Greenlight Capital CEO David Einhorn gave two ideas on Monday at the Robin Hood Investors Conference.
One was a long position — in the solar company SunEdison. And the other was a long/short — long Greek banks, short French government debt.
We've got the full presentation for you here.
It starts off with Einhorn's long thesis on SunEdison (slide Nos. 1 to 37). It's the best-performing solar company of the year, and he thinks it can only get better. The stock currently trades at $19.22 per share, but he thinks it's worth $32 per share.
At about slide 38, Einhorn sorts out some of the mess that is Europe, focusing on Greece first. He argues that the worst is behind the country. The hardest decisions about austerity and the country is now "living within its means." He recommends going long Greek banks — *Alpha and Piraeus.
France, on the other hand, is just starting to look ugly (that starts on slide 67). It's overbudget, suffers from high unemployment, and needs reform. Once the bond market realizes all of that, Einhorn says, it's time to short French government debt.
*This post was edited to reflect a correction. Greenlight Capital recommended only Alpha and Piraeus, not Alpha, Piraeus, NBG, and Eurobank.
Einhorn Robin Hood Presentation
Einhorn Robin Hood Presentation
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