On Monday, Greenlight Capital's David Einhorn gave his long thesis for Consol Energy, a natural-gas exploration and coal company that has lost 77% of its value since the start of the year.
The presentation was given at the 2015 Robinhood Investors Conference. You can check it out on Greenlight Capital's website.
Einhorn says he's still holding on to the company despite the ultra-low price of natural gas because he thinks the company can hold on, too.
More specifically, he thinks the company has enough to wait until 2018 to invest in new projects, instead of spending money when sales won't generate enough revenue to cover costs.
See if you agree.
Note: The text on top of each slide is Einhorn's commentary on the presentation, not Business Insider's.
This is a graph of Arkema, which we bought at the wrong part of the last cycle. The stock deserved to fall, and we looked and felt stupid for owning it.
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