David Einhorn Quotes
101 David Einhorn Quotes
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[In October 2009] On the anniversary of Lehman's failure, President Obama gave a terrific speech. He said, ‘Those on Wall Street cannot resume taking risks without regard for the consequences, and expect that next time, American taxpayers will be there to break the fall.’ Later he advocated an end of ‘too big to fail.’ Then he added, ‘For a market to function, those who invest and lend in that market must believe that their money is actually at risk.’ These are good points that he should run by his policy team, because Secretary Geithner's reform proposal does exactly the opposite.
David Einhorn
[In October 2009] CDS are also highly anti-social. Bondholders who also hold CDS make a bigger return when the issuing firms fail. As a result, holders of so-called ‘basis packages’ – a bond and a CDS – have an incentive to use their position as bondholders to force bankruptcy triggering payment on their CDS, rather than negotiate traditional out of court restructurings or covenant amendments with troubled creditors.
David Einhorn
[In October 2009] An alternative lesson from the double dip the economy took in 1938 is that the GDP created by massive fiscal stimulus is artificial. So whenever it is eventually removed, there will be significant economic fall out.
David Einhorn
Over the next decade the welfare states will come to face severe demographic problems. Baby Boomers have driven the U.S. economy since they were born. It is no coincidence that we experienced an economic boom between 1980 and 2000, as the Boomers reached their peak productive years. The Boomers are now reaching retirement. The Social Security and Medicare commitments to them are astronomical.
David Einhorn
[In October 2009] The Fed cannot sell its Treasuries or Agencies without destroying the market.
David Einhorn
[In October 2009] I decide holding gold is better than holding cash, especially now, where both earn no yield.
David Einhorn
Events can move from the impossible to the inevitable without ever stopping at the probable.
David Einhorn
[On Quantitative Easing in November 2010] They may not get inflation where they want…
David Einhorn
[In November 2010] To me gold represents money.
David Einhorn
[In November 2010] Gold is the money of choice…
David Einhorn
[On gold in November 2010] This is the type of money that Chairman Bernake can’t print more of…
David Einhorn
My grandfather was a gold bug… I think he was a few decades too early…
David Einhorn
[In May 2012] The textbooks presume that easier money will always result in a stronger economy, but that's a bad assumption.
David Einhorn
When interest rates are low, everything changes.
David Einhorn
Zero-rate policy makes traditional riskless investments, such as CDs and Money Markets, unattractive to savers.
David Einhorn
[In May 2012] As an investor my job is to figure out what will happen rather than what should happen. If we didn't have a Jelly Donut monetary policy, I would sell gold, sell bonds and buy stocks.
David Einhorn
[In May 2012] One nice thing about gold is that it doesn't even have quarterly conference calls.
David Einhorn
[On Quantitative Easing] It’s not a question of a diminishing return, but it actually turns out to be a drag.
David Einhorn
[In October 2012] I’m alarmed by what I consider to be the reflective group-think of the leaders…
David Einhorn
[In October 2012] Sometimes you just have to go and look at what is the base assumption…
David Einhorn
If one jelly donut is a fine thing to have, thirty-five jelly donuts is not a fine thing to have.
David Einhorn
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