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Greenlight's Einhorn: "We Are Witnessing Second Tech Bubble in 15 Years"
His long holdings as of 12/31 below...not a lot of tech, for sure...well, that jumps out to me.
AETNA INC NEW AMDOCS LTD ANADARKO PETE Corp APPLE INC ASPEN INSURANCE HOLDINGS LTD BABCOCK & WILCOX CO NEW BIOFUEL ENERGY Corp BP PLC CHICOS Fas INC CIGNA CorpORATION COMPUTER SCIENCES Corp DELPHI AUTOMOTIVE PLC DST SYS INC DEL E M C Corp MASS EINSTEIN NOAH REST GROUP INC FIFTH STREET FINANCE Corp GENERAL MTRS CO IAC INTERACTIVECorp ING U S INC INTREXON Corp LEGG MASON INC LIBERTY GLOBAL PLC MARKET VECTORS ETF TR MARVELL TECHNOLOGY GROUP LTD MCDERMOTT INTL INC MICRON TECHNOLOGY INC NCR Corp NEW Oil STS INTL INC PENN NATL GAMING INC RITE AID Corp SPIRIT AEROSYSTEMS HLDGS INC SUNEDISON INC TAKE-TWO INTERACTIVE SOFTWAR TEMPUR SEALY INTL INC URS Corp NEW VODAFONE GROUP PLC NEW WPX ENERGY INC
I was really interested in IAC from the standpoint of their investment in Aereo, the new and highly controversial TV streaming co. But I just can't care less about most of the rest (things like College Humor and 150 or so other internet/e-media brands..) of it (that's not to say that they aren't a well-run company, but if I invest in something I have to have a strong interest in it, I'm weird that way.)
@Charles - At first I just went off the list you posted and saw Amdocs, Apple, Computer Sciences, DST Systems, EMC, IAC, Marvel, Micron, Take-Two and thought that seemed like a lot so I searched a bit more. Hopefully I didn't insult you, just wondering what I was missing.
I suppose it all depends on the meaning of a bubble. We haven't seen any huge advances from the likes of industrial blue chips. They have all come from the tech side. The future is there.
Perhaps he wants to kill off some of the current pricing; and waiting for a better price point to buy. Some of these big-player folks are gaming the system, eh? They're just not breaking any laws with methods of pronouncement, be it fact, fiction or other motive.
@Mark. Ha! A blind man should have seen Apple. Thanks man for spotting me...good catch. My bad...promise to do better next time, if I get my sight back .
Comments
AETNA INC NEW
AMDOCS LTD
ANADARKO PETE Corp
APPLE INC
ASPEN INSURANCE HOLDINGS LTD
BABCOCK & WILCOX CO NEW
BIOFUEL ENERGY Corp
BP PLC
CHICOS Fas INC
CIGNA CorpORATION
COMPUTER SCIENCES Corp
DELPHI AUTOMOTIVE PLC
DST SYS INC DEL
E M C Corp MASS
EINSTEIN NOAH REST GROUP INC
FIFTH STREET FINANCE Corp
GENERAL MTRS CO
IAC INTERACTIVECorp
ING U S INC
INTREXON Corp
LEGG MASON INC
LIBERTY GLOBAL PLC
MARKET VECTORS ETF TR
MARVELL TECHNOLOGY GROUP LTD
MCDERMOTT INTL INC
MICRON TECHNOLOGY INC
NCR Corp NEW
Oil STS INTL INC
PENN NATL GAMING INC
RITE AID Corp
SPIRIT AEROSYSTEMS HLDGS INC
SUNEDISON INC
TAKE-TWO INTERACTIVE SOFTWAR
TEMPUR SEALY INTL INC
URS Corp NEW
VODAFONE GROUP PLC NEW
WPX ENERGY INC
http://www.gurufocus.com/holdings.php?GuruName=David+Einhorn
I just did quick glance down 14F list and only Micron jumped out...maybe IAC...perhaps Take Two and Penn...Vodafone? Are those in same class as FB?
Looked like a lot of oil, insurance, finance.
But, I'm probably slow.
And I know jack about bio tech...
Full Einhorn letter...
http://www.zerohedge.com/news/2014-04-22/david-einhorn-we-are-witnessing-our-second-tech-bubble-15-years-full-letter