Hedge fund manager David Einhorn, who is also the chairman of reinsurer Greenlight Capital Re Ltd., told his reinsurance investors on Monday that the housing market is improving.
Einhorn, speaking at a Greenlight Capital investor conference, said that the improvement in the housing market is "pretty broadly based."
In its most recent quarterly filing of U.S. stock holdings, Greenlight Capital held 64,000 shares of NVR Inc, a homebuilder and mortgage banker.
Einhorn, who is known for targeting companies like Lehman Brothers, MBIA and Green Mountain Coffee Roasters in presentations, does not see another housing boom but sees demand for new home construction picking up.
He added that General Motors is a misunderstood and "very cheap stock." The company is one of Einhorn's largest disclosed long positions, along with Apple, Arkema and Seagate.
Regulatory filings for Einhorn's hedge fund show that Einhorn dropped more than four million shares of the company from the end of last year to the quarter ended March 31.
On the current investment environment, Einhorn said that quantitative easing is on hold for now, commodity prices are trending lower, and the European problem remains unsolved.
The conference at Time Warner Center in New York was attended by over 100 investors.
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