnings with no analyst following, where capital return via buybacks and dividends compels favorable outcomes without needing precise earnings forecasts or a catalyst…
“you can buy that same type of situation at four times earnings or five times earnings”
How Passive Investing May Have Created A Bifurcated Market For Value Investors - With David Einhorn
2024-03-11
DEEP VALUE / HIGH-BUYBACK 'WASTELAND' EQUITIES
bullish
David Einhorn · video
Passive investing has permanently drained active buyers from low-multiple, under-followed companies, creating a structural 'wasteland' where unlevered stocks at 4-5x earnings with 15%+ buyback yields compound returns mechanically — even with no re-rating…
“if you are buying back 15% of your company the stock goes up or in 6 and a half years there's no stock left”
How Passive Investing May Have Created A Bifurcated Market For Value Investors - With David Einhorn
2024-02-08
US CPI INFLATION (VIA INFLATION SWAPS)
owns
David Einhorn · video
The US economy is at full employment with GDP growth surprising to the upside, structural fiscal deficits of $3–4T/year are irreducible, and markets are pricing far more Fed cuts than the data warrants — making inflation more likely to persist or…
“I'm still long inflation and I kind of don't think we're going to see anywhere near as many fed cuts as people are talking about this year”
David Einhorn: Market Structures Are Broken | Masters in Business
2023-07-21
AAWW
bullish
David Einhorn · video
Atlas Air was trading at 3x earnings and 55% of book value while generating strong cash and initiating buybacks, representing extreme undervaluation that was confirmed when a PE firm took it private at 85-90% premium to Greenlight's cost.
“trading at three times earnings and 55 percent of Book value...a private equity firm came in and...85 or 90 percent increase in the value”
Value Investing: Down But Not Out? With David Einhorn, Founder & President of Greenlight Capital
2023-07-21
DEEP VALUE SMALL/MID-CAP EQUITIES (SUB-$5B MARKET CAP, UNLOVED, NO ANALYST COVERAGE)
bullish
David Einhorn · video
Passive investing has created a wasteland of ignored companies trading at 3-6x earnings with double-digit capital returns and no debt, where buybacks alone can eliminate the float in ~6.5 years, making losses structurally difficult without needing a catalyst…
“buy back 15 percent of your company the stock goes up or in six and a half years there's no stock left”
Value Investing: Down But Not Out? With David Einhorn, Founder & President of Greenlight Capital
2023-07-21
SHORT SELLING (BROAD)
bearish
David Einhorn · video
Greenlight has materially reduced its short book in 2023 because the environment is less favorable than 2022, and has structurally shifted to smaller, less-publicized short positions to avoid being targeted by short-squeeze dynamics.
“I don't think this year is as good and we've taken down our short book considerably”
Value Investing: Down But Not Out? With David Einhorn, Founder & President of Greenlight Capital
2023-07-21
ACTIVE-TO-PASSIVE ROTATION (STRUCTURAL)
neutral
David Einhorn · video
The active-to-passive rotation is largely complete, removing the systematic selling pressure on undervalued stocks, which means the negative headwind for deep value is over even though valuations remain depressed.
“most of the active managers who are going to be fired have been fired”
Value Investing: Down But Not Out? With David Einhorn, Founder & President of Greenlight Capital
2023-07-21
SUB-$5B UNDERVALUED EQUITIES WITH DOUBLE-DIGIT BUYBACK YIELDS
bullish
David Einhorn · video
Passive fund flows have created a wasteland of unloved companies trading at 3–6x earnings with double-digit capital return rates; with no active manager buyers needed, value accretes mechanically through buybacks and dividends regardless of re-rating
“buying back 15% of your company the stock goes up or in six and a half years there's no stock left”
Value Investing: Down But Not Out? With David Einhorn, Founder & President of Greenlight Capital
2023-06-22
VTSC
bullish
video
Vitesco Technologies (Continental spinoff, mis-transcribed as 'the telescope') trades cheaply because the market prices it as a legacy ICE powertrain business, ignoring a fast-growing EV components division with substantial new-order momentum that should…
“you kind of have a really sexy business which is the peanut butter all combined in one stock”
2023-06-22
GRBK
bullish
video
Green Brick Partners (mis-transcribed as 'Green Brook') is differentiating itself from homebuilder peers through superior business strategy and execution, a thesis that has taken 15 years to play out but is now becoming visible in the stock's performance
“I think we really do have a superior business proposition and execution to most of our publicly traded peers”
90d -23.7% · 180d -4.9% · 1y +2.5%
2022-06-10
GOLD
bullish
Sohn Investment Conference · video
Structural fiscal deterioration, persistent inflation the Fed cannot adequately combat, weaponization of the dollar freezing Russian reserves, and foreign central bank reserve diversification away from USD all point to gold as the ultimate reserve asset whose…
“eventually is now or at least it is soon enough that gold is a buy”
90d -8.9% · 180d -4.7% · 1y +4.2%
Sohn 2022 | An Investment Idea from David Einhorn
2022-06-10
ENERGY
bullish
Sohn Investment Conference · video
A decade of structural underinvestment in old-economy industries, combined with ESG-driven capital restraint and policy hostility to new supply, means higher prices are fueling buybacks rather than new capacity, leaving companies in these sectors positioned…
“companies in these industries are likely to earn excess profits for an extended period of time making these sectors attractive long investments”
90d -10.3% · 180d -1.9% · 1y -5.2%
Sohn 2022 | An Investment Idea from David Einhorn
2017-12-15
UNPROFITABLE GROWTH/TECH BUBBLE BASKET
bearish
David Einhorn · video
A basket of ~40-50 companies with no profits, no real prospect of profitability, and no purpose of making profits are trading at valuations so extreme (~90% overvalued on pure financials) that the thesis holds even without knowing what the business does
“none of them are actual viable businesses and the market might disagree with us on this”
David Einhorn | Full Q&A | Oxford Union
2008-06-03
LEH
short
David Einhorn · video
Lehman's Q1 10-Q disclosures were broadly inconsistent with their earnings call, the firm wrote down a $6.5B CDO portfolio by only 3% during a period of broad credit spread blowouts, management could not provide credible answers for the discrepancy, and…
“I think the risk-reward in the stock is poor from a long perspective, and so we are short.”
Einhorn on Lehman