Santangel's Review: Summary of David Einhorn’s Comments at the Greenlight Re Annual Meeting

• We are in a period between two crises
• Falling oil prices are very bullish for the consumer and the economy
• Japan is past the point of no return
• The portfolio is now 39% net long and “fairly fully invested”
• Einhorn added to exposure during the May sell-off
• GM is fundamentally misunderstood and “is a very cheap stock”
• Owns puts on the Yen
• Still holds gold
• Has protection against higher interest rates
• He is using various means to protect the portfolio from trouble in Europe
• Said it is nearly impossible to figure out when and how the European crisis will be resolved. The further it goes the more the number of bad scenarios builds

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More detailed notes from The Brooklyn Investor blog HERE.