1 00:00:02,400 --> 00:00:06,720 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:06,840 --> 00:00:10,479 Speaker 2: Bloomberg LP, the parent company of Bloomberg Television, is working 3 00:00:10,520 --> 00:00:14,240 Speaker 2: with the Robinhood Foundation for a stock picking competition for 4 00:00:14,360 --> 00:00:17,160 Speaker 2: ten thousand dollars that will go to charity in order 5 00:00:17,200 --> 00:00:19,840 Speaker 2: to fight poverty in New York. You pick a long 6 00:00:20,120 --> 00:00:23,000 Speaker 2: and a short investment and you can register through Monday, 7 00:00:23,079 --> 00:00:26,080 Speaker 2: October twenty eighth. You can sign up at Robinhood dot org. 8 00:00:26,400 --> 00:00:29,360 Speaker 2: The competition is for charitable purposes only and does not 9 00:00:29,520 --> 00:00:33,520 Speaker 2: constitute financial or investment advice. For more about the competition 10 00:00:33,640 --> 00:00:36,120 Speaker 2: and his own investment choices, we are joined now by 11 00:00:36,200 --> 00:00:40,040 Speaker 2: David Einhorn of green Light Capital, and perhaps first talk 12 00:00:40,080 --> 00:00:42,800 Speaker 2: about this program for a minute. Pick a ticker. You 13 00:00:42,800 --> 00:00:46,519 Speaker 2: have a sensorially gamified charity. Why did you guys do 14 00:00:46,600 --> 00:00:49,479 Speaker 2: it this way? You're closely involved with the Robinhood Foundation. 15 00:00:49,880 --> 00:00:52,479 Speaker 2: And what do you expect out of the program. 16 00:00:52,920 --> 00:00:54,520 Speaker 3: Yeah, we just thought it would be a little bit 17 00:00:54,560 --> 00:00:57,000 Speaker 3: of a fun thing to do in conjunction with the 18 00:00:57,080 --> 00:01:01,360 Speaker 3: annual investor conference that's been going on for eleven or 19 00:01:01,400 --> 00:01:05,160 Speaker 3: twelve years. The idea is is anybody who wants to 20 00:01:05,200 --> 00:01:10,040 Speaker 3: participate and donate ten thousand dollars. Pick along, pick a short, 21 00:01:10,440 --> 00:01:12,400 Speaker 3: see how it does over the next six months, and 22 00:01:12,920 --> 00:01:18,120 Speaker 3: whoever wins can gets to choose which Robinhood supported organization 23 00:01:18,200 --> 00:01:19,720 Speaker 3: get gets a chunk of the money. 24 00:01:19,920 --> 00:01:22,400 Speaker 2: Now, did you participate? Are you picking it on a 25 00:01:22,480 --> 00:01:24,199 Speaker 2: long and a short for this game? 26 00:01:24,959 --> 00:01:27,360 Speaker 4: One hundred percent? Of course? 27 00:01:27,360 --> 00:01:27,880 Speaker 1: What are they? 28 00:01:28,800 --> 00:01:30,880 Speaker 4: Well, I'm not the shorts. 29 00:01:30,920 --> 00:01:33,280 Speaker 3: People are allowed to keep confidential, and I'm going to 30 00:01:33,319 --> 00:01:36,839 Speaker 3: keep mind confidential. But I'm going to pick Peloton, which 31 00:01:36,880 --> 00:01:39,039 Speaker 3: is the stock that I pitched yesterday at the Robin 32 00:01:39,040 --> 00:01:39,679 Speaker 3: Good conference. 33 00:01:40,120 --> 00:01:42,480 Speaker 2: Now, talk a little more about that, because from what 34 00:01:42,520 --> 00:01:45,559 Speaker 2: I understand, you came dressed in full gear to make 35 00:01:45,680 --> 00:01:48,720 Speaker 2: this a pitch to the audience there. What is it 36 00:01:48,760 --> 00:01:51,040 Speaker 2: about Peloton that you like right now? I understand that 37 00:01:51,080 --> 00:01:54,280 Speaker 2: you said that it's undervalued, but what's the catalyst? 38 00:01:54,440 --> 00:01:56,520 Speaker 1: Is it M and A or something else that you're 39 00:01:56,560 --> 00:01:57,080 Speaker 1: looking at? 40 00:01:58,240 --> 00:02:00,600 Speaker 4: Well, I think there's a lot to like with Peloton. 41 00:02:02,320 --> 00:02:05,760 Speaker 3: They have a large customer base that hays forty four 42 00:02:05,800 --> 00:02:06,400 Speaker 3: dollars a. 43 00:02:06,360 --> 00:02:08,880 Speaker 4: Month and is extremely engaged. 44 00:02:09,040 --> 00:02:12,839 Speaker 3: Ride's an average to thirteen times a month and has 45 00:02:13,000 --> 00:02:16,680 Speaker 3: very very low attrition. So most subscription type models like 46 00:02:16,760 --> 00:02:20,360 Speaker 3: this trade a really high valuations. Peloton has suffered over 47 00:02:20,360 --> 00:02:22,920 Speaker 3: the last number of years because they thought they were 48 00:02:22,919 --> 00:02:24,640 Speaker 3: going to be a much bigger company than they've turned 49 00:02:24,680 --> 00:02:26,800 Speaker 3: out to be. Maturity has hit them a little bit 50 00:02:26,840 --> 00:02:30,360 Speaker 3: sooner than they expected, and they had a cost base 51 00:02:30,440 --> 00:02:33,000 Speaker 3: which was entirely based on Hey, the only thing that 52 00:02:33,000 --> 00:02:35,600 Speaker 3: matters to us is revenues, because you know, Wall Street 53 00:02:35,720 --> 00:02:38,200 Speaker 3: values us on price to sales and stuff like that, 54 00:02:38,600 --> 00:02:41,480 Speaker 3: and so, as I said at the conference yesterday, there's 55 00:02:41,480 --> 00:02:44,239 Speaker 3: a lot of cost cutting for Peloton to do. Peloton 56 00:02:44,280 --> 00:02:47,320 Speaker 3: probably needs to spend more time on the Peloton and 57 00:02:47,360 --> 00:02:49,400 Speaker 3: if they do that, the margins will improve a lot, 58 00:02:49,480 --> 00:02:52,760 Speaker 3: and the stock is relatively inexpensive relative to other types 59 00:02:52,800 --> 00:02:56,480 Speaker 3: of subscription model type of companies decides they're going to 60 00:02:56,480 --> 00:02:58,640 Speaker 3: get a new CEO who should be announced, you know, 61 00:02:58,800 --> 00:03:02,399 Speaker 3: sometime relatively soon, and in the worst case, if they're 62 00:03:02,400 --> 00:03:04,200 Speaker 3: not really able to turn around. This is certainly the 63 00:03:04,240 --> 00:03:07,240 Speaker 3: type of company that there's a number of larger companies 64 00:03:07,280 --> 00:03:09,600 Speaker 3: I think that would be very interested in owning this 65 00:03:10,000 --> 00:03:10,600 Speaker 3: if it came. 66 00:03:10,480 --> 00:03:13,160 Speaker 1: Down to that. David, I also want you to weigh 67 00:03:13,200 --> 00:03:13,799 Speaker 1: in over here. 68 00:03:13,840 --> 00:03:16,560 Speaker 2: It's interesting as we speak right now, Tesla had come 69 00:03:16,600 --> 00:03:19,360 Speaker 2: out with earnings over the last twenty four hours, the 70 00:03:19,400 --> 00:03:22,720 Speaker 2: stock is up more than nineteen percent at the moment. 71 00:03:23,120 --> 00:03:25,359 Speaker 2: It's been a stock that you have been short before. 72 00:03:26,000 --> 00:03:29,040 Speaker 2: Wondering what you think about this stock at this valuation 73 00:03:29,240 --> 00:03:31,760 Speaker 2: here and whether you would ever go short again. 74 00:03:32,840 --> 00:03:35,760 Speaker 3: Yeah, we don't really comment on our short positions anymore. 75 00:03:35,800 --> 00:03:38,200 Speaker 3: We stopped doing that a few years ago, and so 76 00:03:38,320 --> 00:03:41,400 Speaker 3: whether Tesla is a shorter potential short, it's not something 77 00:03:41,400 --> 00:03:42,280 Speaker 3: that I'm going to discuss. 78 00:03:42,440 --> 00:03:44,520 Speaker 2: Can you speak to the valuation as it stands now 79 00:03:44,560 --> 00:03:46,960 Speaker 2: and how it fits into the broader story around stock 80 00:03:47,000 --> 00:03:48,160 Speaker 2: market valuations right. 81 00:03:48,080 --> 00:03:51,040 Speaker 4: Now now, I'm really not going to go anywhere near that. 82 00:03:51,840 --> 00:03:54,560 Speaker 2: So let's talk about valuations more generally. Because of course, 83 00:03:54,600 --> 00:03:58,000 Speaker 2: the AI trade in general has been a very hot one. 84 00:03:58,040 --> 00:04:00,760 Speaker 2: I'm wondering if you think that if some of these 85 00:04:00,800 --> 00:04:03,120 Speaker 2: stocks have gone too far, and how you're playing the 86 00:04:03,120 --> 00:04:03,960 Speaker 2: AI trade. 87 00:04:05,760 --> 00:04:08,480 Speaker 3: Well, you know, the thing is is we don't have to, 88 00:04:08,600 --> 00:04:11,880 Speaker 3: you know, bet against things that seem like they're expensive 89 00:04:12,080 --> 00:04:15,800 Speaker 3: when there's so much excitement around them. So these stocks 90 00:04:15,840 --> 00:04:18,160 Speaker 3: are very high. There's a lot of enthusiasm. There's been 91 00:04:18,320 --> 00:04:20,800 Speaker 3: enthusiasm for a long time. I think the market as 92 00:04:20,800 --> 00:04:23,320 Speaker 3: a whole is really, you know, quite expensive considering we're 93 00:04:23,400 --> 00:04:26,040 Speaker 3: a strong part of the economic cycle and we're about 94 00:04:26,080 --> 00:04:29,800 Speaker 3: twenty three times earnings, so it's it's hard to wind 95 00:04:29,880 --> 00:04:32,359 Speaker 3: up for me as somebody who actually paid a lot 96 00:04:32,360 --> 00:04:33,080 Speaker 3: of attention to what I. 97 00:04:33,040 --> 00:04:36,520 Speaker 4: Pay for things to want to chase those things. 98 00:04:36,920 --> 00:04:39,840 Speaker 3: We do have a couple of companies that you know, 99 00:04:39,880 --> 00:04:43,840 Speaker 3: maybe have options on AI coming our direction. So for example, 100 00:04:43,839 --> 00:04:48,560 Speaker 3: we own HP which makes PCs, and PCs are due 101 00:04:48,560 --> 00:04:51,719 Speaker 3: for a regular replacement cycle because a lot we're bought 102 00:04:52,040 --> 00:04:55,200 Speaker 3: after COVID in twenty twenty, twenty twenty one, and we 103 00:04:55,240 --> 00:04:58,320 Speaker 3: could have a better than normal cycle if if AIPCS 104 00:04:58,360 --> 00:05:00,520 Speaker 3: turn out to be a thing. I have only traces 105 00:05:00,520 --> 00:05:03,480 Speaker 3: about ten times earnings, pase a three and something percent dividend. 106 00:05:03,520 --> 00:05:05,839 Speaker 4: They're spending one hundred percent of recash. 107 00:05:05,560 --> 00:05:07,880 Speaker 3: Flow returning it to shareholders, so you get about seven 108 00:05:07,880 --> 00:05:10,960 Speaker 3: percent buyback. So we can see you know, mid teens 109 00:05:11,240 --> 00:05:13,400 Speaker 3: high teams growth for the next couple of years, just 110 00:05:13,440 --> 00:05:16,400 Speaker 3: as you go through a cycle share account reduction, and 111 00:05:16,440 --> 00:05:18,400 Speaker 3: so this you're paying just ten times journeys, which is 112 00:05:18,760 --> 00:05:20,080 Speaker 3: very reasonable from our perspective. 113 00:05:20,279 --> 00:05:22,080 Speaker 2: You know, I totally understand that you don't want to 114 00:05:22,080 --> 00:05:25,719 Speaker 2: talk about individual short wagers. However, will you kind of 115 00:05:25,720 --> 00:05:28,520 Speaker 2: explain the thinking around short investing right now? There are 116 00:05:28,520 --> 00:05:30,520 Speaker 2: a lot of people who feel very burned in the 117 00:05:30,520 --> 00:05:33,560 Speaker 2: way that markets have really melted up in a large way. 118 00:05:33,960 --> 00:05:36,240 Speaker 2: What does the environment for shorting look like to you 119 00:05:36,320 --> 00:05:38,599 Speaker 2: and what are the kind of parameters that you think around. 120 00:05:39,560 --> 00:05:41,839 Speaker 3: Yeah, we're actually having a pretty decent year in our 121 00:05:41,920 --> 00:05:45,760 Speaker 3: short book, particularly consider how the market has gone up. 122 00:05:46,440 --> 00:05:48,840 Speaker 3: We made a change a couple of years ago in 123 00:05:48,839 --> 00:05:53,159 Speaker 3: response to sort of the meme stuff, and what we 124 00:05:53,279 --> 00:05:57,600 Speaker 3: basically figured out is that the right tail for your 125 00:05:57,640 --> 00:06:00,960 Speaker 3: best short ideas has changed. So it used to be 126 00:06:01,000 --> 00:06:02,600 Speaker 3: I'd want to put the most money in whatever I 127 00:06:02,640 --> 00:06:04,640 Speaker 3: thought my best idea is, But your best idea is 128 00:06:04,640 --> 00:06:06,279 Speaker 3: probably something that you think is going to go to zero, 129 00:06:06,800 --> 00:06:09,480 Speaker 3: and that's where the crazy stuff goes on. So we 130 00:06:09,680 --> 00:06:12,400 Speaker 3: kind of flipped the short portfolio in the sense that 131 00:06:12,480 --> 00:06:16,280 Speaker 3: our bigger shorts tend to be more boring and our 132 00:06:16,320 --> 00:06:18,800 Speaker 3: smaller shorts are tend to be a little bit more exciting, 133 00:06:19,120 --> 00:06:22,760 Speaker 3: and it's enabled us to maybe manage the volatility relating 134 00:06:22,839 --> 00:06:27,240 Speaker 3: to the occasional craziness that hits a one stock or another, 135 00:06:27,640 --> 00:06:30,840 Speaker 3: particularly in the more volatile and probably going to zero 136 00:06:30,920 --> 00:06:32,320 Speaker 3: part of the short pastard. 137 00:06:33,360 --> 00:06:35,600 Speaker 2: While we're talking about volatility as well, I know you 138 00:06:35,800 --> 00:06:38,560 Speaker 2: this year had written two investors basically saying that it 139 00:06:38,560 --> 00:06:41,120 Speaker 2: doesn't really matter who would win the election when it 140 00:06:41,160 --> 00:06:43,560 Speaker 2: comes down to the markets more directly. But I am 141 00:06:43,600 --> 00:06:46,760 Speaker 2: still really curious about how you're thinking about the election 142 00:06:46,960 --> 00:06:48,320 Speaker 2: less than two weeks away. 143 00:06:48,520 --> 00:06:52,320 Speaker 1: Uncertainty around how long it will take to know what 144 00:06:52,360 --> 00:06:53,360 Speaker 1: the votes. 145 00:06:53,080 --> 00:06:54,920 Speaker 2: Really come out to be at the end of the day. 146 00:06:55,880 --> 00:06:59,040 Speaker 2: How do you think about that uncertainty and investing around it. 147 00:07:00,720 --> 00:07:02,719 Speaker 3: Yeah, look, I don't know how to handicap, but the 148 00:07:02,760 --> 00:07:05,280 Speaker 3: only real protect projection I'm going to make about the 149 00:07:05,320 --> 00:07:07,839 Speaker 3: election is it's going to be held on November fifth, 150 00:07:08,520 --> 00:07:12,400 Speaker 3: and beyond that, it's really hard to know. The election 151 00:07:12,520 --> 00:07:15,960 Speaker 3: seems to be very close, and you know, I don't 152 00:07:15,960 --> 00:07:18,560 Speaker 3: know whether we'll have a winner anytime soon. I don't 153 00:07:18,600 --> 00:07:21,400 Speaker 3: know whether either candidate is preparing to concede if it's 154 00:07:21,440 --> 00:07:23,960 Speaker 3: a close election, So we'll just have to kind of 155 00:07:23,960 --> 00:07:28,360 Speaker 3: see how that plays. I'm taking a relatively conservative posture 156 00:07:29,480 --> 00:07:33,559 Speaker 3: into the election. I view this as a potentially uncertain event. 157 00:07:33,880 --> 00:07:36,040 Speaker 2: Is there anything that could take off after the election. 158 00:07:36,400 --> 00:07:38,600 Speaker 2: We hear over and over that investors are taking a 159 00:07:38,680 --> 00:07:40,800 Speaker 2: risk off tone before that time. 160 00:07:41,000 --> 00:07:45,360 Speaker 1: So what starts to take off after Well, I. 161 00:07:45,280 --> 00:07:48,800 Speaker 3: Think if you have a clear winner and it's you know, 162 00:07:48,880 --> 00:07:51,560 Speaker 3: in the country, it's clear what direction the country is 163 00:07:51,600 --> 00:07:55,720 Speaker 3: going to go, I'm confident that investors will chase whatever 164 00:07:55,800 --> 00:07:59,200 Speaker 3: is perceived to be a beneficiary of whichever candidate that 165 00:07:59,280 --> 00:07:59,920 Speaker 3: happens to be. 166 00:08:00,280 --> 00:08:01,960 Speaker 2: I want to get your macro view on this as well, 167 00:08:02,000 --> 00:08:03,880 Speaker 2: because a lot of people are worried about the direction 168 00:08:03,920 --> 00:08:06,880 Speaker 2: of inflation. You saw the ten year really a trail 169 00:08:07,000 --> 00:08:10,600 Speaker 2: higher in recent days. Some people think it's a Trump trade. 170 00:08:10,840 --> 00:08:13,040 Speaker 2: What do you think about the direction of travel for 171 00:08:13,320 --> 00:08:16,960 Speaker 2: bonds the macro markets more largely on the heels of 172 00:08:16,960 --> 00:08:17,440 Speaker 2: the selection. 173 00:08:19,240 --> 00:08:22,440 Speaker 3: Yeah, Look, I think that I think we're in We 174 00:08:22,560 --> 00:08:25,760 Speaker 3: moved from a secular deflation for many many years into 175 00:08:25,800 --> 00:08:30,280 Speaker 3: secular inflation, and we've had a you know, a reduction 176 00:08:30,400 --> 00:08:32,840 Speaker 3: in inflation from the peak from a couple of years ago. 177 00:08:32,920 --> 00:08:34,439 Speaker 3: But I think a lot of that is kind of 178 00:08:34,480 --> 00:08:36,760 Speaker 3: run its course, and so there's a decent chance we 179 00:08:36,800 --> 00:08:40,080 Speaker 3: should have inflation re accelerate, probably as soon as the 180 00:08:40,120 --> 00:08:43,360 Speaker 3: next inflation reading as far as I can tell, there's 181 00:08:43,400 --> 00:08:46,160 Speaker 3: still rents that have to flow through. Commodity prices are 182 00:08:46,160 --> 00:08:49,920 Speaker 3: getting stronger, and I think there's some other indications, you know, 183 00:08:50,000 --> 00:08:52,520 Speaker 3: labor prices still going up. You see what's going on 184 00:08:52,600 --> 00:08:55,760 Speaker 3: for example with the Boeing strike. These these wage increases 185 00:08:55,760 --> 00:08:59,400 Speaker 3: are relatively substantial still. So I actually think that the 186 00:09:00,000 --> 00:09:04,000 Speaker 3: inflationary period is kind of the disinflationary period is kind 187 00:09:04,040 --> 00:09:06,240 Speaker 3: of coming to an end, and I think that you 188 00:09:06,240 --> 00:09:08,640 Speaker 3: can see it in the inflation derivatives market and you 189 00:09:08,640 --> 00:09:10,000 Speaker 3: can see it in the bond market. 190 00:09:10,280 --> 00:09:12,280 Speaker 4: Additionally, regular growth is pretty good. 191 00:09:12,280 --> 00:09:15,600 Speaker 3: We're running about three percent. So for that three percent growth, 192 00:09:15,640 --> 00:09:17,640 Speaker 3: and we've got you know, at least two and a 193 00:09:17,679 --> 00:09:20,600 Speaker 3: half and maybe rising inflation from there, and that's nominal 194 00:09:20,640 --> 00:09:24,120 Speaker 3: GDP of five and a half plus. It's hard to 195 00:09:24,160 --> 00:09:26,880 Speaker 3: see why treasury bonds at you know, four percent are 196 00:09:26,880 --> 00:09:29,559 Speaker 3: a little bit better than that our mispriced or why 197 00:09:29,640 --> 00:09:30,760 Speaker 3: rates should come down from that. 198 00:09:31,960 --> 00:09:34,520 Speaker 1: Another that I know that you have had on David, 199 00:09:34,760 --> 00:09:36,520 Speaker 1: it's fair to call you a gold bug. 200 00:09:36,600 --> 00:09:39,679 Speaker 2: We've seen gold hit record highs this year, and I'm 201 00:09:39,720 --> 00:09:42,520 Speaker 2: wondering how much further you think it'll go and why. 202 00:09:44,040 --> 00:09:48,199 Speaker 4: Well, I think that I think that gold looked. 203 00:09:48,200 --> 00:09:50,640 Speaker 3: We've been long gold for about, you know, fifteen years, 204 00:09:50,800 --> 00:09:54,720 Speaker 3: so there's nothing new about me saying something interesting about gold. 205 00:09:54,760 --> 00:09:56,480 Speaker 4: But I think just to the point I. 206 00:09:56,360 --> 00:09:58,800 Speaker 3: Was just making right, if we if we have the FED, 207 00:09:58,880 --> 00:10:02,720 Speaker 3: it seems to on trying to reduce interest rates even 208 00:10:02,760 --> 00:10:07,920 Speaker 3: as inflation you know, maybe bottoming and about to re accelerate. 209 00:10:09,040 --> 00:10:11,000 Speaker 3: That should be pretty good for goals, and I think 210 00:10:11,040 --> 00:10:13,240 Speaker 3: you're beginning to see that in the price of bold 211 00:10:13,240 --> 00:10:15,920 Speaker 3: and gold has had a really strong year. It's been 212 00:10:15,920 --> 00:10:16,320 Speaker 3: a big. 213 00:10:16,160 --> 00:10:16,719 Speaker 4: Help to us. 214 00:10:17,760 --> 00:10:19,520 Speaker 1: Last question for you before I let you go. 215 00:10:19,800 --> 00:10:22,720 Speaker 2: There's been a lot of conversation about how you've been 216 00:10:22,720 --> 00:10:26,920 Speaker 2: thinking about value investing, whether the industry has died or not. 217 00:10:27,120 --> 00:10:27,600 Speaker 1: But a lot of. 218 00:10:27,559 --> 00:10:29,880 Speaker 2: People are looking to get back into that value trade, 219 00:10:29,880 --> 00:10:32,640 Speaker 2: particularly that Russell two thousand value trade. 220 00:10:32,720 --> 00:10:34,479 Speaker 1: What advice would you give them? 221 00:10:35,280 --> 00:10:39,160 Speaker 3: Well, I think with so many professional value investors no 222 00:10:39,240 --> 00:10:43,480 Speaker 3: longer practicing their trade or having assets to manage, there's 223 00:10:43,480 --> 00:10:46,000 Speaker 3: just a lot less competition, and so you can find 224 00:10:46,040 --> 00:10:50,040 Speaker 3: some pretty exciting values in companies that are less talked 225 00:10:50,040 --> 00:10:53,800 Speaker 3: about or less exciting than the ones that everyone wants 226 00:10:53,880 --> 00:10:57,000 Speaker 3: to you know, you know, comment on every day that traded, 227 00:10:57,240 --> 00:11:00,959 Speaker 3: you know, fancy mostly multiples. You have a realfurcated market, 228 00:11:01,400 --> 00:11:04,240 Speaker 3: and we can find companies that are paying large dividends 229 00:11:04,280 --> 00:11:04,800 Speaker 3: and bind. 230 00:11:04,679 --> 00:11:05,480 Speaker 4: Back lots of stock. 231 00:11:05,520 --> 00:11:07,480 Speaker 3: We're going to make a good return just from the 232 00:11:07,520 --> 00:11:10,120 Speaker 3: company giving us the money, and we don't really care 233 00:11:10,160 --> 00:11:11,520 Speaker 3: whether what other investors do. 234 00:11:12,200 --> 00:11:13,320 Speaker 1: David, we got to leave it there. 235 00:11:13,360 --> 00:11:16,400 Speaker 2: Of course, that is David Einhorn of green Light Capital 236 00:11:16,880 --> 00:11:18,640 Speaker 2: talking about his favorite long pick right now. 237 00:11:18,679 --> 00:11:20,440 Speaker 1: We thank you very much for your time.