大卫.爱因霍恩

2015-04-24 21:04:27

 大卫.爱因霍恩的简介

 
金融领域最成功的对冲基金经理人之一。大卫.爱因霍恩是美国绿光资本公司的的主席和合伙创始人之一。
 
大卫.爱因霍恩1968年11月20日出生在美国新泽西的德玛雷斯特。他1991年在康奈尔大学获得了文学和理学学士学位。
 
投资百科的解释“大卫.爱因霍恩”
 
爱因霍恩早期在SC对冲基金的工作使他建立了对他对投资研究领域的欲望。和一个叫Jeffrey Keswin的SC同事一起用不到一百万美元建立了绿光资本,现在绿光资本管理着将近一百亿美元的资金。
 
绿光资本是一家实行多空股票策略的对冲基金。该公司进行多头或空头取决于资产评估的高估或者低估。这样的策略能使他在价值增加时进行多头,价值减少时进行空头。市场对爱恩霍恩对股票公开言论的反映就是跟随他无主见的大胆下注。
 
尽管他在多头交易中也赚取了可观的资金,但是还是他的空头交易策略震撼和推动市场。事实上,“艾因霍恩效应”一词就是在证明投资者被他对公司牛市评论影响之后创造出来的。
 
2002年,爱因霍恩指责联合资本公司,一家私人理财公司进行会计欺诈。当爱因霍恩指责联合资本公司以伪造资料和吹嘘资产价值欺骗持股人的时候他正在该公司进行一笔空头。这一不正当行为歪曲了其股票的真实价值。爱因霍恩公布其怀疑的第二天,联合资本的股票价格下跌20%,给爱因霍恩的空头带来巨大收益。在爱因霍恩的书《一路骗到底》中记录了爱因霍恩和联合资本公司事件的更多细节。
 
2007年因为对雷曼兄弟的空头赌注成为了爱因霍恩盈利最大的一年。爱因霍恩分享了他对雷曼兄弟财务报告的分析,并指责其利用虚假会计活动掩盖资本支持证券上的巨大负债。雷曼兄弟用太少的资产承担了太多的风险并招致高额的债务,但是其杠杆率却呈现出一种不同的更让人欢喜的画面。在爱因霍恩声明他在做空雷曼兄弟的股票之后,雷曼兄弟宣布损失达30亿美元。巨大的亏损为爱因霍恩对雷曼兄弟的指控提供了支持,加上更多火上浇油的谣传信息,使雷曼兄弟变成为了一个自由落体。 2008年9月雷曼兄弟申请破产,导致了2008年的股市崩盘。
 
股市崩溃后,爱因霍恩不同意美联储的零利率政策,因为他认为这将使债券的持有人和潜在投资人失去信心。他做出了一个通过黄金的上涨“做空美联储”的决定。低利率将会引起货币供应的增多,则此导致通货膨胀和美元价值的降低。
 
爱恩霍恩2011年进行了对克里格绿山公司(前绿山咖啡烘培公司)的做空,他称克里格独立包装的咖啡机市场有限,专利即将到期,信息公开缺乏,高资本支出和销售比率的不确定。爱因霍恩对这家咖啡制造公司股票做空开之后其股票价格下跌了10个百分点。
 
在爱因霍恩声称他因该公司高资产估值和来自塔可钟的激烈竞争押注股票下跌后干红辣椒的股价下跌了超过7%。
 
一些市场参与者经常指控大卫.爱因霍恩采取“做空和扭曲”的阴险策略,涉及他对一支股票的做空然后散布谣言诋毁公司以达到降低其价格的目的。爱因霍恩也被称为一个维权投资者,他试图影响公司操作的改变来维护持股人利益。这可以在爱因霍恩2013为使这个科技公司将其闲置资金(超过一亿五千万美元)分发给股东而对苹果发起的起诉中看出来。
 
艾因霍恩是一个狂热的扑克玩家和慈善家。自2006年以来,他所有赌博的奖金都已经捐赠给各种慈善组织,如City Year、罗宾汉基金会和迈克尔•杰克逊•基金会。
 
根据福布斯2014年统计,爱因霍恩资产超过15亿美元,他也是全美顶尖的对冲基金经理人。
 
他娶了谢尔丽.施特劳斯并生有三个孩子。
 
David Einhorn
 
DEFINITION of 'David Einhorn'
 
One of the most successful and closely followed hedge fund managers in the financial industry. David Einhorn is the President and co-founder of Greenlight Capital Inc.
 
David Einhorn was born on November 20, 1968 in Demarest, New Jersey. He earned a BA from Cornell University’s College of Arts and Sciences in 1991.
 
INVESTOPEDIA EXPLAINS 'David Einhorn'
 
Einhorn’s early career with hedge fund Siegler, Collery & Co. (SC) in 1993 was where he found his calling in the field of investment research. With Jeffrey Keswin, a colleague from SC, Einhorn founded Greenlight Capital Inc. in 1996 with less than $1 million. As of 2014, the firm has approximately $10 billion of assets under management.
 
Greenlight Captal is a hedge fund that implements the long-short equity strategy. The firm implements long and short positions depending on whether an asset has been pinned as undervalued or overvalued. A strategy like this should ideally have the long assets increase in value, and the shorts fall in value.
 
Though he has made commendable earnings with his long positions, it is his short selling strategy that shakes and moves the market. The markets react majorly to Einhorn’s public comments on stocks as copycats seek to replicate his bold bets. As a matter of fact, the term “Einhorn Effect” was created after it was proven that investors are impacted by his bearish comments made on companies.
 
In 2002, David Einhorn accused Allied Capital, a private finance firm, of accounting fraud. Einhorn had a short position in Allied Capital at the time he publicly claimed that the firm was deceiving its shareholders by cooking its books and inflating the price of their assets. This fraudulent practice distorted the real value of its stock. The day after Einhorn released his suspicions to the public, Allied Capital’s share price fell 20%, earning Einhorn a solid win on his short position. Much of the details of the Einhorn-Allied affair is detailed in Einhorn’s book Fooling Some of The People All of The Time.
 
The year 2007 recorded the biggest win for David Einhorn with his short bet on Lehman Brothers. Einhorn shared his analysis on Lehman’s financial statements accusing the company of being involved in dodgy accounting practices that covered up the firm’s huge liabilities on asset backed securities. Lehman was taking up too much risk and incurring high debts with too little capital and equity, but its leverage ratio was presenting a different and more favorable picture. Lehman announced a loss of almost $3 billion after Einhorn publicly announced that he was shorting the company’s stock. The huge loss offered props to Einhorn’s allegations against the company, and with more rumors adding fuel to the fire, the company went into a free fall. Lehman Brothers filed for bankruptcy in September 2008 and was the trigger for the stock market crash of 2008.
 
After the market crash, Einhorn disagreed with the Fed’s zero interest rate policy as he believed it was discouraging to savers and potential bond investors in the economy. He took a decision to "short the Fed" by going bullish on gold. Low interest rates could lead to inflation in the money supply which may result in price inflation and hence, a decline in the value of the dollar.
 
Einhorn took a short position in Keurig Green Mountain (formerly Green Mountain Coffee Roasters) in 2011 citing that the market for its Keurig single-cup brewer was limited, patent expirations were looming, transparency and disclosure was poor, and high capex to sales ratio was uncertain. The coffee maker firm’s shares fell 10% after Einhorn stated his position against the company.
 
Chipotle’s share price fell more than 7% after the hedge fund manager announced that he was betting against the company due to its high valuation and tough competition from Taco Bell.
 
Some market participants have frequently accused David Einhorn of employing the “short and distort” sinister strategy which involves shorting a stock and then spreading rumors to discredit the company in order to drive down its value. Einhorn is also referred to as an activist investor – one who tries to effect change in a company’s operations with the intent of protecting the interest of shareholders. This can be seen in Einhorn’s 2013 lawsuit against Apple in a bid to pressure the tech company to distribute its idle cash (over $135 billion) to its shareholders.
 
Einhorn is an avid poker player and philanthropist. Since 2006, all of his winnings from gambling have been donated to various charitable organizations such as City Year, Robin Hood Foundation, and Michael J. Foundation.
 
According to Forbes 2014, Einhorn is worth over $1.5 billion and is one of the leading hedge fund managers in the country.
 
He is married to Cheryl Strauss and has 3 children.
 
本文翻译由兄弟财经提供
文章来源:http://www.investopedia.com/terms/d/david-einhorn.asp
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