22年前25万美金拍下“巴菲特午餐”，绿光资本艾因霍恩：市场失灵了，现在的价值投资者有点像恐龙……

Core Viewpoint - David Einhorn, founder of Greenlight Capital, expresses concerns about market inefficiencies and the challenges faced by value investors in a market dominated by passive funds and algorithmic trading [1][3][13]. Group 1: Market Environment and Challenges - The market structure has changed, making it difficult for traditional value investors to find undervalued stocks [1][13]. - Einhorn notes that the dominance of passive funds and algorithmic trading has weakened the environment for value investing, as many investors are no longer focused on finding undervalued assets [3][15]. - The current market is primarily driven by three types of participants: index funds, algorithmic traders, and retail investors, which has shifted the focus away from fundamental analysis [15][16]. Group 2: Investment Strategy - Greenlight Capital focuses on buying undervalued companies and shorting overvalued stocks, maintaining a core belief in value investing despite market challenges [12][17]. - Einhorn emphasizes that even if a company's price does not recover, it may still be worth investing in if it can provide reasonable returns through dividends or buybacks [3][18]. - The firm has historically achieved an annualized return of approximately 13% since its inception, although it faced significant challenges post-2015 [2][24]. Group 3: Personal Insights and Experiences - Einhorn has a deep respect for Warren Buffett and has attempted to emulate some of his investment strategies, including the use of insurance float for capital [4][5]. - He highlights the importance of adapting to changing market conditions and acknowledges that the firm has had to reassess its strategies in light of recent market dynamics [7][72]. - Einhorn's investment philosophy is shaped by his experiences and the belief that acknowledging mistakes is crucial for long-term success [74][96].