“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
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