market folly

Earlier, we posted a compilation of notes from the Ira Sohn Conference and we also detailed Steve Eisman's presentation, Subprime Goes to College. Next, we're detailing the speech from Greenlight Capital's David Einhorn. The hedge fund manager's speech entitled, "Good News for the Grandchildren" focuses on how our grandchildren won't have to pay for the consequences of our actions; we will. He thinks a crisis has already unfolded and that our generation will be the ones paying for it. Instead of watching the situation spiral into a debt crisis, Einhorn urges us to address the situation right now. As you can imagine, Einhorn likes gold and gold stocks. In particular, he mentioned African Barrick Gold (ABG) traded in London.

Additionally, Einhorn attacked the ratings agencies and again mentioned he was still short Moody's (MCO) and McGraw Hill (MHP). Some of you will remember that Einhorn originally laid out his short thesis on these names at last year's Ira Sohn Conference when he presented The Curse of the Triple-A. To see what else Einhorn has been investing in, we highlighted his new position in NCR and we've also covered Greenlight's portfolio for those interested. To learn more about Einhorn and his investment process, we recommend checking out his book, Fooling Some of the People All of the Time.

Embedded below is David Einhorn's presentation from yesterday's Ira Sohn Investment Conference entitled, "Good News for the Grandchildren":



You can also download a .pdf copy here.

For more coverage of this event, be sure to head to notes from the Ira Sohn Conference as well as Steve Eisman's presentation, Subprime Goes to College. And if you want to see the latest portfolio moves from top investment managers, head to our ongoing hedge fund portfolio tracking series.