David Einhorn Quotes

#1. There's more at risk in what happens in Microsoft than I could ever bet on a poker table.

David Einhorn

#2. During my freshman year at Cornell, I joined my dorm's intramural football team. At the first practice, upper classmen pointed out I was tall, so I should try playing QB. Well half an hour later, it was abundantly clear that I should not be the QB.

David Einhorn

#3. What is uncertain is how much further the bubble can expand, and what might pop it.

David Einhorn

#4. 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.

David Einhorn

#5. The loss was not bad luck. It was bad analysis.

David Einhorn

#6. Microsoft could help Facebook with one of the biggest challenges, namely monetizing its traffic without reducing the user's experience. It's obvious that Microsoft needs traffic and Facebook needs search.

David Einhorn

#7. What do you call a stock that's down 90%? A stock that was down 80% and then got cut in half.

David Einhorn

#8. My father and grandfather were businessmen. The family business was Adelphi Paints in New Jersey. When the first energy crisis came in the early 1970s, the business suffered.

David Einhorn

#9. When people ask me what I do for a living, I generally tell them 'I run a hedge fund.' The majority give me a strange look, so I quickly add, 'I am a money manager.' When the strange look persists, as it often does, I correct it to simply, 'I'm an investor.' Everyone knows what that is.

David Einhorn

#10. I've got a fantasy-baseball team with my brother. But I have to admit, he does all the work.

David Einhorn

#11. On my best days, I fancy myself a combination of Dad's persistence/patience and Mom's toughness/skepticism.

David Einhorn

#12. I spent most of high school working on the debate team, probably at some expense to my grades. Being a member of the team was great training in critical analysis, organization, and logic.

David Einhorn

#13. As an investor my job is to figure out what will happen rather than what should happen.

David Einhorn

#14. In the real world, illiquid assets carry a discount.

David Einhorn

#15. When you leave a good job to go off on your own and don't expect to make money for a while, you name the firm whatever your wife says you should.

David Einhorn

#16. Both poker and investing are games of incomplete information. You have a certain set of facts and you are looking for situations where you have an edge, whether the edge is psychological or statistical.

David Einhorn

#17. A 99% Value-at-Risk calculation does not evaluate what happens in the last one percent ... This is like an airbag that works all the time, except when you have a car accident.

David Einhorn