Billionaire Hedge Fund Manager David Einhorn Says Stock Market Is Fundamentally Broken: Here's Why
Billionaire Hedge Fund Manager David Einhorn Says Stock Market Is Fundamentally Broken: Here's Why
The effect of this, Einhorn explained, is that wealth managers end up buying overvalued assets causing valuations to move further away from their fair value rather than moving closer to it.Billionaire hedge fund manager David Einhorn explained in a CNBC interview why he sees the current market as "fundamentally broken" and the potential ramifications
億萬富翁對沖基金經理大衛·艾因霍恩在CNBC採訪中解釋了他爲什麼認爲當前的市場"基本上已經崩潰"以及潛在的影響
In the interview a few months ago with CNBC's Scott Wapner, Einhorn asserted that investors are not rewarding opportunistic smaller companies with capital, instead overinflating large companies that comprise the biggest ETFs.
在幾個月前與CNBC的斯科特·瓦普納進行的採訪中，艾因霍恩斷言，投資者沒有獎勵那些有機會的小公司，反而對構成最大ETF的大公司進行了過度膨脹
"When I say that the market is broken, what I'm saying is there is not enough money that is being dedicated to investing, trying to identify undervalued companies and reward companies with new capital that have good opportunities for growth," Einhorn said.
艾因霍恩表示:"當我說市場崩潰時，我是指沒有足夠的資金用於投資，試圖識別低估的公司並給予那些具有良好增長機會的公司新的資本"
The effect of this, Einhorn explained, is that wealth managers end up buying overvalued assets causing valuations to move further away from their fair value rather than moving closer to it.
Einhorn, who founded and runs Greenlight Capital, also argued that the largest ETF issuers, like Vanguard and BlackRock, deny shareholders the ability to improve the conditions of companies or request changes. This is because the ETF issuers have become the largest stakeholders of many mega-cap companies, but remain passive on shareholder votes and meetings.
艾因霍恩解釋說，這導致财富管理人員最終購買了高估的資產，導致估值進一步偏離其公允價值，而不是更接近公允價值
艾因霍恩是Greenlight Capital的創始人和經理，他還認爲像Vanguard和BlackRock這樣的最大ETF發行商剝奪了股東改善公司狀況或請求變化的能力。這是因爲ETF發行商已經成爲許多巨型公司的最大持有人，但在股東投票和會議上保持被動態
"Once you have the largest shareholder in every major important company be a passive fund, shareholder activism becomes merely impossible to improve corporate governance," Einhorn said.
Another issue Einhorn pointed out was the lack of IPOs, despite favorable market conditions.
Einhorn's biggest positions, according to Greenlight's latest 13F filing, are Green Brick Partners Inc (NYSE:GRBK), Consol Energy (NYSE:CEIX), Brighthouse Financial (NYSE:BHF) and Tenet Healthcare Corp (NYSE:THC), according to HedgeFollow.
艾因霍恩說:"一旦每個重要公司的最大股東都是被動基金，股東激活行動就變得幾乎不可能改善公司治理"
艾因霍恩指出的另一個問題是缺乏IPO，儘管市場條件相對有利
根據Greenlight最新的13F申報，艾因霍恩最大的頭寸是Green Brick Partners Inc（紐交所：GRBK）、Consol Energy（紐交所：CEIX）、Brighthouse Financial（紐交所：BHF）和Tenet Healthcare Corp（紐交所：THC）
The image was created using artificial intelligence MidJourney.
該圖像是使用人工智能MidJourney創建的。