(Reuters) Hedge fund manager David Einhorn has built a reputation on his ability to crater a company’s stock. His prescient short calls such as Allied Capital and Lehman Brothers had been announced in previous years at the annual Sohn Investment Conference in New York. And so, as he took the took the stage at the event after the U.S. stock market closed on May 4, audience members were eagerly anticipating what would come next.
In a 15-minute presentation, he laid out why industrial company Caterpillar Inc should trade at half its current value. The next day, the stock opened lower, but was down just 1 percent.
