“David Einhorn, founder and president of hedge fund Greenlight Capital, told CNBC on Tuesday that the U.S. Federal Reserve’s economic stimulus was “counterproductive” and that he still favored Apple Inc.,” Reuters reports.
“‘I think it’s actually counterproductive,’ Einhorn said about the Federal Reserve’s stimulus program, adding that it lowers the standard of living and drives up food and oil prices.,” Reuters reports. “Einhorn said Apple, which he praised at this year’s Ira Sohn investing conference, was ‘the best big growth company we have.'”
Reuters reports, “Amazon.com Inc is ‘tough on its competitors’ because it does not ‘feel the need to make a profit,’ he said.”
I think [AAPL] stock is substantially undervalued. It will be a trillion-dollar company, I would expect. First one. I think it’s, you know, the best big growth company we have. It is the dominating brand in the area that it is and trades at a multiple below the average in the S&P 500. I think that’s extraordinary. – David Einhorn, July 10. 2012
Read more in the full article here.
Related articles:
Is Apple a hardware company or a software company? – June 5, 2012
David Einhorn says Apple isn’t a below-average company, it’s just priced like one – May 30, 2012
Hedge fund star Einhorn calls for Microsoft’s Ballmer to go – May 26, 2011
No bout adout it!
Someone reports favorably about Apple and gets press here. This guy is full of shit. And, he runs a hedge fund. Of course the stimulus was “counter productive”. It was aimed at stabilizing the problems that the hedge funds created. He can go to hell. why don’t you ask him how they manipulate Apple’s stock price for their own benefit?
It was counter-productive because it didn’t put more money in his pocket.
The stimulus was less productive than it could have been. Way less. Obama (DINO- Illinois), forever pandering to the Republicans, made tax cuts a huge part of the stimulus. We can all see how much goodwill that has earned him.
The path we should have followed was direct stimulus and public works combined with direct intervention into the toxic loan market. The banks should have been rolled up and broken up by the FDIC with the CEOs shown the door.
Instead we bailed out the banks and banksters- rewarding many of the very culprits that brought this mess upon the world. They are so thankful that they are trying to buy our whole political system.
I agree with you, pap. Government should run ALL affairs in this country (and worldwide, actually) whether they be “private” or “public.” The collective wisdom of elected or appointed bureaucratic officials easily supersedes and trumps that of any individual, no question. Regulation by committee ensures that few mistakes can ever be made in life–and when one or two do manage to sneak through, no blame will ever be assigned to anyone. Think of it: complete control of human activity without fear of guilt or recrimination Ameritopia at last!
Our betters will finally be free to act for the common good without worrying about history or any kind of track record to haunt them. How I do long for the day when a single benevolent congressional committee comprised of Frank, Dodd, Pelosi, Reid, Schumer, Kucinich, Obama, Biden, Lee, Boxer, Fatah, Jackson, and their peers guide me and my family through all the vicissitudes of life, with no possibility of failure or pain.
Long live government!
I hope that was an attempt at humor.
I do not wish to see an an encompassing government, but I realize that- flawed though it may be- government is necessary in many things that the markets have shown themselves to be incapable of doing honestly and effectively.
My tendency if Left Libertarianism- not Right. Yes, there is such a thing and we get frustrated when others try to lump us in the Right Libertarian Box or the Big Government left crowd. There are more than two flavors in the world, yet political discourse in the US seems to be stuck in the same old arguments.
I value human freedom and enterprise, but also know that free markets on the corporate scale are not answerable to customers/consumers in most cases and that greed always tempts people to cheat. Government is a necessary evil. The difference between me and the Ron Paul crowd is the margins of where government needs to be involved.
Hedge Funds, Equity Companies, Storting Stocks and Derivatives are counter productive to America and noting else comes close in the last five years.
Funny how these CEO’s still try to advise on the economy after they almost ruined it. Shameful that they try to side with Apple.
The difference between Apple and these CEO’s is that Apple creates a market that is designed to thrive and not designed to line the pockets of the greedy. Apple is a good example of good capitalism whereas these other companies are actually enemies of capitalism and therefore hurt the American economy by not innovating, not investing, and not spreading the wealth.
The hedge funds and speculators are what drives oil prices, not the government, not the oil companies. These creeps are the ones who tanked people’s retirements and investments and got richer in the process. These are the types that needed government intervention to save jobs and industry while they smiled and accumulated mountains of wealth.
People shouldn’t be so short-sighted and forget what some of these corporations have done. This isn”t a political argument but a reminder of what not to do. Don’t be an ENRON. Be Apple. Be a company, focus on hard work and stay out of politics.