Profil et philosophie d'investissement

Greenlight Capital, le fonds de David Einhorn, reste très concentré sur Green Brick Partners, reflétant un pari massif sur le marché immobilier américain au premier trimestre 2026. Einhorn a également renforcé Fluor Corp et initié une position dans Core Natural Resources. Son approche forensique des positions longues comme courtes continue de définir sa stratégie, privilégiant la profondeur analytique au consensus de marché.

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.

Trades emblématiques

Stratégie actuelle (2026)

Greenlight's Q1 2026 disclosures show a deep-value, low-multiple book that explicitly fights the AI-driven mega-cap concentration. Largest disclosed longs continue to cluster around cash-generative industrials and housing-adjacent names like Green Brick Partners, plus selective consumer and energy positions. Einhorn has been vocal that passive flows have broken price discovery in small and mid caps, so he tilts toward high free-cash-flow yields, large buyback programs and management teams shrinking the float. Gold remains a core macro hedge against fiscal dominance and a weaker dollar. He has trimmed or avoided most expensive tech and runs the short book against high-multiple, narrative-driven names. The portfolio reads as a bet that the multiple gap between mega-cap quality and ignored small-mid value finally compresses.

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.

Dernière déclaration SEC Form 13F. Valeur totale du portefeuille: 2,78 Md €. Positions: 45 positions.