Photo: Screenshot from CNBC
Remember David Einhorn’s epic presentation at this year’s Ira Sohn Conference?The famed hedge funder presented so many bearish and bullish cases in a 20-minute speed-read that left investors in attendance in a haze.
Many remembered his bearish calls on construction company Martin Marietta (which fell 10% within minutes of Einhorn’s call) and Amazon, and his bullish case for Apple.
But it’s his most overlooked short call on United States Steel Corp. that’s panning out the most successfully, according to Reuters.
Since Einhorn’s presentation, where he pointed to the steel company’s low earnings, high pension costs and weak demand from China, U.S. Steel’s stock has dropped 23.1%.
Comparatively, Martin Marietta is down only 8.5% and Amazon is down 0.8% since the conference on May 16, according to Reuters.
Wanna hear about his most famous bull-case? DAVID EINHORN: Here’s Why Apple Is Misunderstood, And Could Be Worth $1 Trillion