Founder & President, Greenlight Capital
Search every verified David Einhorn interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. At the 2026 Sohn Investment Conference on May 12, David Einhorn presented five U.S. companies he described as being in transition, including Acadia Healthcare, Centene, Fluor, Versant Media, and Victoria’s Secret. He said the investments are focused on businesses where management is repositioning toward "more durable, more disciplined, and more cash generative growth." Einhorn noted that while the market appears expensive in the U.S., his firm is finding opportunities in the gap between current perception and future business quality. He also stated that he no longer holds a "bubble basket" in his portfolio, and that the stocks he discussed are not sensitive to the AI trade dynamic. In a separate interview on May 12, Einhorn expressed skepticism about the Federal Reserve's ability to lower interest rates while inflation remains near 4%, and described the U.S. fiscal situation as "non-solvable." In a December 2024 discussion with Whitney Tilson, Einhorn commented on New York City's political and tax environment, saying that politics "mostly attracts the worst people with the worst agendas" and that high taxes and quality-of-life issues are driving residents to other states.
“With so little downside priced in, we're willing to risk missing out on a possible recovery to position ourselves to play more offense should one of the downside scenarios materialize.”
“I think the market as a whole when you look at on any sort of historical measure it's it's very very pricey and sooner or later I think we'll wind up with a better opportunity.”
“I think it's a little bit more like maybe like 2007 in the sense that you can see some underpinnings that are facing real problems. I mean, gas prices are going up. The the retail data that is beginning to come down is showing softening at retail.”
“Our fiscal situation is uh non-solvable. Our monetary policy is very aggressive. We're not the only ones. All of the major currencies are run essentially the same way. And ultimately you you still have the darization. You have a loss potentially of the petro dollar coming out. You have elimination of gold the dollar as...”
“Even when we're doing a great job, we're going to be wrong 30% of the time. Like if we get right 70% and wrong 30%, that's a great year. And a lot of years we're going to be wrong even more than that because they're not all great years. And so you're in a business where you're going to be wrong an awful lot of the time...”
“While the market appears expensive in the US, we're finding interesting investments where management is repositioning businesses towards more durable, more disciplined, and more cash generative growth. The value creation question is whether the management can convert the strategic change into better visibility, better...”
“In January, Aadia's board was finally fed up with the CEO and fired him. It hired Debbie Ostein, the previous CEO from 2018 to 2022, who tripled the stock price during her initial tenure. The expansion capex has already been mostly spent. Now, it needs to earn a return by ramping occupancy.”
“Centine is the leading ACA exchange and Medicaid insurer. It provides coverage to about 28 million people nationwide or about 1 in 15 people. It is dramatically under earning across all major business lines with a straightforward path to margin normalization over the next two to three years.”
“In 2020, Fluor nearly went bankrupt after taking on several large lumpsum EPC projects where it bore most of the cost in the schedule risk. And this was right before inflation took off. The company badly underestimated final costs and experienced major overruns that nightmare legacy projects are nearing completion. Fin...”
“Versant is the largest legacy NBC Universal cable TV business that was spun out of Comcast in January. About 60% of Versant's content is live news and sports and the rest is entertainment. The main channels are CNBC, MSNBC and the Golf Channel, and they're all top five in their respective genres.”
“77,000 people have left New York City just since 2020 that's the second highest percentage loss of any large city in the country uh that's 8% of our population is left in less than four years and I'll bet you can guess which is the only city that's worse that's lost 10% of its population San Francisco and so families a...”
“the single worst piece of legislation that has contributed to a sharply Rising crime rate and people fleeing New York City over the last four years was the bail reform law and very simply uh we pushed for a law that got rid of bail that Governor Cuomo signed um but uh New York state was the o to this day is the only st...”
“New York City is unbelievably wealthy we have 2 and a half% of the US population and we're 4.6% of US GDP stop and think about that New York City not the not the tri-state area not New York state New York City alone is almost 5% of US GDP and we have the highest marginal tax rate of any major city which means there's a...”
“the single biggest issue on affordability is housing and if you'll give me 30 seconds to digress on that we've lost 77,000 people in New York in the last four years and the vacancy rate in New York right now is 1.4% now I'm probably the only candidate in the race who understands basic supply and demand we we need peopl...”
“I am a progrowth pro bus Democrat I understand that to fund affordable housing uh mental health treatment for homeless people and all we need to have a tax base so it drives me crazy when the people fellow Democrats but on the far left um you know when Jeff Bezos shows up in New York and wants to build his second Amazo...”
David Einhorn 2026-MAY-12 Tuesday • David Einhorn 2026-MAY-12 Tuesday
David Einhorn, President, Greenlight Capital, presented five U.S. companies currently undergoing transitions at the 2026 Sohn Investment Conference, focusing on businesses repositioning toward more durable, disciplined, and cash-generative growth. Stocks included behavioral health provider Acadia Healthcare (ACHC), insurer Centene (CNC), engineering giant Fluor (FLR), newly spun media company Versant Media (VSNT) and retailer Victoria’s Secret (VSCO).
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