‘I view the markets as fundamentally broken…Passive investors have no opinion about value. They’re going to assume everybody else has done the work.’ — David Einhorn, president of Greenlight Capital That’s a big statement, but Einhorn does make a logical argument for his view.
Excellent article. I too have a newfound appreciation of shareholder yield. Now we hunt and lie in wait... easier said than done 😁
Thanks Kevin! The idea of having more than just changes in multiple as a driver of potential returns makes a lot sense to me.