David Einhorn is a man of many talents, including playing poker and, of course, investing. Watching where he stacks his chips in the markets is a worthwhile endeavor, too.
The founder and manager of hedge fund Greenlight Capital, Einhorn has developed a reputation for a good long game and an even better short one. He has successfully gone after numerous companies over the years, including Allied Capital and Lehman Brothers. He has twice launched a short campaign against Keurig Green Mountain, getting burned both times.
Einhorn applies many of the same principles in playing poker that he does in investing. "Both poker and investing are games of incomplete information," he said in a 2006 interview with The New York Times. "You have a certain set of facts and you are looking for situations where you have an edge, whether the edge is psychological or statistical."
His approach has worked out quite well. Since launching Greenlight in 1996, Einhorn has made millions of dollars for clients and amassed a personal net worth of more than a billion dollars. (Though 2015 certainly wasn't his best.)
According to his most recent 13F filing corresponding to June 30, Einhorn's public equity portfolio is comprised of 142 holdings valued at $5.5 billion.
Here are 10 stocks in which he initiated positions during the second quarter of 2016.
Calpine (CPN) is Einhorn's biggest new buy of the second quarter. As of June 30, he owns 5.7 million shares valued at $83.5 million.
Calpine is a power generation company engaged in the ownership and operation of natural gas-fired and geothermal power plants in North America. It sells power, steam, capacity and ancillary services to utilities and independent electric system operators. It has a $4.4 billion market cap and trades at a P/E of 7.3.
Rite Aid operates retail drugstore chains in the U.S. It operates approximately 4,561 stores in 31 states across the country and in the District of Columbia. It has a market cap of $8.3 billion and trades at a P/E of 55.36. The company is on track to be acquired by Walgreens Boots Alliance (WBA - Get Report) , which is a holding in Jim Cramer's Action Alerts PLUS charitable portfolio, for $17 billion.
Einhorn initiated a position in Amaya (AYA) during the second quarter. He picked up 4 million shares worth $60.8 million as of the end of the period.
Amaya provides technology-based products and services to the gaming and interactive entertainment industries. It has a $2.4 billion market cap and trades at a P/E of 326.
Perrigo develops, manufactures and distributes over-the-counter and generic prescription pharmaceuticals, nutritional products and active pharmaceutical ingredients. It has a $13.2 billion market cap.
AmerisourceBergen is a pharmaceutical services company. It provides drug distribution and related health care services and solutions to pharmacy, physician and manufacturer customers based in the U.S. and Canada. It has a $19.1 billion market cap and trades at a P/E of 7.21.
Einhorn initiated a position in Arris International (ARRS) last quarter, acquiring 1.9 million shares valued at $39.2 million.
Arris International, formerly Arris Group, provides entertainment and communications solutions. It provides customer premises equipment, including set-top, gateway, DSL and cable modem, as well as network and cloud, including video infrastructure. It has a $5.2 billion market cap.
FMC is a diversified chemical company serving agricultural, consumer and industrial markets internationally with solutions, applications and products. Its business segments are Agricultural Solutions, FMC Health & Nutrition, and FMC Lithium. It has a $6.4 billion market cap.
Amerco is a moving and storage operator and also supply products and services to help people move and store their household and commercial goods through its subsidiary. It also provides life, property and casualty insurance. It has a $6.9 billion market cap and trades at a P/E of 14.78.
Hertz is engaged in car rental and leasing through the Hertz, Dollar, Thrifty and Firefly brands. The company operates in about 150 countries, including locations in North America, Europe and Asia. It has a $4.3 billion market cap.
Liberty Global LiLAC Group Class C Shares
Liberty Global LiLAC is a tracking stock for Liberty Global's operations in Latin America and the Caribbean. It has a market cap of $5.2 billion. In June, Liberty Global distributed 117.4 million LiLAC shares to Liberty Global Group shareholders (which Einhorn is).