As an investor my job is to figure out what will happen rather than what should happen.
David EinhornA 99% Value-at-Risk calculation does not evaluate what happens in the last one percent... This is like an airbag that works all the time, except when you have a car accident.
David EinhornMicrosoft could help Facebook with one of the biggest challenges, namely monetizing its traffic without reducing the user's experience. It's obvious that Microsoft needs traffic and Facebook needs search.
David EinhornOne of the best investors around, Joel Greenblatt, has written a popular, charming and funny book about investing in great companies at low P/E multiples. To simplify an already simple book, great companies are generally measured as companies that can generate lots of profit without requiring a lot of capital. This means that they have high ROEs.
David Einhorn