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Good News For The Grandchildren?

By Greg Matthews

“Good News for the Grandchildren” was the title of the David Einhorn’s lecture on Wednesday in the Ira Sohn Conference at New York. I was present there.

“Do you believe you are concerned that we are passing our debt on to upcoming generations?” Einhorn started out…

“Anyhow you need not worry. Our generation – not our grandchildren’s – have to deal with the consequences.”

Einhorn’s investment success have made his hedge-fund prospects wealthy. He’s earned them over 20% for every year compounded, after charges.

Einhorn famously revealed that Allied Capital was defrauding the government. He wrote a good book about his six-year battle with Allied, called Fooling Some of the People All of the Time. All value traders should read it. (He first publicly declared Allied was defrauding the government at the 2002 Ira Sohn Seminar.)

Einhorn also “nearly made it to the final table” at the World Series of Poker major event in 2006. He donated his $659,730 reward money from that event for the Michael J. Fox foundation for Parkinson’s Research.

And then in spring of 2008, Einhorn publicly predicted the downfall of the Lehman Brothers.

Hence he is intelligent, a winning investor, also a superb guy. He’s worth listening to.

Einhorn believes the United States might experience a Greece-type debt circumstances much earlier than anyone thinks (in our generation, not our grandkids). He mentioned civil servant salary as an case of the U.S. problem in making just like Greece…

Einhorn explained how in 2008, the common U.S. federal civilian wage along with reimbursement was $119,982, in comparison with $59,909 for the non-government worker. Furthermore in case you have government employment, you could remain utilized for 20 years afterward that you can retire, receiving retirement remuneration the remainder of your life (the following forty years). Einhorn questioned the sustainability of these entitlements.

Einhorn was not the only real spokesman at the seminar… His hedge-fund-manager peers exchanged their valuable ideas also. A large amount speakers at the seminar held the same view to David’s.

The optimistic take was essentially, “Everyone is adaptive… We’ll work out find out how to adapt to these times, as a consequence generate profits from them. There’s never been a catastrophe that you cannot see coming. If you’re able to see it coming, in which case you can adapt.”

To invest in this difficult time, David thought to own gold as well as gold stocks… and worry regarding your grandkids afterward.

Like he believed, “When push comes to shove, there is a good chance the Fed will print currency to the point where significant inflation shows up.

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Article Citation
MLA Style Citation:
Matthews, Greg "Good News For The Grandchildren?." Good News For The Grandchildren?. 26 Jun. 2010. 28 Dec 2014 <>.

APA Style Citation:
Matthews, G (2010, June 26). Good News For The Grandchildren?. Retrieved December 28, 2014, from

Chicago Style Citation:
Matthews, Greg "Good News For The Grandchildren?"

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