"Greenlight Capital Founder and President David Einhorn discusses the challenges of value investing
in the current market environment, his investment approach, and the performance of his fund over the years.
Einhorn expresses concern about the US government's fiscal and monetary policies,
which he believes are fundamentally inflationary.
He speaks with David Rubenstein on this week's episode of Bloomberg Wealth."

Chapters:
00:02:48 - Greenlight Capital
00:09:06 - USD
00:10:54 - US Decoupling with China
00:12:40 - Warren Buffett
00:13:27 - Einhorn's Background
00:19:27 - Poker
00:21:09 - Advice
00:22:21 - Investing $100k
https://www.youtube.com/watch?v=48In79LWrio

"Knowledge of DIY for whatever may prove to be a wonderful source of money (money not spent, eh?)"
For sure. Being able to DIY in my younger years has been a major factor in accumulating enough to be able to pay others now that I''m 85. I do have to say that I find it very painful though, to pay obscene amounts to have stuff done that I used to be able to do for free. G'rrrr...

Yup... I just gave up going on the roof this year to trim trees or clean gutters. In the back of my mind I'm thinking you're going to feel real stupid in the hospital with all the money you have in the bank. Talking to myself -> Use your brain, it's time to pay somebody else to do this stuff.

"Knowledge of DIY for whatever may prove to be a wonderful source of money (money not spent, eh?)"
For sure. Being able to DIY in my younger years has been a major factor in accumulating enough to be able to pay others now that I''m 85. I do have to say that I find it very painful though, to pay obscene amounts to have stuff done that I used to be able to do for free. G'rrrr...

I agree and well said.

Been de-risking (mostly age / situation related). Sold off some more aggressive holdings. Surprised myself by opening a core position in OAKBX - a staple many years ago. Clyde McGregor has retired. The new team appears more conservative. The fund hasn’t done much lately. While I generally don’t hold bonds or bond funds, I’m OK when managers incorporate them as part of an overall approach.

OJ - You mean connecting 12-2 inside a gang box isn’t as easy with arthritic hands and fingers as it was 25 years ago?
Re The book - It does appear the author has a chapter devoted to his “simple and highly effective” way to invest. I dozed off listening last night. Will try again tonight and eventually share his “secret” in an update to the OP. Yes - he is beginning to resemble a resident poster.
Somniferous

"Knowledge of DIY for whatever may prove to be a wonderful source of money (money not spent, eh?)"
For sure. Being able to DIY in my younger years has been a major factor in accumulating enough to be able to pay others now that I''m 85. I do have to say that I find it very painful though, to pay obscene amounts to have stuff done that I used to be able to do for free. G'rrrr...

I have always thought that if the % return on debt, either by increasing GDP, national income, etc was greater than the interest rate, debt made some sense. We are only having this conversation because interest rates have increased, (and for some reason nobody floated 30 Yr Treasuries when interest rates were very low).
Both parties are at fault, but GOP more than Dems.
https://www.investopedia.com/democrats-vs-republicans-who-had-more-national-debt-8738104
I believed Reagan when in the 1980s the GOP defended the dramatic debt increases then as an effort to "kill the beast" ( Government).
Rather than return tax rates to anything approaching their previous averages, and support the IRS in collecting what is legally owed, the GOP believes it can "cut" it's way out, by cutting very popular programs and taxes.
In addition to their insanity of gutting the IRS, they want to spend $45 Billion on ICE ( aiming to eliminate $100 Billion in tax revenues that immigrants pay), but only $27 Billion on the NIH which increases productivity by adding years to lives.
I suspect we may find out sooner than later how much debt is too much. Certainly, our reputation as a reliable international partner is in shambles and will decrease foreign interest in Treasuries

The debt is bad enough --- I still wonder how long before Russia or China starts dumping USTs in numbers large enough to cause problems for the US.

I have been wondering that for years but assumed I just was too ignorant in the subject to understand it's variables and dynamics. Still am and still watching and wondering.

I agree with @bee about aspects of the linked book and some of the brief descriptions. There is nothing wrong with prudence in financial matters, and this doesn't necessarily equal to someone being a miser and sad about the their choices.
One may readily discover that aside from the aspects of compounding investments to the positive; that the opposite exists for many people with the compounding of debt to the negative side of personal finance. Tis the same principle.
Prudence and how to create a household budget also allows for a positive learning curve.
Also fully agree with @DrVenture . Knowledge of DIY for whatever may prove to be a wonderful source of money (money not spent, eh?).
The Millionaire Next Door book
--- The book....its not always one's income, but how one's income is spent.
We've presented this book several times over the years as part of a wedding gift.
Remain curious,
Catch

@Old_Joe, i firmly believe that refining rare earth metals can be done in US on commercial scale without changing the existing environment regulations. There are established processes to treat waste created responsibly. Here is where government subsidies can help to defer the manufacturing cost while producing these metal domestically. For national security, this manufacturing capability should be on top of the agenda, not tariffs.
This is exactly what China did 20 years ago in order to grow their own manufacturing capability on multiple fronts.

Agreed. Targeted subsidies, not wholesale tariffs. But that requires realistic thinking and planning, as opposed to expecting the whole world to bow down to economic threats. The same applies to other industries. But carefully considering the available workforce. Tariff should be applied selectively, as needed.

@davidrmoran
My understanding is the federal government has run a surplus only four times
within the last 50 years and the latest surplus was in 2001.
Please share any additional pertinent information you may have.

At least the myth that one party is fiscally responsible can finally be set to rest. Yep, both parties have had a hand in it. We did have a balanced budget in Clinton's time. Then GW tossed it and went on to double the debt during his term. The worst? Reagan. He tripled the national debt in his 8 years.
But, "the other guy did it too" isn't very comforting. Obviously, deficit reduction isn't going to happen in 2025. Even with a $300 billion dollar new tax. That expectation is long gone, along with Elon.

Obs,
If this is very worrisome, why didn't you start a similar thread 1-2-3 years ago?
We all know that the next posts are going to be very political.
Why not use the off-topic forum?

@hank said: "Inflation going down? Tell that to bond traders or the gold market."
... and Walmart.

We all know real inflation; the whole country witnessed it a couple of years ago. It was the highest inflation in 4 decades.

The U.S Farm Report tv program has/is available on a local tv station for about 40 years. I watch the show periodically; as I'm curious about this area of the marketplace for the U.S. and that Michigan has a large agricultural, monetary footprint. I hope to view the program this coming early Saturday morning as to any comments about available data for use by the farmers. They always discuss the economic impacts upon farmers and their ability to remain in business.

I shall hug my large position in RKLB* closely before I go to sleep tonight...
* which is my anti-Musk, anti-SpaceX spec trade that's gone gangbusters for me over the years

Why would you follow Wood?
Her fund AKRR lost money in 5 years and is way down from 2021. See chart.
https://schrts.co/HtmUQPvd

"Gold’s gone crazy. Over 5 years it’s risen from $1900 to $3400.”
Hmmm wonder if rono is selling any here. ”

rono’s pretty smart. I’d imagine he’s already fled the country with his bounty before the government decides to confiscate all bullion and issue owners some form of “digital gold” instead.

"Gold’s gone crazy. Over 5 years it’s risen from $1900 to $3400."
Hmmm, wonder if rono is selling any here.

Short-term / near-term data like this isn’t very helpful. I won’t fault FD for citing it because all of us mention short-term or near-term numbers from time to time, sometimes even noting day-to-day or month-to-month changes in stock averages (guilty as charged).
Inflation going down? Tell that to bond traders or the gold market. While the latter trades a lot on emotion and is very erratic, the trend can’t be mistaken. In both cases (bonds & metals) the trend signals higher, not lower, inflation.
5 years ago investors in the 10-year U.S. Treasury bond were demanding a rate of 0.60% to buy. Now, they’re demanding around 4.40%. That reflects what they think they need to earn from a “risk-free” (not really) investment to keep up with inflation over the next decade. Gold’s gone crazy. Over 5 years it’s risen from $1900 to $3400. And the FX is telling a similar story with a recent fall in the dollar. On this one, the numbers are too recent to define a trend - but my guess is there is an emerging longer-term trend (ominous for inflation).
I’d planned to cite some other commodities, but realized many were so distorted by the Covid period (like oil which got down to under $14) that they’re not worth citing. I won’t play politics. Neither side has an A+ on fighting inflation. And the issue is much more entrenched and complicated than what any one administration can solve. That’s not to argue the present one hasn’t made mistakes.
Are we discussing inflation from an investment perspective (longer-term outlook and how to invest to stay ahead?) or from a political perspective (Has Trump caused more or less inflation than Biden?) The second doesn’t much help me. But the first is very helpful to understanding what funds / assets to own and which ones to avoid.
From a 5-10 year investment perspective - with persistent or higher inflation
Cash? It’s OK. Rates should roughly approximate inflation over time.
Ultra-Short bond funds? Thumbs-up
Longer-dated bonds? Thumbs-down
1-3 year high quality bonds? Even-Steven. Probably OK. I own a slug of NEAR
Junk bonds? Dunno. Don’t play in that park. I’d say to buy them when no one wants them.
TIPS? Yes - With the qualification that they’re best directly held (not jerked around by fund flows). Randall Forsyth has a column in this week’s Barrons highly favorable. Read it.
Cash + bond alternatives (like CVSIX, GDL, LPXAX)? Decent. Worth consideration.
Precious metals? No way at my age. Pretty to look at. But too volatile & risky.
Commodities / “real asset” funds? Yes. But only in moderation. Very cyclical.
“Systematic” multi-asset approaches? - Worth holding as a diversifier. I own BAMBX.
Equities? Depends which ones. I like broadly diversified / balanced funds with an international tilt.
RPSIX? You have to be kidding. Look at its 10-year performance - and with a healthy slug of equities.