From CNBC: 2024-11-12 15:24:21

Hedge fund investor David Einhorn’s cautious approach in the “priciest stock market” led to just a 9% return in 2024, compared to the S&P 500’s 20% gain. He neither called it a bubble nor bearish, but high prices made him conservative. Einhorn speaks at CNBC’s Delivering Alpha Summit to share his post-election views.

Einhorn’s low net exposure to the market and lack of investments in top-performing stocks hurt Greenlight Capital’s performance. He believes managing the last third of a bull market is tough. Einhorn bet on gold due to predicted inflation, which has paid off with spot gold hitting a record high in October.

David Einhorn, a Cornell grad, founded Greenlight Capital and achieved a 26% annualized return for a decade. He predicted the Lehman Brothers fall during the financial crisis, becoming a highly followed hedge fund manager. In recent years, he found success in value stocks with buyback strategies.

Read more: David Einhorn to speak as the priciest market in decades gets even pricier postelection