You have a certain set of facts and you are looking for situations where you have an edge, whether the edge is psychological or statistical.
David EinhornWhat do you call a stock that's down 90%? A stock that was down 80% and then got cut in half.
David EinhornI will keep a substantial long exposure to gold -- which serves as a Jelly Donut antidote for my portfolio. While I'd love for our leaders to adopt sensible policies that would reduce the tail risks so that I could sell our gold, one nice thing about gold is that it doesn't even have quarterly conference calls.
David Einhorn