大衛.愛因霍恩的簡介
金融領域最成功的對沖基金經理人之一。大衛.愛因霍恩是美國綠光資本公司的的主席和合夥創始人之一。
大衛.愛因霍恩1968年11月20日出生在美國新澤西的德瑪雷斯特。他1991年在康奈爾大學獲得了文學和理學學士學位。
投資百科的解釋“大衛.愛因霍恩”
愛因霍恩早期在SC對沖基金的工作使他建立了對他對投資研究領域的欲望。和一個叫Jeffrey Keswin的SC同事一起用不到一百萬美元建立了綠光資本，現在綠光資本管理著將近一百億美元的資金。
綠光資本是一家實行多空股票策略的對沖基金。該公司進行多頭或空頭取決於資產評估的高估或者低估。這樣的策略能使他在價值增加時進行多頭，價值減少時進行空頭。市場對愛恩霍恩對股票公開言論的反映就是跟隨他無主見的大膽下註。
盡管他在多頭交易中也賺取了可觀的資金，但是還是他的空頭交易策略震撼和推動市場。事實上，“艾因霍恩效應”一詞就是在證明投資者被他對公司牛市評論影響之後創造出來的。
2002年，愛因霍恩指責聯合資本公司，一家私人理財公司進行會計欺詐。當愛因霍恩指責聯合資本公司以僞造資料和吹噓資產價值欺騙持股人的時候他正在該公司進行一筆空頭。這一不正當行為歪曲了其股票的真實價值。愛因霍恩公佈其懷疑的第二天，聯合資本的股票價格下跌20%，給愛因霍恩的空頭帶來巨大收益。在愛因霍恩的書《一路騙到底》中記錄了愛因霍恩和聯合資本公司事件的更多細節。
2007年因為對雷曼兄弟的空頭賭註成為了愛因霍恩盈利最大的一年。愛因霍恩分享了他對雷曼兄弟財務報告的分析，並指責其利用虛假會計活動掩蓋資本支持證券上的巨大負債。雷曼兄弟用太少的資產承擔了太多的風險並招致高額的債務，但是其槓桿率卻呈現出一種不同的更讓人歡喜的畫面。在愛因霍恩聲明他在做空雷曼兄弟的股票之後，雷曼兄弟宣佈損失達30億美元。巨大的虧損為愛因霍恩對雷曼兄弟的指控提供了支持，加上更多火上澆油的謠傳信息，使雷曼兄弟變成為了一個自由落體。 2008年9月雷曼兄弟申請破產，導致了2008年的股市崩盤。
股市崩潰後，愛因霍恩不同意美聯儲的零利率政策，因為他認為這將使債券的持有人和潛在投資人失去信心。他做出了一個通過黃金的上漲“做空美聯儲”的決定。低利率將會引起貨幣供應的增多，則此導致通貨膨脹和美元價值的降低。
愛恩霍恩2011年進行了對克裡格綠山公司（前綠山咖啡烘培公司）的做空，他稱克裡格獨立包裝的咖啡機市場有限，專利即將到期，信息公開缺乏，高資本支出和銷售比率的不確定。愛因霍恩對這家咖啡制造公司股票做空開之後其股票價格下跌了10個百分點。
在愛因霍恩聲稱他因該公司高資產估值和來自塔可鐘的激烈競争押註股票下跌後幹紅辣椒的股價下跌了超過7%。
一些市場參與者經常指控大衛.愛因霍恩採取“做空和扭曲”的陰險策略，涉及他對一支股票的做空然後散佈謠言诋毀公司以達到降低其價格的目的。愛因霍恩也被稱為一個維權投資者，他試圖影響公司操作的改變來維護持股人利益。這可以在愛因霍恩2013為使這個科技公司將其閑置資金（超過一億五千萬美元）分發給股東而對蘋果發起的起訴中看出來。
艾因霍恩是一個狂熱的撲克玩家和慈善家。自2006年以來,他所有賭博的獎金都已經捐贈給各種慈善組織,如City Year、羅賓漢基金會和邁克爾•傑克遜•基金會。
根據福佈斯2014年統計，愛因霍恩資產超過15億美元，他也是全美頂尖的對沖基金經理人。
他娶了謝爾麗.施特勞斯並生有三個孩子。
David Einhorn
DEFINITION of 'David Einhorn'
One of the most successful and closely followed hedge fund managers in the financial industry. David Einhorn is the President and co-founder of Greenlight Capital Inc.
David Einhorn was born on November 20, 1968 in Demarest, New Jersey. He earned a BA from Cornell University’s College of Arts and Sciences in 1991.
INVESTOPEDIA EXPLAINS 'David Einhorn'
Einhorn’s early career with hedge fund Siegler, Collery & Co. (SC) in 1993 was where he found his calling in the field of investment research. With Jeffrey Keswin, a colleague from SC, Einhorn founded Greenlight Capital Inc. in 1996 with less than $1 million. As of 2014, the firm has approximately $10 billion of assets under management.
Greenlight Captal is a hedge fund that implements the long-short equity strategy. The firm implements long and short positions depending on whether an asset has been pinned as undervalued or overvalued. A strategy like this should ideally have the long assets increase in value, and the shorts fall in value.
Though he has made commendable earnings with his long positions, it is his short selling strategy that shakes and moves the market. The markets react majorly to Einhorn’s public comments on stocks as copycats seek to replicate his bold bets. As a matter of fact, the term “Einhorn Effect” was created after it was proven that investors are impacted by his bearish comments made on companies.
In 2002, David Einhorn accused Allied Capital, a private finance firm, of accounting fraud. Einhorn had a short position in Allied Capital at the time he publicly claimed that the firm was deceiving its shareholders by cooking its books and inflating the price of their assets. This fraudulent practice distorted the real value of its stock. The day after Einhorn released his suspicions to the public, Allied Capital’s share price fell 20%, earning Einhorn a solid win on his short position. Much of the details of the Einhorn-Allied affair is detailed in Einhorn’s book Fooling Some of The People All of The Time.
The year 2007 recorded the biggest win for David Einhorn with his short bet on Lehman Brothers. Einhorn shared his analysis on Lehman’s financial statements accusing the company of being involved in dodgy accounting practices that covered up the firm’s huge liabilities on asset backed securities. Lehman was taking up too much risk and incurring high debts with too little capital and equity, but its leverage ratio was presenting a different and more favorable picture. Lehman announced a loss of almost $3 billion after Einhorn publicly announced that he was shorting the company’s stock. The huge loss offered props to Einhorn’s allegations against the company, and with more rumors adding fuel to the fire, the company went into a free fall. Lehman Brothers filed for bankruptcy in September 2008 and was the trigger for the stock market crash of 2008.
After the market crash, Einhorn disagreed with the Fed’s zero interest rate policy as he believed it was discouraging to savers and potential bond investors in the economy. He took a decision to "short the Fed" by going bullish on gold. Low interest rates could lead to inflation in the money supply which may result in price inflation and hence, a decline in the value of the dollar.
Einhorn took a short position in Keurig Green Mountain (formerly Green Mountain Coffee Roasters) in 2011 citing that the market for its Keurig single-cup brewer was limited, patent expirations were looming, transparency and disclosure was poor, and high capex to sales ratio was uncertain. The coffee maker firm’s shares fell 10% after Einhorn stated his position against the company.
Chipotle’s share price fell more than 7% after the hedge fund manager announced that he was betting against the company due to its high valuation and tough competition from Taco Bell.
Some market participants have frequently accused David Einhorn of employing the “short and distort” sinister strategy which involves shorting a stock and then spreading rumors to discredit the company in order to drive down its value. Einhorn is also referred to as an activist investor – one who tries to effect change in a company’s operations with the intent of protecting the interest of shareholders. This can be seen in Einhorn’s 2013 lawsuit against Apple in a bid to pressure the tech company to distribute its idle cash (over $135 billion) to its shareholders.
Einhorn is an avid poker player and philanthropist. Since 2006, all of his winnings from gambling have been donated to various charitable organizations such as City Year, Robin Hood Foundation, and Michael J. Foundation.
According to Forbes 2014, Einhorn is worth over $1.5 billion and is one of the leading hedge fund managers in the country.
He is married to Cheryl Strauss and has 3 children.
本文翻譯由兄弟財經提供
文章來源：http://www.investopedia.com/terms/d/david-einhorn.asp