Billionaire hedge fund manager David Einhorn is short Caterpillar.
The Greenlight Capital president revealed his firm’s position at the Ira Sohn conference on Wednesday.
“We don’t think CAT has yet hit a bottom — we think CAT bottoms in 2018,” Einhorn said.
He said he expects Caterpillar’s shares to be cut in half by that point.
Einhorn said we are much closer to mid-cycle than we are to peak or trough.