David Einhorn unveiled two new trades at this year’s New York Sohn conference, one long trade and one short.
Q1 hedge fund letters, conference, scoops etc
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Both of the companies operate leasing businesses. AerCap is involved in airplane leasing, while GATX is a leader in railcars. The companies have similar economics, but Einhorn believes AerCap’s long-term outlook is more favorable and immune to economic cycles. GATX, on the other hand, is much more susceptible to economic cycles and the company may also be facing structural issues as well.
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