编者按：Einhorn 说我们正在面临继2000年后的第二次科技泡沫，你信吗？看了一下在CNBC上的散户投票，54%以上的投资者居然信了。要知道在2000年时几乎不到20%的人信。这个就是区别。按照投票，有半数以上的投资者相信会在今年出现第二次科技泡沫，那就很可能意味着科技泡沫在今年会出现的概率比较小。当然，这只是我们对投资情绪的猜测。从chart pattern上讲，这6天科技板块ETF QQQ的上涨正在形成一个Invert cup and handle pattern, 也就是说是一个bearish pattern, 跌破这个倒杯沿后的目标位是76.35，距今12.8%。如果Einhorn 所指的是这个大级别调整，那么还是挺有可能的。Einhorn 会不会在那里就cover shorts 呢？否则又会出现他老人家今年第一季度继续做空GMCR的明显损失了。

Einhorn: Tech bubble brewing, shorting momentums

Source：http://www.cnbc.com/id/101582309  Apr.22

David Einhorn has a clear warning for technology investors: we're in a bubble.

"Now there is a clear consensus that we are witnessing our second tech bubble in 15 years," Greenlight Capital said in an investor letter Tuesday. "What is uncertain is how much further the bubble can expand, and what might pop it."

The firm said there were several indications of the over-exuberance, including the rejection of conventional valuation methods; short sellers forced to cover their positions because of losses; and "huge" first-day stock appreciations after their initial public offerings.

"The current bubble is an echo of the previous tech bubble, but with fewer large capitalization stocks and much less public enthusiasm," the letter said. The firm said it was shorting a group of undisclosed "high-flying momentum stocks."

A spokesman for Greenlight declined to comment.

The firm also disclosed a number of new long positions, including retailerConn's, Japanese regional bank Resona Holdings and solar plant company SunEdison. Shares of Conn's and SunEdison rose sharply on the news. The firm also closed four short positions: Chipotle Mexican Grill, Fortescue Metals Group, Loblaw Cos. and Michael Kors Holdings. All lost the firm money, according to the letter.

Greenlight's main fund fell 1.5 percent in the first quarter, according to the letter. The largest winner was a long bet on Micron Technology andGreen Mountain Coffee Roasters, a short, was the most significant loser.

The firm's largest long positions at the end of March were Alpha Bank,Apple, gold, Marvell Technology and Micron.

Separate from its stock holdings, Greenlight discussed its trading costs because of the high-frequency trading concerns raised in the new book, "Flash Boys."

The firm said the abuses described in the Michael Lewis book "don't significantly impact us" but said it supports new alternative trading platform IEX. Greenlight said it holds a small stake in the exchange, which has styled itself as a safer place to trade for investors worried about HFT front running.