David Einhorn Revealed His Big Investment Idea At The Sohn Conference
He's the last speaker of the day.
He opened with a joke, "Welcome to day two of the Sohn Conference."
His investment pick is going long Oil States International, a low cost drilling provider.
Barry Rosenstein's JANA Partners also has a stake in OIS. When JANA filed its 13D someone at Greenlight asked Einhorn if Rosenstein was speaking at Sohn.
The stock is up more than 2.9% in after-hours trading.
He says OIS is low cost, highly mobile and it has 34 rigs. It has lower than average growth margins, he added.
Einhorn said that OIS's tubular services, where it's a market leader, are cheap relative to its competitors. He said that this business drags down the value of the company as a whole.
He added that OIS offshore segment is also undervalued.
Last year at Sohn, Einhorn slammed Martin Marietta Materials. The stock is up about 56% since then, though.
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