Greenlight Capital — David Einhorn's Fund Profile & 13F Portfolio
Complete profile of Greenlight Capital — David Einhorn's value investing with short selling, the Lehman Brothers short, Ira Sohn presentations, 7-position concentrated portfolio, and poker career.
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Greenlight Capital — Value Investing with a Short-Selling Edge
David Einhorn is one of Wall Street's most fascinating investors — combining classical value investing with aggressive short selling. His fund, Greenlight Capital, founded in 1996, runs an extremely concentrated portfolio of just 7 positions and is famous for public presentations that expose overvalued companies.
Quick Answer
Greenlight Capital is the hedge fund David Einhorn founded in 1996, blending classical value investing with aggressive short selling. It runs a ~$3.9B 13F portfolio of roughly 40 issuers (Q2 2026, filed by DME Capital Management — the firm's current filing entity), anchored by long-time largest position Green Brick Partners (~19%), with Fluor, Core Natural Resources, Brighthouse Financial and Penn Entertainment among the top names. In 2025-26 the story has been gold and macro hedges — bullion, GLD calls and crypto-adjacent shorts — which drove a +9.0% net 2025 while the long/short book lagged the S&P 500. Einhorn is best known for his 2008 short of Lehman Brothers, exhaustive 100-page analyses and market-moving Ira Sohn presentations, alongside a competitive poker career. His 12.7% annualized net return since 1996 (per the firm's own Q4 2025 letter) spans nearly three decades. Short positions are absent from these public, 45-day-lagged 13F filings — a positioning signal, not investment advice.
Key Facts
| Parameter | Value |
|---|---|
| Founder | David Einhorn (1996) |
| Investment Style | Value / Long-Short |
| 13F Portfolio Value (Q2 2026) | ~$3.9B |
| Number of 13F Positions | ~40 issuers (95 entries) |
| Headquarters | New York, USA |
| Latest 13F Filing | August 2026 (period 30 June 2026, filed by DME Capital Management, LP) |
Who Is David Einhorn?
Born in 1968 in New Jersey, Einhorn graduated from Cornell University and founded Greenlight Capital at age 27 with just $900,000 in starting capital. He quickly built a reputation as one of Wall Street's sharpest analytical minds.
What sets Einhorn apart:
- Analytical precision — his company analyses are legendary in their depth and detail
- Courage to short — publicly discusses his short positions, which is rare in the industry
- Professional poker player — finished 3rd in the 2006 World Series of Poker Main Event ($659K)
- Author — "Fooling Some of the People All of the Time" about his battle with Allied Capital
- Concentration at the top — the largest position (Green Brick Partners) is ~19% of the 13F book
Investment Philosophy
Einhorn blends traditional value investing with a unique twist:
- Buy the undervalued — seeks companies trading below intrinsic value
- Short the overvalued — actively bets against companies with inflated valuations
- Analyze exhaustively — known for 100+ page deep dives into individual companies
- Be public — presents his theses at conferences (Ira Sohn, Robin Hood)
- Focus on a few ideas — better to have 7 great positions than 70 mediocre ones
Top 13F Holdings (Q2 2026)
Greenlight's 13F book spans ~40 issuers but stays conviction-weighted at the top (SEC EDGAR, DME Capital Management, filed 14 August 2026, total $3.91B):
| Position | Sector | Value | Portfolio Weight |
|---|---|---|---|
| Green Brick Partners (GRBK) | Homebuilding | $758M | ~19% |
| Fluor (FLR) | Engineering & Construction | $244M | ~6% |
| Core Natural Resources (CNR) | Energy / Coal (CONSOL-Arch merger) | $183M | ~5% |
| Brighthouse Financial (BHF) | Insurance | $180M | ~5% |
| Acadia Healthcare (ACHC) | Healthcare | $130M | ~3% |
| Penn Entertainment (PENN) | Gaming | $125M | ~3% |
| Fortune Brands (FBIN) | Building Products | $123M | ~3% |
| PG&E (PCG) | Utilities | $112M | ~3% |
| Centene (CNC) | Health Insurance | $106M | ~3% |
| Graphic Packaging (GPK) | Packaging | $105M | ~3% |
Not visible in the 13F: the gold positioning (physical bullion plus GLD call options) that drove much of Greenlight's 2025 performance, and its short book.
Savings in one bank, investments in another? See it all in one place — and how many months it could carry you.
See your Freedom Runway — freeEinhorn's Legendary Shorts
Lehman Brothers (2007-2008) — The Most Famous Short
Einhorn is best known for publicly shorting Lehman Brothers:
- May 2008: Presentation at the Ira Sohn conference — "Lehman is hiding losses"
- Questioned Lehman's accounting, particularly their real estate asset valuations
- Lehman CEO Dick Fuld personally called Einhorn trying to dissuade him
- September 15, 2008: Lehman files for bankruptcy — Einhorn was right
Allied Capital (2002-2008)
- Multi-year battle with the private equity firm
- Einhorn claimed Allied was overvaluing its investments
- The SEC eventually sanctioned Allied — Einhorn documented the story in his book
Green Mountain Coffee (2011)
- Einhorn questioned the company's accounting practices
- Shares dropped 50% following his presentation at the Value Investing Congress
The Ira Sohn Presentations
The Ira Sohn Investment Conference is one of the most important investor conferences globally, and Einhorn's presentations are legendary:
- Each presentation is a potential market-moving event
- Einhorn typically reveals a new short position or investment thesis
- Companies named by Einhorn often drop 5-15% on the same day
- Format: detailed analysis with data, charts, and conclusions
Einhorn the Poker Player
Einhorn is a serious competitive poker player:
- 2006: 3rd place at the World Series of Poker Main Event ($659,395)
- 2012: 3rd place in the Big One for One Drop charity event (~$4.35M, donated)
- All poker winnings donated to charity (Michael J. Fox Foundation)
- "Poker and investing share a lot — risk management, reading opponents, patience"
Recent Years — Gold and Inflation Bets
In recent years, Einhorn has significantly repositioned his portfolio:
- Cyclical exposure — homebuilding (Green Brick), construction (Fluor), coal (Core Natural Resources)
- Inflation bets — positions in commodities and energy companies
- Green Brick Partners — largest position, residential homebuilding
- Less tech exposure — contrarian move vs. most hedge funds
Performance History
- 1996–2025: 12.7% annualized net return (3,406% cumulative, per the firm's Q4 2025 letter)
- 1996–2007: Golden era — returns exceeding 20% annually
- 2008: +8.4% (thanks to shorts, including Lehman)
- 2015-2020: Tough period — value investing "out of favor"
- 2022-2024: Strong comeback driven by energy and inflation bets
What It Means for Individual Investors
Einhorn's style is inspiring, though hard to replicate:
- Concentration requires conviction — with 7 positions, every decision matters enormously
- Short selling is risky — losses are theoretically unlimited
- Deep analysis pays off — Einhorn reads every footnote in financial statements
- Contrarian thinking — willingness to go against the crowd is essential
Track Greenlight Capital's portfolio alongside other legendary funds with Freenance — the Smart Money feature lets you analyze 13F changes from the world's top investors.
FAQ
Who is David Einhorn?
David Einhorn is the founder of Greenlight Capital, a value investor known for aggressive short selling and public presentations exposing overvalued companies. Most famous for shorting Lehman Brothers before its 2008 bankruptcy.
How did Einhorn predict Lehman's collapse?
Einhorn analyzed Lehman Brothers' financial statements and concluded the firm was hiding losses on real estate assets. In May 2008, he publicly presented his analysis at the Ira Sohn conference. Four months later, Lehman filed for bankruptcy.
Why does Greenlight have only 7 positions?
Einhorn believes concentration is the key to outsized returns. Rather than spreading across dozens of positions, he prefers to deeply analyze a handful of companies and build significant positions. This means higher volatility but potentially superior results.
Does Einhorn really play poker?
Yes — and at the highest level. In 2006, he placed 3rd in the World Series of Poker Main Event, winning $659,395. All his poker winnings go to charity.
How can I track Greenlight's portfolio?
Greenlight's filings are available on the SEC's EDGAR database (under DME Capital Management, LP — the firm's filing entity since 2024) and through Freenance's Smart Money feature. Note the 45-day reporting delay and that short positions and the gold book aren't visible in 13F filings.
What is Einhorn's take on inflation?
In recent years, Einhorn has been vocal about inflation and fiat-debasement risks and positioned accordingly — gold bullion and GLD calls became core to the book in 2025, alongside real assets (Green Brick Partners). He's been skeptical of the "transitory inflation" narrative since 2021.