David Einhorn
Greenlight Capital
Profile & Investment Philosophy
David Einhorn remains a classic long/short value investor with a taste for unloved balance sheets. In Q2 2026 his disclosed book rose to $3.9 billion across 46 positions, still anchored by Green Brick Partners at 19% - untouched for another quarter. He opened positions in Fortune Brands Innovations, PayPal, Warner Bros. Discovery and Primo Brands, doubled Sotera Health (+100%) and added to Core Natural Resources (+23%). Centene was cut 40%, and Victoria's Secret, SLM and Peloton were sold outright.
Track Record
Einhorn launched Greenlight Capital in 1996 with about $900,000 and ran it as a long-short value fund. Through the early 2010s Greenlight compounded at roughly 19% net annualized and peaked at over $12 billion in AUM. After a rough 2015-2018 stretch and large value-style drawdowns, the fund pivoted toward a more concentrated, deep-value book and recovered strongly: 2022 returned around 36% net while the S&P fell. Greenlight has since stabilized at a smaller AUM base. He authored 'Fooling Some of the People All of the Time' on the Allied Capital short and is widely credited with the early public warning on Lehman in 2008.
Signature Trades
Current Strategy (2026)
Greenlight's Q2 2026 disclosures show the same deep-value, low-multiple book that explicitly fights AI-driven mega-cap concentration — now $3.9 billion across 46 positions. Green Brick Partners remains the anchor at 19% and went untouched for another quarter, followed by Fluor, Core Natural Resources (+23%) and Brighthouse Financial. New money went into Fortune Brands Innovations, PayPal, Warner Bros. Discovery, Primo Brands and PVH, while Sotera Health was doubled. Centene was cut 40% and Victoria's Secret, SLM and Peloton were sold outright. Gold remains a core macro hedge against fiscal dominance, though the position was trimmed 16%. Einhorn's argument is unchanged: passive flows have broken price discovery in small and mid caps, so he tilts toward high free-cash-flow yields and managements shrinking the float.
BMI Counter-Take
Einhorn is right that price discovery is broken in small and mid caps, and the FCF-yield-plus-buyback framework is exactly the kind of edge a retail investor can replicate. The gold sleeve as a fiscal-dominance hedge is also intellectually honest. Our worry is the calendar. He has been early on this thesis for years, and ‚early' in a passive-driven market means underperforming the index for long stretches. We would copy the screening framework but pair it with a smaller core in profitable mega-cap quality, so you do not bleed relative performance while the catalyst takes its time. Pure value purism is a tax on patience.
Current Portfolio
LATEST 13F 2026-06-30Latest SEC Form 13F filing. Total portfolio value: $3.91 B. Holdings: 46 positions.
| Security | Shares | Δ vs Prev | Value ($) | Portfolio % |
|---|---|---|---|---|
| Green Brick Partners Inc. | 9.47 M | — | $758 M | 19.4 % |
| Fluor Corp. | 4.66 M | -1.9% | $244 M | 6.24 % |
| Core Natural Resources Inc. | 2.28 M | +22.9% | $183 M | 4.67 % |
| Brighthouse Finl Inc. | 2.84 M | — | $180 M | 4.60 % |
| Acadia Healthcare Company In | 4.40 M | -2.6% | $130 M | 3.32 % |
| Penn Entertainment Inc. | 5.86 M | -3.0% | $125 M | 3.20 % |
| Fortune Brands Innovations I | 2.24 M | ★ NEW | $123 M | 3.15 % |
| Pg&E Corp. | 6.63 M | — | $112 M | 2.85 % |
| Centene Corp. Del | 1.65 M | -39.6% | $106 M | 2.71 % |
| Graphic Packaging Hldg Co. | 9.95 M | +9.4% | $105 M | 2.69 % |
SOURCE: SEC Form 13F (2026-08-14). BMI Smart Money Tracker.