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David Einhorn

David Einhorn


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David Einhorn was born in Dispeck, Germany in 1809. He emigrated to the United States in 1855 and was minister to congregations in Baltimore, Philadelphia and New York. Active in the ant-slavery movement, he was the leading theologian of the reform wing of Judaism. Einhorn died in 1879.


David Einhorn

David Einhorn was born in Bavaria in 1809. He studied rabbinics and philosophy. He was one of the early Reformers and was greatly influenced by both Abraham Geiger and Samuel Holdheim. In 1842, he supported Geiger and publicly stated that there the Talmud had no divine authority. At the Frankfort Rabbinical Conference in 1845, he enthusiastically pushed for having the service in the vernacular and for cutting out all references to the restoration of the sacrifices and a Jewish state.

Einhorn’s positions were considered so radical that even though congregations selected him to serve as their rabbi, the Bavarian government refused to confirm his appointments.

In 1847, Einhorn succeeded Samuel Holdheim as chief rabbi of Mecklenburg-Schwerin. He got involved in a series of controversies, realized he had little future as a rabbi in Europe, and headed for the country of liberal opportunity, America.

His arrival in the United States coincided with the Cleveland Rabbinical Conference, which, under the leadership of Isaac Mayer Wise, adopted a platform designed to permit a broadly based union among the various tendencies in American Judaism. Einhorn regarded this platform as treachery to the cause of Reform and denounced it violently. This marked the beginning of a bitter feud between Einhorn, the uncompromising Reformer, and Rabbi Isaac Mayer Wise, who was ready to moderate his Reform in the interests of unity. Einhorn became rabbi at Har Sinai Congregation of Baltimore in 1855. He wrote a new Reform Jewish prayer book with the majority of the text in German called Olat Tamid. Unlike Minchag America (Isaac Mayer Wise’s prayer book), Olat Tamid not only shortened the traditional service it was a creative work expressing Einhorn’s Reform ideal of the universality of humanity with an anti-particularistic strain. In its modern approach to worship, it cut out Kol Nidrei it utilized various Sephardic piyyutim (religious poems) it dropped the Musaf service entirely it did not include blessings for the blowing of shofar or the lighting of Chanukah lights it de-emphasized Israel as the Chosen People and it removed all references to a personal Messiah, a return to Israel, or the resumption of the sacrificial cult.

Einhorn’s rabbinate in Baltimore, Maryland, a pro-slavery state, was cut short in 1861 when his outraged denunciation of slavery placed him in danger. A mob threatened to tar and feather him, and he had to flee north. He became rabbi of Congregation Kenesseth Israel in Philadelphia. In 1866 he moved to New York, where he became rabbi of Congregation Adath Israel.

In 1869, he attended the Philadelphia Rabbinical Conference. A powerful and fiery speaker, he influenced that group to adopt a radical, Reform platform, alienating the more traditional American Jewish groups.

Although Isaac Mayer Wise’s more moderate positions eventually became the norm for American Reform Jewish institutions, Einhorn's more radical view of Reform Judaism greatly influenced Kaufman Kohler, his son-in-law and disciple. Kohler formulated the Pittsburgh Platform of 1885, which became the basis for American Reform. Kohler was also instrumental in writing The Union Prayer Book, which he based on Einhorn’s Olat Tamid.

Sources: Gates of Jewish Heritage. Photo from “Sinai,” Vol. VI, Translated from the German, p. 2-22, Baltimore, 1861, by Mrs. Kaufmann Kohler.

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How David Einhorn became rich with hedge fund

On this day, November 20 in the year 1968, one of the youngest and most influential hedge fund managers was born in New Jersey, USA. His name is David Michael Einhorn, the founder of Greenlight Capital, a company that invests primarily in North American equities and corporate debt. As of November, 2020, his net worth is $1.4 billion, according to forbes.com.

David Einhorn (Credit: forbes.com)

David Einhorn was the elder son of a venture capitalist. As a child, he was very studious. He went to Cornell University and graduated summa cum laude with a degree in government. After graduation, he worked in his father’s company. Later, he joined Siegler, Collery and Co. as an investment analyst. In 1996, he moved to New York City to start his own fund, Greenlight Capital, a company that provides services to pooled investment vehicles. The company had an initial capital of $900,000, half of it borrowed from his parents.

Through the years, David Einhorn has earned respect as an astute investor. In 2002, he shorted a company called Allied Capital and disclosed in an investment conference that the company was involved in some kinds of fraud. Later, he wrote a book entitled “Fooling some of the People All of the Time” detailing his experience of this affair. In 2007, he became famous for announcing in the same conference that Lehman Brothers was in a very precarious financial situation due to its massive exposure to illiquid real estate investments. Subsequent events prove him right when Lehman went bankrupt in 2008. Since then, he became a regular speaker in different forums and is often quoted in the media. In 2013, he was included in Time magazine’s 100 Most Influential People in the world.

In 2004, David Einhorn set up Greenlight Reinsurance Ltd. with headquarters in the Caymans Island.

David Einhorn has three children with his former wife Cheryl. At present, Greenlight Capital has over $10 billion assets under management. It has earned an average of over 20% annually since its inception in 1996 although it has lost money in some years.


But his most famous call to this day is predicting that Lehman Brothers would fall.

In May 2008, Einhorn publicized his most famous short—Lehman Brothers. At a conference, Einhorn explained that Lehman was taking too much risk and there were discrepancies in their numbers in SEC filings. He had also recently met with newly-appointed Lehman CFO Erin Callahan and was unimpressed when she was unable to answer some of his questions about the investment bank.

In case you needed reminding—Lehman Brothers filed for bankruptcy in September 2008. Einhorn's insight strikes again.


David Einhorn (hedge fund manager)

In January 2012, the U.Okay. Financial Services Authority (FSA) fined Einhorn and Greenlight Capital $11.2 million for buying and selling on inside info. The FSA claimed Einhorn obtained info on the Punch Taverns Plc (PUB) fairness fundraising by a dealer representing the corporate previous to public information of the occasion. Over the next 4 days, Einhorn bought greater than 11 million shares, avoiding a 29.9% inventory worth collapse and subsequent lack of about £5.8 million. [28]

On May 26, 2011, Einhorn known as for Steve Ballmer, CEO of Microsoft, to step down after Microsoft had been handed by each Google and Apple [26] in market worth. [27]

When Bear Stearns needed to be bailed out by the Federal Reserve in March 2008, Lehman was extensively thought of to be in a weak monetary scenario. [23] In a speech at a convention in April, Einhorn introduced his Lehman brief place. [6] [24] In May, Lehman’s CFO Erin Callan held a personal teleconference with Einhorn and his workers, who [25] hoped Callan may clarify discrepancies they’d uncovered because the agency’s newest monetary submitting. Einhorn publicly characterised Callan’s responses on the decision in a unfavorable mild and Lehman inventory fell sharply. Callan was fired a couple of weeks later when Lehman reported a $2.8 billion quarterly loss. Lehman would declare chapter in September 2008.

In July 2007, Einhorn shorted Lehman Brothers inventory, believing that Lehman had large exposures to illiquid actual property investments that have been improperly accounted for. [21] He additionally claimed that they used doubtful accounting practices of their monetary filings. [6] Einhorn shared his thesis on Lehman in November 2007 on the Value Investing Congress. [22]

Einhorn began Greenlight Capital in May 1996 with $900,000 in begin up capital. In May 2002, he gave a speech on the Sohn Investment Research Conference the place he advisable shorting a mid-cap monetary firm known as Allied Capital finally disclosing that he himself had a considerable brief place. The day after the speech the corporate’s inventory went down by 20 %. [14] Einhorn alleged the corporate of defrauding the Small Business Administration whereas Allied stated that Einhorn was partaking in market manipulation, and illegally accessed his cellphone data utilizing pretexting. [15] In June 2007, after a prolonged investigation by the U.S. Securities and Exchange Commission (SEC), it discovered that Allied broke securities legal guidelines referring to the accounting and valuation of illiquid securities it held. [16] After the incident, Einhorn has revealed a e-book, Fooling Some of the People All of the Time concerning this six-year combat. [17] Reviews of the e-book have been typically constructive Seeking Alpha, stated of the e-book: “the case in opposition to Allied Capital is laid out to the final element. Because of the immense quantity of knowledge within the e-book, I might think about that some readers might need to skip a web page right here and there. However, the e-book is in no way boring. This e-book proves that fact is actually stranger than fiction.” [18] [19] Einhorn would come to view Allied as a microcosm of market tendencies: “What we have seen a yr later is that Allied was the tip of an iceberg that this type of questionable ethic, philosophy and enterprise follow was much more widespread than I acknowledged on the time…Our nation, our economic system, is paying an enormous worth for that.” [20]

Einhorn was born to a Jewish household in New Jersey, the son of Stephen and Nancy Einhorn. [8] [9] [10] Raised in Demarest, New Jersey, [11] at seven he and his household moved to Wisconsin. [10] His father is the founder and president of Einhorn & Associates, a consulting agency, and Capital Midwest Fund, a enterprise capital fund. [8] He has one brother Daniel who works along with his father. In 1987, Einhorn graduated from Nicolet High School in Glendale, Wisconsin. [12] Einhorn graduated summa cum laude from Cornell University with a B.A. in Government from the College of Arts and Sciences in 1991. He was a member of the Sigma Alpha Epsilon fraternity at Cornell. [13]

Einhorn was included in Time journal’s Time 100 record of � most influential individuals on the earth” in 2013. [7] According to Forbes Magazine, Einhorn has a net worth of US$700 million (as of March 2019), after a number of years of steep losses for his fund. [1]

Born in New Jersey, [3] Einhorn graduated from Cornell University, [4] earlier than beginning Greenlight Capital in 1996. [3] Over the subsequent decade, the fund skilled annualized returns of 26%, much better than the market. [3] Greenlight Capital’s property below administration decreased from roughly US$12 billion in 2014 to about $5.5 billion as reported in July 2018 because the fund was down 11.3% from 2014 by means of the top of 2017, and an additional 34% in 2018. [5] He has obtained intensive protection within the monetary press for his fund’s efficiency, his investing technique and his positions. [6]

David M. Einhorn (born November 20, 1968) is an American investor and hedge fund supervisor. He is the founder and president of Greenlight Capital, a “long-short value-oriented hedge fund”. [2]


David Einhorn — Notorious Tesla Short Seller — Just Had His Best Quarter Ever

Greenlight Capital hedge fund manager and notorious value investor David Einhorn just released his annual letter to investors, which revealed a record quarter for Einhorn to close out a difficult 2020.

Finishing Strong: Greenlight took a massive hit from a large short position in Tesla Inc (NASDAQ: TSLA) in 2020, but Greenlight finished strong with a 25% gain in the fourth quarter. Despite the disastrous Tesla short position, Einhorn was able to salvage a 5.2% overall gain for the fund for the year.

The Greenlight letter disclosed several new long positions heading into 2021, including Fubotv Inc (NYSE: FUBO), Danimer Scientific Inc (NYSE: DNMR) and Neubase Therapeutics Inc (NYSE: NBSE), according to Bloomberg. All three stocks were trading higher by more than 10% on Thursday.

Einhorn said the Tesla short position was Greenlight&rsquos biggest loser in 2020, although he reportedly adjusted the position prior to Tesla&rsquos inclusion in the S&P 500.

Einhorn&rsquos Recent Struggles: Greenlight has significantly underperformed the S&P 500 in recent years as growth stocks have soared and value stocks have lagged. Greenlight reported a 14% net gain in 2019 following a 38% net loss in 2018, its worst year since the fund&rsquos inception in 1996.

Einhorn gained mainstream notoriety on Wall Street back in 2007 when he disclosed a short position in Lehman Brothers prior to the bank&rsquos collapse in 2008. However, he had drawn a lot of criticism in recent years for his persistent short position in Tesla and his often heated public communications with Tesla CEO Elon Musk.

"TSLA cars are not a fad if they were, TSLA would sell many more than it does. The fad is in owning TSLA stock," Einhorn said in the letter.

As of the end of the third quarter, Greenlight&rsquos three largest long positions were Green Brick Partners Inc (NYSE: GRBK), Brighthouse Financial Inc (NASDAQ: BHF) and Atlas Air Worldwide Holdings, Inc. (NASDAQ: AAWW).

Benzinga&rsquos Take: Economist John Maynard Keynes famously said &ldquothe market can stay irrational longer than you can stay solvent,&rdquo and Einhorn&rsquos performance in recent years highlight just how much of a toll a single short position can take on an entire portfolio when the stock in question gets caught in a potential market bubble. Short positions can result in unlimited theoretical losses, whereas standard long positions are capped at just 100% downside.


Hedge fund manager David Einhorn’s stumble may mean a value investing resurgence is near

Billionaire hedge fund manager David Einhorn is in a rut.

His Greenlight Capital fund fell 7.7 percent in June and was down nearly 19 percent for the first half of the year, according to a performance update seen by CNBC. At the same time, the S&P 500 was up 1.7 percent.

The down-on-his-luck investor may take comfort in history, however. Fellow value-style champion Julian Robertson of Tiger Management had his own high-profile stumble during the momentum-driven tech stock surge of 1999 and 2000, a period that preceded a big shift back to value investing.

That could mean value investing, which has been in the doldrums during the current strong run-up in tech stocks, could be about to come back in style. Investors just have to hang in there long enough.

Robert Buckland of Citi Research said in a note to clients on Wednesday that as a bull market runs its course, its winning bets typically narrow to high-growth and momentum stocks, a shift he saw in the current market in February. "This usually favors growth and momentum trades and has produced bubbles in the past," he wrote. "These can be career-threatening for value managers.”

Four out of Greenlight's five-largest disclosed positions, revealed in the first-quarter investor letter, are down through the end of June. Among them, Brighthouse Financial leads with a 30 percent drop. And Einhorn's bets against high-flying technology and growth stocks, the so-called the bubble basket, have backfired on him.

The weak year-to-date return followed a meager 1.6 percent gain in 2017 versus a 19.4 percent gain for the S&P 500, according to an investor letter.

Greenlight did not respond to a request for comment.

Einhorn isn't alone among out-of-favor value investors. The S&P 500 Growth index rose 6.6 percent in the first half of this year, while the S&P 500 Value index declined 3.4 percent. And the market still favors big tech stocks. Amazon was up 45 percent, Netflix had gained 104 percent and Tesla was up 10 percent so far this year through June.

All are in the "bubble basket" of stocks Einhorn's Greenlight has bet against. If the investor didn't exit those positions, the same basket of stocks likely contributed to the fund's losses this year.

Earlier this year, Einhorn expressed confidence in his fund's stock positions.

"We believe our investment theses remain intact. Despite recent results, our portfolio should perform well over time," Einhorn said in a April 3 letter to clients. "To some extent, this quarter's result stems from the continued extreme outperformance of growth over value."

While Einhorn waits for a shift back to a less extreme imbalance of growth and value, his struggles are reminiscent of those experienced by the most successful value-oriented hedge fund of the 1980s and 1990s.

Back then, Robertson’s Tiger Management posted annual returns of more than 30 percent for 18 years and reached assets under management of more than $20 billion. But then the hedge fund faltered as value stocks went out of favor and internet stocks boomed. Tiger lost 19 percent in 1999, the same year that earlier generation of technology stocks soared.

But Robertson did not wait it out. As investors withdrew $7.7 billion from Tiger, Robertson decided to close his firm after a nearly 15 percent drop in the first two months of 2000.

“The result of the demise of value investing and investor withdrawals has been financial erosion, stressful to us all," Robertson wrote in an investor letter on March 30, 2000. "And there is no real indication that a quick end is in sight."

Robertson said his success had been his steady commitment to buying the best stocks and shorting the worst. "In a rational environment, this strategy functions well. But in an irrational market, where earnings and price considerations take a back seat to mouse clicks and momentum, such logic, as we have learned, does not count for much."

Tiger’s closure was right around the peak of the technology-heavy Nasdaq composite, which would turn quickly and drop 46 percent from April to year-end 2000.

When that dot-com bubble burst, value stocks came back into fashion. From April 2000 to year-end 2003, the S&P 500 Value index outperformed the S&P 500 Growth index by 30 percentage points.


David Einhorn

David Einhorn (November 10, 1809 – November 2, 1879) was a German rabbi and leader of the Jewish reform movement in the United States. Einhorn was chosen in 1855 as the first rabbi of the Har Sinai Congregation in Baltimore, the oldest congregation in the United States that has been affiliated with the Reform movement since its inception. While there he created an early American prayer book for the congregation that became one of the progenitors of the 1894 Union Prayer Book. In 1861, Einhorn was forced to flee to Philadelphia, where he became rabbi of Congregation Keneseth Israel. He moved to New York City in 1866, where he became rabbi of Congregation Adath Israel.

Contents [show] Early years[edit] He was born in Diespeck, Bavaria on November 10, 1809, to Maier and Karoline Einhorn. He was educated at the rabbinical school of Fürth, where he earned his rabbinical ordination at age 17.[1] He then studied at the universities of Erlangen, Munich and Würzburg, where he studied from 1828 to 1834, supported by his mother following the death of his father.[2]

Beliefs[edit] He was a supporter of the principles of Abraham Geiger, and while still in Germany advocated the introduction of prayers in the vernacular German, the exclusion of nationalistic hopes and the restoration of the Temple in Jerusalem and the sacrificial services there from the synagogue service, and other ritual modifications, lobbying on behalf of these changes at the 1844 Frankfurt Assembly.[1] He was chosen rabbi at Hoppstํten, and afterward chief rabbi of Mecklenburg-Schwerin in 1847, succeeding Rabbi Samuel Holdheim whose views were a major influence on Einhorn.[1] An incident in which he blessed an uncircumcised child, which upset many of his more traditional congregants, led to his departure from Germany.[1] He was called to Pest, Hungary in 1851 where his views met with such opposition that his temple was ordered closed only two months after his arrival there by the Emperor of Austria, who saw a connection between the Jewish reform movement and the Revolutions of 1848.[2]

Emigration[edit] Einhorn emigrated to the United States and was named on September 29, 1855, as the first rabbi of the Har Sinai Congregation in Baltimore. In that role, Einhorn formulated the Olat Tamid siddur for use in services, which became one of the models for the Union Prayer Book published in 1894 by the Central Conference of American Rabbis.[3] Olat Tamid contrasted with Wise's Minhag America in particular by removing references to the status of Jews as a chosen people and eliminating references to the restoration of sacrificial services in the Temple.[1]

Reform Judaism[edit] Einhorn was an opponent of the Cleveland Conference of 1855 and its decision that the Talmud had primacy in interpreting the Torah. In this stand, Einhorn stood in contrast to Rabbi Wise's efforts to find language that could accommodate the various strands of Judaism in the United States, arguing that such efforts betrayed the progress of reform.[1] Starting in 1856, he started publishing the German language magazine, Sinai, devoted to interests of radical reform, which he also used as a platform for his antislavery pronouncements. Einhorn remained an opponent of Interfaith marriage in Judaism, arguing in Sinai that such practices were "a nail in the coffin of the small Jewish race", though he opposed the retention of practices such as the wearing of phylacteries, the limitations on activity prohibited on Shabbat and kosher dietary laws, all of which he viewed as outmoded. Only those portions of the Torah that derived from a moral basis were to be retained.[1] He became the acknowledged leader of Reform Judaism in America.

Views on slavery[edit] In 1861, Einhorn delivered a sermon as a response to a sermon by Morris Jacob Raphall that supported the existence of slavery, which Einhorn called a "deplorable farce" and argued that the institution of slavery in the South was inconsistent with Jewish values, noting the Jewish experience as slaves in Egypt as a reason that Jews should be more sensitive to the plight of slaves. He staunchly advocated this position, despite the fact that many of his congregants and colleagues were sympathetic to slavery in what was then a slave state. In his sermon titled War on Amalek, based on Exodus 17, Einhorn stated that "We are told that this crime [slavery] rests upon a historical right! . Slavery is an institution sanctioned by the Bible, hence war against it is war against, and not for, God! It has ever been a strategy of the advocate of a bad cause to take refuge from the spirit of the Bible to its letter." A riot broke out in response to his sermon on April 19, 1861, in which the mob sought to tar and feather the rabbi.[1] Einhorn fled to Philadelphia where he became spiritual leader of Congregation Keneseth Israel.[1]

Retirement[edit] In 1866 he moved to New York City, where he became the inaugural rabbi of Congregation Adas Jeshurun on 39th Street, which merged with Congregation Anshei Chesed in 1873 and adopted the new name Congregation Beth-El and built a new structure on 63rd Street. Einhorn retained the position as spiritual leader of the merged synagogue, delivering his final sermon on July 12, 1879, after which the congregation agreed to bestow upon him a pension of $3,500.[2] Upon his retirement, Einhorn was recognized by his fellow rabbis across denominations who held a farewell ceremony held at his apartment where he was presented with a resolution on behalf of the participants at the convention of the Union of American Hebrew Congregations that recognized Einhorn for his rabbinic service, noting the "ability and character which have marked his career, and the earnestness, honesty and zeal which have animated the heart of a man whom we proudly recognize as one of Israel's purest champions and noblest teachers."[4]

Death[edit] Einhorn died at age 69 on November 2, 1879, at his home on East 64th Street of old age. He had become increasingly debilitated and was forced to stay in his room for some time.[2] His funeral was held before a packed house at Beth-El on November 6, 1879, where his plain coffin was carried into the congregation by 12 pallbearers and placed before the pulpit, which included such gathered rabbinic notables as Richard James Horatio Gottheil of Congregation Emanu-El, Einhorn's son-in-law and successor Kaufmann Kohler of Beth-El, another son-in-law Emil G. Hirsch of Louisville, Kentucky, along with representatives of the congregations he served in Baltimore and Philadelphia. He was buried at Green-Wood Cemetery.[5] Kaufmann Kohler carried on many of the efforts that Einhorn had initiated, collecting Einhorn's sermons and published them in book form, playing a major role in formulating the Pittsburgh Platform of 1885 and helped develop the Union Prayer Book using material that Einhorn had developed decades earlier in Olat Tamid.[1]


EINHORN, DAVID

EINHORN, DAVID (1809–1879), Reform rabbi and theologian. Einhorn was born in Dispeck, Bavaria, and received his rabbinical training at Furth, near his birthplace. He studied philosophy at Erlangen, Wurzburg, and Munich. His thinking was influenced by the ideas of F.W. Schelling. In 1838 he was elected rabbi of the community at Wellhausen near Uffenheim, but the Bavarian government would not confirm his appointment on account of his liberal views. Four years later he became Landesrabbiner of Birkenfeld in the Grand Duchy of Oldenberg. At the Frankfurt Rabbinical Conference of 1845, he took a decided view in favor of introducing the vernacular into the service and of eliminating prayers for the restoration of sacrifices and a Jewish state. Three years earlier, in coming to the defense of the position taken up by Abraham *Geiger in his controversy with Solomon Titkin, he had rejected the divine authority of the Talmud and upheld the right to diverge from ceremonial laws.

In 1847 Einhorn succeeded Samuel *Holdheim as chief rabbi of Mecklenburg-Schwerin. There he was involved in controversy with Franz *Delitzsch, the Christian Hebraist, for having pronounced a blessing in the synagogue over an uncircumcised child. Einhorn's radical religious standpoint jeopardized his position. In January 1852 he became rabbi of the Reform congregation of Budapest, but after two months the government closed the temple. While living in Budapest, Einhorn began his work Das Prinzip des Mosaismus, but completed only one volume (1854).

Denied any opportunity in Europe, Einhorn became rabbi of the Har Sinai Congregation of Baltimore (1855). His arrival in the United States coincided with the Cleveland Rabbinical Conference, which, under the leadership of Isaac Mayer *Wise, adopted a platform designed to permit a broadly based union among the various tendencies in American Judaism. Einhorn regarded this platform as treachery to the cause of Reform and denounced it violently. This marked the beginning of a bitter feud between Einhorn, the uncompromising Reformer, and I.M. Wise, who was ready to moderate his Reform in the interests of unity. Einhorn expounded his ideas in his monthly magazine Sinai (Ger., 7 vols., 1856–62) and gave them expression in his prayer book Olat Tamid (1856), which was no mere shortening of the traditional liturgy, but a new work written mainly in German.

Einhorn's sojourn in Baltimore was cut short in 1861, when his unsparing denunciation of slavery placed him in danger from the mob. He became rabbi of Congregation Kenesseth Israel, Philadelphia, and in 1866 moved to New York as rabbi of Congregation Adath Israel, which was later known as Temple Beth El. His was the dominant personality at the Philadelphia Rabbinical Conference which met in 1869 and adopted a thoroughgoing Reform platform.

Einhorn's farewell sermon, delivered after a quarter of a century in America, contained a plea for the cultivation of German as the vehicle for the ideas of Reform Judaism. If the dogmatic Reform upon which he insisted dominated neither the Union of American Hebrew Congregations nor Hebrew Union College at their inception, his spirit came to influence them later. Kaufman *Kohler, his son-in-law and disciple, formulated the Pittsburgh Platform of 1885, which was the basis of American Reform for a generation, and later became president of Hebrew Union College Einhorn's Olat Tamid served as the model for the Union Prayer Book.

A letter which Einhorn wrote in 1844 summed up his theological system: "In all its stages, Judaism shows its capacity for continuous development both as to its form and its spirit, insofar as the latter became ever clearer and purer in the human consciousness and no Israelite who knows his religion will deny it the power of perfectibility. Its essence, which is truth uniting all men, was from the beginning intended to overcome the exclusiveness attached to the form, which is national but insofar as the latter served as an armor of protection and as the priestly garb of Israel among the nations, it cannot with impunity be cast off until the former in its entire inner force and its all-encompassing extent will have penetrated the whole human family, and Israel (Mosaism) will have fulfilled its priestly mission at the arrival of the Messianic era." Little has been published concerning the personality of David Einhorn or analyzing his thought.


A Brief History of David Einhorn's Investments

Long before hedge-fund boss David Einhorn was in the crosshairs of London's Financial Services Authority, he was battling executives at some of the highest-profile publicly traded companies at his firm, Greenlight Capital. Started in 1996, it manages about $8 billion.

Einhorn was also a participant in the World Series of Poker. And, oh yeah, he came very close to buying a slice o the New York Mets last summer.

Most recently, Einhorn has been in the news for his clash with Green Mountain Coffee Roasters, a Waterbury, Vt.- based coffee company, which was one of the best performing stocks of the year until the Greenlight Capital boss took it to task during a 110-slide presentation at a prominent investor gathering in October.

As Einhorn spoke, Green Mountain's shares tumbled, and they have continued to tumble.

Why do investors take Einhorn so seriously?

He's proved right in the past, and more than once.

First there was his protracted battle with Allied Capital, a leverarged buyout financier, which began in 2002 when Einhorn said the company was overvaluing its investments. Allied executives at the time called Einhorn's claims unfounded, saying the company was committed to transparency.

Einhorn later wrote the book, "Fooling Some People All of the Time," in which he zeroed in on his struggle with Allied. Mr. Einhorn bet against the company's shares and eventually made millions on the investment. The company was eventually acquired.

Then, in 2008, Einhorn cemented himself as one of Wall Street's toughest corporate critics as he publicly tangled with Lehman Brothers executives in the months before the firm collapsed in 2008. Things haven’t always worked out so well for Einhorn.

Last May, Einhorn and the owners of the New York Mets baseball team made public that he planned to buy a slice of the team. But by the end of the summer, the deal fell apart. "We're finished here," Mr. Einhorn said at the time. "We're done."

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