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David Einhorn

David Einhorn

Founder & President — Greenlight Capital / DME Capital Management
Long/Short Value Long/Short Value Investing Short Selling Activist
AUM (13F)
$2.85B
Positions
41
Latest Filing
Feb 17, 2026
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Fund Founded
1996
Style
Long/Short Value
Typical Positions
20–40
Net Worth
$1.5B+
Biography

David Einhorn founded Greenlight Capital in 1996 at age 27 with $900,000 from family and friends. He built it into a premier long/short equity fund over the next two decades, known especially for his rigorous short selling research and public presentations at investment conferences. Einhorn became famous for his prescient short of Lehman Brothers in 2007 — years before its collapse — and for a series of other famous shorts including Allied Capital and Green Mountain Coffee Roasters.

Greenlight experienced a difficult stretch from 2014 to 2020 as its short book struggled in a relentlessly rising market, particularly against technology stocks. Einhorn restructured the fund and rebranded it as DME Capital Management. He has remained a vocal critic of 'bubble' market conditions and passive investing. Outside of markets, he is an accomplished poker player, finishing 18th in the 2012 World Series of Poker Main Event and donating his winnings to charity.

Investment Philosophy

We try to find situations where we have a differentiated view from the consensus, backed by thorough research, and where the market price doesn't reflect the reality we see.

— David Einhorn, Greenlight Capital / DME Capital Management
Notable Trades
WIN
Lehman Brothers short (2007–2008)
Publicly presented his short thesis on Lehman at a conference in 2007, over a year before its collapse. One of the most famous calls in hedge fund history.
WIN
Allied Capital short (2002–2007)
Spent years publicly arguing Allied Capital was mismarking its loan portfolio. Eventually proven right after a regulatory investigation.
WIN
Apple long (2016)
Campaigned for Apple to issue preferred stock and return more cash. Made significant gains as the position appreciated.
LOSS
Tesla short (2014–2019)
Held a short position in Tesla through a painful multiyear period as the stock surged. Cost Greenlight hundreds of millions.
CURRENT
Value / energy plays
DME's current book focuses on deeply discounted value stocks and select energy names Einhorn views as misunderstood by the market.
Top Holdings — Greenlight Capital / DME Capital Management
Top 5 Holdings · Q4 2025 Filed Feb 17, 2026
1
GREEN BRICK PARTNERS INC
20.8%
2
FLUOR CORP NEW
7.7%
3
CORE NATURAL RESOURCES INC
6.5%
4
BRIGHTHOUSE FINL INC
6.3%
5
GRAPHIC PACKAGING HLDG CO
4.4%