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Source link: http://archive.mises.org/14909/einhorn/


December 6, 2010 by

This is one of the most extraordinary interviews I have seen on CNBC in a very long time.  David Einhorn founded hedge fund Greenlight Capital which has $7 billion under management. This guy really knows his stuff. He shorted Allied Capital in 2002 and made a fortune shorting Lehman Bros. in 2007. His largest position is in gold and he warns that the Federal Reserve is engaging in a “very dangerous long-term policy.”

When asked about BRIC and other foreign markets, Einhorn repeatedly gave an answer almost no one is willing to give on TV; “I don’t know much about that.” It is rare that we see someone confidant enough in what they do know to admit that there are things about which they do not. Perhaps self-awareness of our knowledge deficiencies is the most useful measure of intelligence.


J. Murray December 6, 2010 at 11:54 am

A wise man will say, “Let me research that and get back to you,” when he doesn’t know the subject. David Einhorn is apparently a wise man.

AubreyHerbert December 6, 2010 at 1:07 pm

“Perhaps self-awareness of our knowledge deficiencies is the most useful measure of intelligence.”

“Real knowledge is to know the extent of one’s ignorance.” ~ Confucius

Ned Netterville December 6, 2010 at 1:21 pm

“As the island of my wisdom expands, the shoreline of my ignorance lengthens and I can see more of the unexplored, unplumbed ocean of wisdom before me.”–Or similar words to that effect, but I don’t know who first spoke them.

geoih December 6, 2010 at 1:47 pm

Bernanke is saying that inflation isn’t a problem, but everybody knows that the only way the government can handle the debt is to inflate. Inflation is everywhere (except in the government calculated indices), but they still listen to the government idiots as if they are oracles.

Corporations are doing well. So in the next sentence they start talking about how they can tax the crap out of them. I can’t understand why the economy is in the toilet.

Carl December 6, 2010 at 2:13 pm

Einhorn IS Finkle!

Joshua_D December 6, 2010 at 5:25 pm

L … O … L!

J Cortez December 6, 2010 at 10:05 pm

Ugh. . .Finkle. . . Eirnhorn. . . Disgusting. :)

Coury Ditch December 6, 2010 at 7:07 pm

“Perhaps self-awareness of our knowledge deficiencies is the most useful measure of intelligence.”

Well said.
This quote reminds me of Nassim Taleb’s book, “The Black Swan”.

J Cortez December 6, 2010 at 10:13 pm

Very interesting interview. Some cool points:

- Contrary to popular belief, as a fund, they are more long than short.
- Gold is their biggest position.
- They’re short on ratings agencies.
- They run their money without leverage.

That guy is a breath of fresh air compared to the usual crap on CNBC.

Gaucho December 6, 2010 at 11:18 pm

Follow up on the videos above ….David Einhorn goes on to school the Former Fed Governor

Gaucho December 6, 2010 at 11:19 pm
newson December 8, 2010 at 11:16 pm


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