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August 11, 2006
Poker Faces and Stock Picks
When you’re a founder of a billion dollar hedge fund, you can afford to take your chances at the World Series of Poker, as David Einhorn did. The founder of the Greenlight Capital LLC hedge fund, which is worth $3 billion, finished 18th in the tournament and ended up winning $659,730.
Einhorn, who launched his equity hedge fund in 1996 and has registered an annual average return of 29 percent since then, announced that his winnings in the “No Limit Texas Hold’em” tournament would go to the kitty of the the Michael J. Fox Foundation for Parkinson's Research.
The stock guru took fifth place in the same event last year, a pretty good effort for an amateur poker player. But then, good stock pickers make excellent poker players, according to Einhorn. Both activities require patience, the ability to identify favorable opportunities, manage risk, and take advantage of beneficial risk-reward bets, he adds. The games rich people play!!
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