Yesterday I fired David Einhorn.
Good morning, my Foolish compadres. I know it has been a while since I last chimed in. Today I come out of my hole to share something I think is important: Yesterday I fired David Einhorn by selling all my shares of GLRE. You may care to know why, or you may not give a rodent's butt. However I am going to tell you exactly why I was compelled to act.
As many of you are aware David Einhorn is regarded as a boy genius in the world of money. He has enjoyed success since early on and has created quite a reputation for himself. It was this reputation in part that drew me to his GLRE. But something happened that I found to be distasteful: He got into a big public row with AAPL's Tim Cook about how AAPL should be using its cash. Lawyers at one point even entered the frey. The last thing I want is the head of a company picking fights in public. In my opinion it was unprofessional. And I suspect since Mr. Cook announced some changes to how AAPL will handle its cash that are along the lines of what Mr. Einhorn wanted that Mr. Einhorn will become emboldened to act in a similar manner in the future eventually leading to destructive hubris that will put his investors at excess risk.
I understand that Mr. Einhorn has purchased bagillions of dollars worth of AAPL stock for his company and that he felt he was acting on behalf of the best interest of his clients. However, I believe, if you are not happy with the way a company you purchased is being run by the management you need to sell and find somewhere else for the money to be used, as I just have.
Goodbye, Mr. Einhorn. I wish you all the best in your future endavours. This one investor tribe has spoken, you're fired!