Here's what David Einhorn just presented at one of the biggest hedge fund conferences of the year

David Einhorn presented his short thesis for Core Labs at the Sohn Investment Conference in New York City on Monday, arguing that Wall Street has been getting the story wrong on the company since 2008.

The company survived a rout that beat its peers in 2008, Einhorn said. That led analysts to “falsely think it’s a secular growth story… generally immune to oil price volatility.”

But it’s not. Actually, he said, it’s riding an international capex cycle. As the world invests less in fossil fuel production, Core is getting walloped by record low oil prices — prices Einhorn doesn’t think will bounce back any time soon.

What’s more, the stock’s not cheap, it actually trades to a premium of its oil field service peers. The company also doesn’t seem to have a core business, Einhorn argued. It has staked a claim in every single energy trend over the last few years, and Einhorn joked that reading the company’s statements is like “time capsule preserving the history of energy market hype.”

The stock fell over 3% on Einhorn’s comments.

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