Subject: Re: OT: Einhorn on value investing
Here is the algorithm for under performing fund managers

1. Blame indexing - for making the market inefficient and for their brilliant picks being under appreciated

2. Blame the fed - low rates causing x, y & z leading to their underperformance

3. Blame the stupid investors for chasing bubble/hot stocks and overlooking their picks

Einhorn underperformed because markets became more efficient and cheap stocks are cheap for good reason. No more buy something at 5-10x PE and wait for it to turn.

A good example is his experience with GM.