Insight and investigations from our expert reporters
Our latest special report profiles one of the more colorful figures in the hedge fund world — William Ackman. Wall Street Investigations editor Matthew Goldstein teamed up with funds correspondent Svea Herbst-Bayliss, who was in New York this week for the Value Investing Conference.
Here’s what Matt has to say about Ackman and one of his rivals.
“Hedge fund managers William Ackman (left) and David Einhorn (right) are fairly good friends and sometimes they find themselves on the same side of a debate over a stock.
But Ackman and Einhorn, who were both featured speakers at this week’s Value Investing Conference in New York, appear to be at odds when it comes to finding opportunities from shorting, or betting against, stocks. Ackman says he doesn’t see many short opportunities in the market, while Einhorn is making a lot of noise with news his Greenlight Capital Management is shorting shares of real estate property developer St. Joe Co.
Einhorn, who gained a lot fame and riches from shorting Lehman Brothers stock, used the conference to explain his rationale for why he thinks St. Joe’s stock is overpriced. Shares of St. Joe are down roughly 20 percent since Einhorn unveiled his short attack.