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Here’s the David Einhorn presentation that gave a stock whiplash earlier this week

Reuters

Greenlight Capital founder David Einhorn at the Sohn Investment Conference in New York City, May 8th, 2017

David Einhorn, the billionaire founder of hedge fund Greenlight Capital, presented his short thesis for oil and gas services company Core Laboratories on Monday.

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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