David Einhorn: It’s a New World for Investors

Greg Feirman submits:

I really respect David Einhorn because he has evolved from a pure value investor into recognizing the importance of macro. Anybody who doesn’t recognize that at this point is going to pretty useless going forward. Buy great companies with high free cash flow and big moats! Hoo-ray! It’s a new world, y’all and Einhorn gets it. His speech Monday at The Value Investing Congress is a masterpiece:

The lesson that I have learned is that it isn’t reasonable to be agnostic about the big picture. For years I had believed that I didn’t need to take a view on the market or the economy because I considered myself to be a “bottom up” investor.

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