David Einhorn

David Einhorn Interview Notes

The following piece on David Einhorn is being published as part of our Hedge Fund Tracker Tool where we create profiles of hedge funds and hedge fund managers who have been in the news.
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Here are some quick highlights from a recent interview with David Einhorn by Worth Magazine:

On the case for short-selling:
I do think that there is a social value in identifying companies that are doing bad things and betting against them. I’ve seen the demise of a fair number of these companies, and it’s not because we’ve bet against them, it’s because these were flawed companies. And our country, our markets, our economy are better when companies that are flawed or cheating are replaced by better ones.

On why hedge funds are more reliable than investment banks:
Hedge funds appreciate that if they do a bad job, if they blow themselves up, there’s nobody there who’s going to bail them out. They’re going to lose their business, they’re going to lose their reputation, their customers are going to lose their money, and it’s just going to be a sorry experience for everybody. But if a big investment bank, like Lehman Brothers, makes a big mistake with their accounting because they didn’t have adequate systems, they believe that the Treasury or the Fed will bail them out.

On the Securities and Exchange Commission:
They’ve done a poor job of enforcing the rules to protect investors. They protect issuers at the expense of investors, and a lot of investors are suffering the consequences. Investors need accurate information. They need there to be consequences when companies go too far out of bounds. Read more…

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