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David Einhorn regrets selling his early Apple stake, predicts the Fed will pull back in fighting inflation, and reveals he's betting on AI in a new interview. Here are the elite investor's 8 best quotes.

David Einhorn
David Einhorn.
  • David Einhorn regrets selling Apple stock he bought before Steve Jobs returned as CEO in 1997.
  • The Greenlight Capital boss sees the Fed pulling back in fighting inflation after the banking chaos.
  • Einhorn also discusses where the banks went wrong, and how he's betting on AI, in a new interview.

David Einhorn bemoaned selling his early Apple stake, predicted the Federal Reserve will ease off in fighting inflation, and slammed the recent banking fiasco as a failure in risk management.

The Greenlight Capital boss also suggested the Fed's interest-rate hikes have stimulated the US economy, and revealed his firm is betting against a couple of companies that could be obliterated by artificial intelligence.

Here are Einhorn's 8 best quotes, lightly edited for length and clarity:

1. "That's probably the worst sale of my entire career. If we just kept that Apple stock at that value — because we were literally talking about a $1 billion company or something like that, we probably owned a couple percent of it — that would have been really awesome if we had just kept that." (Einhorn said he invested in Apple shortly before Steve Jobs returned as CEO in 1997, but promptly sold his stake and missed out a huge return.)

2. "We're at that point right now where fighting inflation has to be traded off against financial stability. The overall trajectory is probably less tightening than it was two or three weeks ago. And yet, I don't think the inflation outlook has changed at all. So there's a real risk that they will wind up slowing down and then the inflation will resolve itself however it does." (He was discussing how the banking chaos might interfere with the Fed's plans to crush inflation.)

3. "The first jelly donut tastes great. The second jelly donut is pretty indulgent, but by the 12th jelly donut, you're just making yourself sick, so you really shouldn't do that anymore." (Einhorn was using an analogy to describe the diminishing impact of interest-rate cuts on spending and investing.)

4. "Going from 0% to 4% has basically been a stimulus. It's added probably $0.5 trillion a year to household income and some of that gets spent or invested or whatnot. So I think that the tightening we've had so far hasn't really been effective because it's kind of been like finally getting off the jelly donut diet. It's actually making the economy probably healthier and stronger." (Einhorn explained that many households own assets that generate more income when rates rise, while 90% of their liabilities are fixed-rate mortgages unaffected by rate hikes.)

5. "Banking 101 is manage your interest-rate risk. What you have here is you've had a select number of financial institutions that have badly mismanaged their interest rate risk." (Einhorn was discussing why Silicon Valley Bank and other lenders imploded earlier this month.)

6. "I doubt that this is actually a systemic crisis. I think this is a few banks that have gotten out of line and risk-managed poorly. In a capitalist system, they and their investors should lose money. That's what's supposed to happen."

7.  "We have a lot of regulatory interference and a lot of shrill people calling for bailouts. Sometimes the squeaky wheel gets the oil, and that very well may be the direction that we go." (Einhorn was discussing the prospect of a government guarantee on all bank deposits.)

8. "We're not going to figure out who has the next breakthrough in AI that is going to leapfrog everybody else's AI. We have to think more broadly how are businesses that we're involved in likely to be impacted by AI. We have a couple of things that we're short, that we think their fundamental business is going to be destroyed by AI — essentially replicating what it is that they're doing and taking away their profit pool."

Read the original article on Business Insider
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