Here's the David Einhorn presentation that gave a stock whiplash earlier this week
You can check out the full presentation, which was delivered at the Sohn Conference in New York City, below.
In sum, Einhorn argued that analysts have been getting the company's story wrong ever since it survived an industry rout in 2008. They "falsely think it's a secular growth story... generally immune to oil price volatility," he said.
In contrast, Einhorn argued Core Labs is riding an international oil and gas capex cycle. Due to record low oil prices, that cycle is hitting a downturn and, as a result, Core Labs will disappoint in the coming year.
The stock fell as Einhorn spoke after an initial surge. The Sohn Conference Twitter feed mistakenly said that he was presenting a long thesis, and the market moved in that direction at first.
Until it didn't.
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