David Einhorn
Born	November 20, 1968 (age 45)
Residence	Westchester County, New York,United States
Nationality	American
Alma mater	Cornell University[1]
Occupation	Founder & President, Greenlight Capital Hedge fund manager
Salary	$80 million (2011)[2]
Net worth	$1.25 billion (March 2013)[3]
Spouse(s)	Cheryl Strauss
Children	three
Parents	Stephen and Nancy Einhorn

David Einhorn (born November 20, 1968), an American hedge fund manager, is the founder and president ofGreenlight Capital,^[4] a "long-short value-oriented hedge fund." He started Greenlight Capital in 1996 with $900,000. Greenlight has generated about a 20% annualized return for investors.^[5] Einhorn is also the Chairman of Greenlight Capital Re, Ltd, a Cayman Islands-based reinsurance company and is a major shareholder.

Einhorn has received extensive coverage in the financial press for short selling Allied Capital, Lehman Brothers andGreen Mountain Coffee Roasters stock. He is also a critic of current investment-banking practices, saying they are biased to maximize employee compensation. He cites a statistic that investment banks pay out 50 percent of revenues as compensation, and higher leverage means more revenues, making this model inherently risky.^[5]

Einhorn was a director at New Century Financial Corp., a major subprime mortgage lender, between March 2006 and March 2007. Greenlight Capital held 6.3% of the company's stock at the time he resigned from the board.^[6] A class action lawsuit was brought against 13 former directors and senior management of New Century. The lawsuit did not allege any specific wrongdoing by Einhorn and was settled in 2010 without any admission of liability on Einhorn's part. The settlement was funded by more than $90 million in payments from New Century's D&O carriers and personal payments by members of senior management, including David Einhorn.^[7]

He is also a founding Master Player of the Portfolios with Purpose virtual stock trading contest

Personal life and family[edit]

Einhorn was born to a Jewish family^[9] in New Jersey,^[10] the son of Stephen and Nancy Einhorn,^[11] The family moved to Wisconsin when he was seven.^[10] in 1987, he graduated from Nicolet High School in Glendale, Wisconsin.^[12] Einhorn graduated summa cum laude from Cornell University with a BA in Government from the College of Arts and Sciences in 1991. He was a member of the Sigma Alpha Epsilon fraternity at Cornell. Einhorn lives in Westchester County, New York with his wife, Cheryl Strauss Einhorn, and three children.

Einhorn is a major contributor and board member of The Michael J. Fox Foundation. In 2006, Einhorn finished 18th in the World Series of Poker main event and donated his winnings (over $650,000) to the foundation.^[13] He is also on the board of the Robin Hood Foundation and a contributor to numerous charities in the New York area. In the Spring of 2009, as promised in his book Fooling Some of the People All of the Time, Greenlight Capital donated all of the general partner's profits from the shorting of Allied Capital stock (an additional $6 million - Greenlight already donated $1 million in 2005 to Tomorrows Children's Fund - to make a total of $7 million) to three organizations (Tomorrows Children's Fund, The Project On Government Oversight (POGO) and the Center for Public Integrity (CPI). In 2012, Einhorn donated his winnings from the 2012 World Series of Poker Big One for One Drop Tournament (which had a one million dollar buy in, and in which he won $4,352,000 for his 3rd place finish) to City Year.^[14][15]

Einhorn's father Stephen and his brother Daniel together run Einhorn & Associates, a Wauwatosa mergers-and-acquisitions consulting firm, and Capital Midwest Fund, a venture capital fund. Stephen and his wife Nancy are major supporters of the Republican Party and, in the United States presidential election, 2012, funded the placement of anonymous anti-voter-fraud billboards in Wisconsin and Ohio.^[16] David Einhorn is a known Democratic donor.^[17]

Einhorn is reported to drive a Honda Odyssey.^[18]

Notable market plays[edit]

Allied Capital[edit]

In May 2002, at the Ira W. Sohn Investment Research Conference, Einhorn delivered a speech about a mid-cap financial company called Allied Capital. He recommended shorting the company's stock and shorted it himself.^[19] The day after his speech, Allied's stock opened down 20 percent. Einhorn claimed that Allied was involved in lending practices that defrauded the Small Business Administration. Allied said that Einhorn was engaged in market manipulation, and illegally accessed his phone records using pretexting.

The U.S. Securities and Exchange Commission (SEC) investigated Einhorn for market manipulation, and Eliot Spitzer also announced that he intended to start an investigation.^[20] In June 2007, the SEC found that Allied broke securities laws relating to the accounting and valuation of illiquid securities it held.^[21] Einhorn has published a book, Fooling Some of the People All of the Time regarding this six-year fight.^[22] In late 2008, the SEC began investigating charges that Einhorn has made about the SEC's mishandling of this matter, including the possibility that "a former SEC attorney may have taken confidential investigative materials with him when he left the Commission and provided those materials to a company he went to work for as a lobbyist." The SEC OIG confirmed in 2010 that the SEC had failed to properly pursue the allegations against Allied Capital made by Einhorn, and that Mark Braswell, the enforcement bureau chief in charge of the investigation, left the agency and landed Allied Capital as a lobbying client.^[23]

Einhorn would come to view Allied as a microcosm of market trends: "What we've seen a year later is that Allied was the tip of an iceberg; that this kind of questionable ethic, philosophy and business practice was far more widespread than I recognized at the time...Our country, our economy, is paying a huge price for that."^[24]

Lehman Brothers[edit]

In July 2007, Einhorn shorted Lehman Brothers stock, believing that Lehman had massive exposures to illiquid real estate investments that were improperly accounted for.^[25] He also claimed that they used dubious accounting practices in their financial filings.^[5] Einhorn shared his thesis on Lehman in November 2007 at the Value Investing Congress.^[26]

When Bear Stearns had to be bailed out by the Federal Reserve in March 2008, Lehman was widely considered to be in a weak financial situation.^{[citation needed]} In a speech at a conference in April, Einhorn announced his Lehman short position.^[5][27] In May, Lehman's CFO Erin Callan held a private teleconference with Einhorn and his staff, who^[28] hoped Callan could explain discrepancies they had uncovered since the firm's latest financial filing. Einhorn publicly characterized Callan's responses on the call in a negative light and Lehman stock fell sharply. Callan was fired a few weeks later when Lehman reported a $2.8 billion quarterly loss. Lehman would declare bankruptcy in September 2008.

Green Mountain Coffee Roasters[edit]

Speaking at the Value Investing Congress in New York City on October 17, 2011, Einhorn publicly announced his short position in Green Mountain Coffee Roastersstock.^[29] Prior to that date, the company's share price had increased more than tenfold since March 2009, the third-biggest gain in the Standard & Poor's Midcap 400 Index. In his presentation Einhorn opined that the market for Green Mountain's new Keurig single-cup coffee brewer was "limited," and that the K-Cup coffee pods for the machine presented a "looming patent issue" for the company. He also said that Green Mountain had a "litany of accounting questions." Following Einhorn's speech Green Mountain's share price fell by 10 percent, closing that day at $82.50.^[30]

A few weeks later on November 9, 2011, Green Mountain's quarterly report missed analyst expectations and its stock price plunged to $43.71. The company's CEO Lawrence J. Blanford cited a "number of factors including changes in wholesale customer ordering patterns in our grocery and club channels" for the underperformance of the company.

New York Mets[edit]

On May 26, 2011, the New York Mets announced that Einhorn had agreed to buy a minority share of the baseball team for $200 million.^[31] Einhorn had the option to purchase a majority stake in the Mets after three years if current majority owner Fred Wilpon and his family could not meet their financial obligations by then.^[32] On September 1, 2011, the Mets announced that they had ended negotiations to sell minority ownership to Einhorn.^[33]

Microsoft[edit]

On May 26, 2011, Einhorn called for Steve Ballmer, CEO of Microsoft, to step down after Microsoft had been passed by both IBM and Apple^[34] in market value.^[35]

Apple Inc.[edit]

In early February 2013 Einhorn filed a lawsuit against Apple Inc. in a Manhattan court in order to pressure the company to issue dividend-paying perpetual preferred stock as a means of distributing some of its $137 billion in cash to shareholders.^[36] Later that month Einhorn set what one Wall Street Journal headline called a "Legal Precedent in Corporate Governance" when the court ruled in favor of Einhorn and determined that Apple's attempt to bundle a measure requiring a shareholder vote prior to issuing preferred shares with a larger shareholder proposal "impermissibly bundles 'separate matters' for shareholder consideration."^[37][38]

U.K. insider dealing[edit]

In January 2012, the U.K. Financial Services Authority (FSA) fined Einhorn and Greenlight Capital $11.2 million for trading on inside information. The FSA claimed Einhorn obtained information on the Punch Taverns Plc (PUB) equity fundraising by a broker representing the company prior to public knowledge of the event. Over the following four days, Einhorn sold more than 11 million shares, avoiding a 29.9% stock price collapse and subsequent loss of about £5.8 million.^[39]

The FSA stated: "The FSA accepted that Einhorn’s trading was not deliberate because he did not believe that it was inside information. However, this was not a reasonable belief.^[39] " "This was a serious case of market abuse by Einhorn and fell below the standards the FSA expects, particularly due to Einhorn’s prominent position as President of Greenlight and given his experience in the market.^[39]" “Einhorn is an experienced professional with a high profile in the industry. We expect someone in his position to be able to identify inside information when he receives it and to act appropriately. His failure to do so is a serious breach of the expected standards of market conduct. It is highly damaging to market confidence when privileged shareholders commit market abuse, and the high penalty reflects the seriousness of his breach.”^[39]

Einhorn called the £7.2m fine "unjust" and "inconsistent with the law" but said he would pay it "rather than continue an arduous fight" ^[40] The fine was the second largest levied on an individual in the history of Britain’s Financial Services Authority.

大衛·艾因霍恩（對沖基金經理）
維基百科，自由的百科全書
大衛·艾因霍恩
出生 1968年11月20日（45歲）
公寓 威徹斯特縣，紐約，美國
國籍 美國
母校 康奈爾大學[ 1 ]
職業 創辦人兼總裁，綠光資本對沖基金經理

工資 80000000美元（2011）[ 2 ]
身家 增加1.25美元十億 （2013年3月）[ 3 ]
配偶（S） 謝麗爾·施特勞斯
兒童 3
父母 斯蒂芬和南希·艾因霍恩
大衛·艾因霍恩（生於1968年11月20日），一位美國對沖基金經理，是公司的創始人和總裁綠光資本，[ 4 ] “長，短期價值為導向的對沖基金。” 他開始綠光資本在1996年以$ 90萬美元。綠光已產生約20％的年均回報投資者。[ 5 ]艾因霍恩也是綠光資本再有限公司，主席的開曼群島為基礎的再保險公司，是一個主要股東。

艾因霍恩受到了廣泛的報導，在財經媒體的賣空 聯合投資，雷曼兄弟和綠山咖啡烘焙股票。他也是目前投資銀行的做法的批評，說他們有偏見，以最大限度地提高員工薪酬。他援引的統計信息，投資銀行支付的收入作為補償的50％，以及更高的槓桿率意味著更多的收入，使得這種模式固有的風險。[ 5 ]

艾因霍恩的董事在新世紀金融公司，一個主要的次級抵押貸款機構，2006年3月和2007年3月之間，綠光資本，在他從董事會辭職時持有該公司股票的6.3％。[ 6 ]集體訴訟被控告13名前董事，新世紀的高級管理人員。這起訴訟沒有被艾因霍恩指控任何特定的不當行為，並定居在2010年沒有責任對艾因霍恩的一部分的任何入場。結算資金由超過9000萬美元的新世紀公司的D＆O的運營商和個人支付款項由高級管理層，包括大衛·艾因霍恩的成員。[ 7 ]

他也是創始高手玩家有目的公文包虛擬股票交易的較量。

個人生活和家庭[ 編輯]
艾因霍恩出生於一個猶太家庭[ 9 ]在新澤西州，[ 10 ]斯蒂芬和南希·艾因霍恩的兒子，[ 11 ]的全家搬到了威斯康星州的時候，他是七。[ 10 ]在1987年，他畢業於美國Nicolet高中在格倫代爾，威斯康星州。[ 12 ]艾因霍恩畢業以優異成績從康奈爾大學與藝術和科學學院政府學學士學位，1991年他是成員西格瑪阿爾法的Epsilon 聯誼會在康奈爾大學。艾因霍恩住在威徹斯特縣，紐約與他的妻子謝麗爾·施特勞斯艾因霍恩和三個孩子。

艾因霍恩是一個主要貢獻者和董事會成員邁克爾·J·福克斯基金會。2006年，艾因霍恩完成了第18，在世界撲克系列賽主賽事，並捐出了自己的獎金（超過65萬元）的基礎。[ 13 ]他也是在黑板上的羅賓漢基金會和貢獻者眾多的慈善機構在紐約區。在2009年的春天，如許在他的著 ​​作愚弄一些時間的人所有，綠光資本捐出所有的普通合夥人的利潤來自盟軍股本短路（一增加600萬美元-綠光已經捐贈了100萬美元的2005年到明天的兒童基金-使總量700萬美元），三個機構（明天的兒童基金，該項目在政府監督（POGO）和公共廉正中心（CPI） ，在2012年，艾因霍恩捐贈了他的獎金從2012年的世界撲克系列大一號的一滴比賽（其中有一個百萬美元購買的，而在他贏得4352000美元為他的第3名的成績），以城市年。[ 14 ] [ 15 ]

艾因霍恩的父親斯蒂芬和他的弟弟丹尼爾一起跑艾因霍恩＆Associates的沃瓦托薩兼併和-併購諮詢公司，並投資中西部基金，風險投資基金。斯蒂芬和他的妻子南茜是共和黨的主要支持者，並在美國總統大選，2012，出資安置在威斯康星州和俄亥俄州匿名抗選民欺詐的廣告牌。[ 16 ]大衛·艾因霍恩是一個已知的民主黨捐款人。[ 17 ]

艾因霍恩報導駕駛一輛本田奧德賽。[ 18 ]

值得關注的市場劇[ 編輯]
聯財務[ 編輯]
2002年5月，在艾拉·W·孫某投資研究會議，艾因霍恩發表演講關於中型金融公司叫聯合資本。他建議做空該公司的股票，並短接它自己。[ 19 ]當天演講結束後，盟軍的股票開盤下跌20％。艾因霍恩稱，盟軍參與的貸款詐騙的行為小企業管理局。聯盟說，艾因霍恩從事市場操縱，非法使用訪問他的電話記錄pretexting。

在美國證券交易委員會（SEC）的調查艾因霍恩操縱市場，以及斯皮策還宣布，他打算展開調查。[ 20 ] 2007年6月，美國證券交易委員會發現，盟軍突破有關的會計和估值的證券法非流動性證券舉行了。[ 21 ]艾因霍恩曾出版了一本書，愚弄一些人所有的時間對此六年的戰鬥。[ 22 ]在2008年年底，美國證交會開始調查指控艾因霍恩曾在關於美國證券交易委員會的處理不當這件事情，包括可能“前美國證券交易委員會的律師可能會採取保密的調查材料，他當他離開委員會提供這些材料到公司，他去了一個遊說工作。” 美國證券交易委員會監察長辦公室於2010年證實，美國證券交易委員會未能妥善尋求對盟軍資本的指控作出艾因霍恩和馬克布拉斯韋爾，負責調查的執法局局長，離開了機構和盟軍登陸資本為遊說客戶端。[ 23 ]

艾因霍恩會來查看盟軍為市場趨勢的一個縮影：“我們已經看到了一年後就是盟軍是冰山的一角;，這種質疑的道德，哲學和商業實踐是更廣泛的比我認當時......我們的國家，我們的經濟，付出了巨大的代價。“ [ 24 ]

雷曼兄弟公司[ 編輯]
2007年7月，艾因霍恩短路雷曼兄弟的股票，認為雷曼有大量的風險，以流動性差的房地產投資，是不正確核算。[ 25 ]他還聲稱，他們使用了可疑的會計實踐在他們的財務文件。[ 5 ]艾因霍恩分享了他本文對雷曼兄弟在2007年11月在價值投資大會。[ 26 ]

當貝爾斯登曾在2008年3月被保釋出來了美聯儲（Fed），雷曼兄弟被廣泛認為是處於弱勢的財務狀況。[ 來源請求 ]在講話在4月會議上，艾因霍恩宣布雷曼兄弟的空頭頭寸。[ 5 ] [ 27 ]在五月份，雷曼兄弟公司首席財務官艾琳卡倫舉行艾因霍恩和他的工作人員，誰的私人電話會議[ 28 ]希望郭能可以解釋的差異，因為他們公司的最新財務申報揭發。艾因霍恩公開特點卡倫的反應在呼叫從負面的角度和雷曼兄弟的股票大幅下跌。卡倫被解僱時，雷曼報導撥款2.8十億季度虧損了幾個星期後。雷曼兄弟將在2008年9月宣布破產。

綠山咖啡烘焙[ 編輯]
談到在價值上2011年10月17日投資會議在紐約市，艾因霍恩公開宣布他的空頭頭寸綠山咖啡烘焙股票。[ 29 ]在該日以前，該公司的股價已經從2009年3月增長了十幾倍，第三大漲幅，標準普爾 中型股400指數。在他的演講艾因霍恩認為，市場對綠山新KEURIG單杯咖啡布魯爾是“有限的”，而K杯咖啡包的機器提出了“迫在眉睫的專利問題”的公司。他還表示，綠山有“會計一連串的問題。” 繼艾因霍恩的講話綠山公司的股價下跌了10％，收盤在全天82.50美元。[ 30 ]

幾個星期後，在2011年11月9日，綠山的季度報告不及分析師預期其股價跌至43.71美元。該公司的首席執行官勞倫斯·J·Blanford列舉了“一系列因素，包括在我們的雜貨店和俱樂部的渠道變革批發客戶訂購模式”為公司的業績不佳。

紐約大都會隊[ 編輯]
在2011年5月26日，在紐約大都會宣布，艾因霍恩已同意收購少數股份的的棒球隊為2億美元。[ 31 ]艾因霍恩曾在三年後購買了大都會的多數股權期權，如果目前的大股東弗雷德Wilpon和他的家人屆時無法履行其財政義務。[ 32 ]在2011年9月1日，大都會隊宣布，他們已經結束了談判 ​​出售少數股權，以艾因霍恩。[ 33 ]

微軟[ 編輯]
在2011年5月26日，艾因霍恩要求史蒂夫·鮑爾默的CEO 微軟，下台後，微軟已經通過雙方的IBM和蘋果[ 34 ]中的市場價值。[ 35 ]

蘋果公司[ 編輯]
在二月初2013艾因霍恩起訴了蘋果公司在曼哈頓的法庭，以迫使該公司發出支付股息的永久性優先股派發它的一些手段$ 137十億的現金給股東。[ 36 ]後來有一個月艾因霍恩定什麼人華爾街日報的標題叫做“公司治理法律先例”當法院作出了有利於艾因霍恩和確定，蘋果試圖捆綁的措施，要求股東投票前，發行優先股具有更大的股東提案“不允許的捆綁'件事情“為股東考慮。” [ 37 ] [ 38 ]

英國內幕交易[ 編輯]
在2012年1月，英國金融服務管理局（FSA）罰款艾因霍恩和綠光資本11200000美元的內幕信息買賣的。日本金融廳稱艾因霍恩事件的公共知識獲得的信息上打孔酒館Plc的（PUB）股票募集資金所代表的公司的經紀人之前。在接下來的四天中，艾因霍恩售出超過11億股，避免了29.9％，股價崩潰，約5800000英鎊後續損失。[ 39 ]

日本金融廳表示：“日本金融廳同意，艾因霍恩的交易是不是故意的，因為他不相信這是內部信息然而，這並不是一個合理的信念。[ 39 ] “”這是市場虐待的艾因霍恩和嚴重的情況下，跌破FSA的預期標準，特別是由於艾因霍恩的顯赫地位，綠光總統和給他的市場經驗。[ 39 ] “”艾因霍恩是一位經驗豐富的專業人士，在業內高調。我們預計有人在他的位置，以便能夠識別內部信息的時候，他收到它，並採取適當行動。他不這樣做是嚴重違反市場行為的預期標準。它嚴重損害了市場信心，當特權股東承諾市場濫用，而高罰反映了他違規的嚴重性。“ [ 39 ]

艾因霍恩稱英鎊7.2米精“不公正”和“與法律不一致的”，但表示他會支付它“，而不是繼續艱苦的鬥爭” [ 40 ]的精細是第二大的英國金融史上徵收個人服務管理局。