{"id":3034,"date":"2026-04-19T02:17:31","date_gmt":"2026-04-18T19:17:31","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/19\/david-einhorn-chien-luoc-bao-toan-von-la-uu-tien-hang-dau-giua-bat-on-thi-truong-2\/"},"modified":"2026-04-19T02:17:31","modified_gmt":"2026-04-18T19:17:31","slug":"david-einhorn-chien-luoc-bao-toan-von-la-uu-tien-hang-dau-giua-bat-on-thi-truong-2","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/19\/david-einhorn-chien-luoc-bao-toan-von-la-uu-tien-hang-dau-giua-bat-on-thi-truong-2\/","title":{"rendered":"David Einhorn: Chi\u1ebfn L\u01b0\u1ee3c B\u1ea3o To\u00e0n V\u1ed1n L\u00e0 \u01afu Ti\u00ean H\u00e0ng \u0110\u1ea7u Gi\u1eefa B\u1ea5t \u1ed4n Th\u1ecb Tr\u01b0\u1eddng"},"content":{"rendered":"
\n

Chuy\u00ean gia qu\u1ea3n l\u00fd qu\u1ef9 ph\u00f2ng h\u1ed9 David Einhorn, ng\u01b0\u1eddi \u0111\u1ee9ng \u0111\u1ea7u Greenlight Capital, m\u1ed9t l\u1ea7n n\u1eefa kh\u1eb3ng \u0111\u1ecbnh \u01b0u ti\u00ean h\u00e0ng \u0111\u1ea7u c\u1ee7a m\u00ecnh l\u00e0 b\u1ea3o to\u00e0n v\u1ed1n. Ph\u00e1t bi\u1ec3u n\u00e0y \u0111\u01b0\u1ee3c \u0111\u01b0a ra trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng \u0111ang l\u1ea1c quan th\u00e1i qu\u00e1 v\u1ec1 c\u00e1c di\u1ec5n bi\u1ebfn \u0111\u1ecba ch\u00ednh tr\u1ecb, m\u1ed9t xu h\u01b0\u1edbng m\u00e0 Einhorn c\u1ea3nh b\u00e1o r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u0111ang \u0111\u00e1nh gi\u00e1 th\u1ea5p nh\u1eefng r\u1ee7i ro gi\u1ea3m gi\u00e1 ti\u1ec1m t\u00e0ng.<\/p>\n

Ph\u00e2n T\u00edch Chi\u1ebfn L\u01b0\u1ee3c C\u1ea3nh Gi\u00e1c C\u1ee7a Greenlight Capital<\/h2>\n

Trong b\u1ee9c th\u01b0 g\u1eedi nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi nh\u1ea5t \u0111\u1ec1 ng\u00e0y th\u1ee9 Hai, Einhorn nh\u1ea5n m\u1ea1nh: “S\u1ebd kh\u00f4ng c\u00f3 g\u00ec ng\u1ea1c nhi\u00ean khi ch\u00fang t\u00f4i l\u1ea1i \u0111\u1eb7t vi\u1ec7c b\u1ea3o to\u00e0n v\u1ed1n l\u00ean h\u00e0ng \u0111\u1ea7u c\u00e1c \u01b0u ti\u00ean c\u1ee7a m\u00ecnh.” \u00d4ng l\u1eadp lu\u1eadn r\u1eb1ng v\u1edbi qu\u00e1 \u00edt r\u1ee7i ro gi\u1ea3m gi\u00e1 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 v\u00e0o th\u1ecb tr\u01b0\u1eddng, Greenlight Capital s\u1eb5n s\u00e0ng b\u1ecf l\u1ee1 m\u1ed9t \u0111\u1ee3t ph\u1ee5c h\u1ed3i ti\u1ec1m n\u0103ng \u0111\u1ec3 \u0111\u1ecbnh v\u1ecb b\u1ea3n th\u00e2n, s\u1eb5n s\u00e0ng t\u1ea5n c\u00f4ng m\u1ea1nh m\u1ebd h\u01a1n n\u1ebfu m\u1ed9t trong c\u00e1c k\u1ecbch b\u1ea3n gi\u1ea3m gi\u00e1 th\u00e0nh hi\u1ec7n th\u1ef1c.<\/p>\n

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n M\u1ef9 \u0111\u00e3 ch\u1ee9ng ki\u1ebfn s\u1ef1 ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd, v\u1edbi ch\u1ec9 s\u1ed1 S&P 500 x\u00f3a s\u1ea1ch ho\u00e0n to\u00e0n nh\u1eefng t\u1ed5n th\u1ea5t k\u1ec3 t\u1eeb khi cu\u1ed9c xung \u0111\u1ed9t Iran b\u00f9ng n\u1ed5. S\u1ef1 l\u1ea1c quan n\u00e0y ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1 ngay c\u1ea3 sau khi c\u00e1c cu\u1ed9c \u0111\u00e0m ph\u00e1n gi\u1eefa M\u1ef9 v\u00e0 Iran cu\u1ed1i tu\u1ea7n qua b\u1ecb \u0111\u1ed5 v\u1ee1, khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn hy v\u1ecdng r\u1eb1ng m\u1ed9t th\u1ecfa thu\u1eadn gi\u1eefa hai n\u01b0\u1edbc v\u1eabn c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c.<\/p>\n

Tuy nhi\u00ean, trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng h\u01b0ng ph\u1ea5n, Greenlight Capital \u0111\u00e3 th\u1ec3 hi\u1ec7n s\u1ef1 th\u1eadn tr\u1ecdng \u0111\u00e1ng n\u1ec3. Qu\u1ef9 n\u00e0y \u0111\u00e3 \u0111\u1ea1t l\u1ee3i nhu\u1eadn \u1ea5n t\u01b0\u1ee3ng 6.5% trong qu\u00fd \u0111\u1ea7u ti\u00ean<\/strong>, v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi m\u1ee9c s\u1ee5t gi\u1ea3m 4.4% c\u1ee7a S&P 500<\/strong>. M\u1eb7c d\u00f9 v\u1eady, Einhorn cho bi\u1ebft c\u00f4ng ty v\u1eabn duy tr\u00ec m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac t\u1ed5ng (gross exposure) v\u00e0 ti\u1ebfp x\u00fac r\u00f2ng (net exposure) t\u01b0\u01a1ng \u0111\u1ed1i th\u1ea5p, ph\u1ea3n \u00e1nh s\u1ef1 c\u1ea9n tr\u1ecdng v\u1ec1 \u0111\u1ecbnh gi\u00e1 th\u1ecb tr\u01b0\u1eddng v\u00e0 b\u1ed1i c\u1ea3nh v\u0129 m\u00f4 r\u1ed9ng l\u1edbn.<\/p>\n

Einhorn v\u00ed von t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i nh\u01b0 l\u1eddi b\u00e0i h\u00e1t c\u1ee7a Sammy Hagar: “m\u1ed9t ch\u00e2n nh\u1ea5n phanh v\u00e0 m\u1ed9t ch\u00e2n nh\u1ea5n ga.” \u0110i\u1ec1u n\u00e0y cho th\u1ea5y c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang \u1edf tr\u1ea1ng th\u00e1i l\u01b0\u1ee1ng l\u1ef1, kh\u00f4ng mu\u1ed1n b\u1ecf l\u1ee1 m\u1ed9t \u0111\u1ee3t ph\u1ee5c h\u1ed3i h\u00ecnh ch\u1eef V hay h\u00ecnh d\u1ea5u checkmark, nh\u01b0ng v\u1eabn c\u00f3 nh\u1eefng lo ng\u1ea1i nh\u1ea5t \u0111\u1ecbnh. \u0110\u00e2y l\u00e0 m\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh v\u1ec1 t\u00e2m l\u00fd FOMO (Fear Of Missing Out)<\/a> \u0111ang chi ph\u1ed1i nhi\u1ec1u quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n

C\u01a1 H\u1ed9i v\u00e0 R\u1ee7i Ro T\u1eeb Chi\u1ebfn L\u01b0\u1ee3c C\u1ee7a Einhorn<\/h2>\n

Ngay t\u1eeb khi xung \u0111\u1ed9t b\u1eaft \u0111\u1ea7u, Greenlight \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng v\u1edbi m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac th\u1ea5p, d\u1ef1a tr\u00ean quan \u0111i\u1ec3m v\u1ec1 c\u00e1c m\u1ee9c \u0111\u1ecbnh gi\u00e1 b\u1ecb k\u00e9o gi\u00e3n. Einhorn ti\u1ebft l\u1ed9 r\u1eb1ng Greenlight \u0111\u00e3 th\u1ef1c hi\u1ec7n \u00edt \u0111i\u1ec1u ch\u1ec9nh, ch\u1ee7 y\u1ebfu giao d\u1ecbch xung quanh c\u00e1c h\u1ee3p \u0111\u1ed3ng ph\u00f2ng h\u1ed9 ch\u1ec9 s\u1ed1 (index hedges) v\u00e0 b\u1ed5 sung m\u1ed9t v\u1ecb th\u1ebf mua (long position) v\u00e0o h\u1ee3p \u0111\u1ed3ng d\u1ea7u t\u01b0\u01a1ng lai th\u00e1ng 10. Kho\u1ea3n \u0111\u1eb7t c\u01b0\u1ee3c n\u00e0y ch\u1ec9 t\u0103ng khi\u00eam t\u1ed1n, do th\u1ecb tr\u01b0\u1eddng ph\u1ea7n l\u1edbn k\u1ef3 v\u1ecdng b\u1ea5t k\u1ef3 s\u1ef1 gi\u00e1n \u0111o\u1ea1n ngu\u1ed3n cung n\u00e0o c\u0169ng ch\u1ec9 l\u00e0 t\u1ea1m th\u1eddi.<\/p>\n

Hi\u1ec7u su\u1ea5t trong qu\u00fd \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi c\u00e1c kho\u1ea3n l\u1ee3i nhu\u1eadn t\u1eeb v\u00e0ng (m\u1ed9t t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n truy\u1ec1n th\u1ed1ng), Acadia Healthcare, DHT Holdings v\u00e0 Core Natural Resources. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y s\u1ef1 t\u1eadp trung v\u00e0o c\u00e1c l\u0129nh v\u1ef1c c\u00f3 kh\u1ea3 n\u0103ng ch\u1ed1ng ch\u1ecbu ho\u1eb7c h\u01b0\u1edfng l\u1ee3i t\u1eeb l\u1ea1m ph\u00e1t\/b\u1ea5t \u1ed5n. Ngo\u00e0i ra, Greenlight c\u0169ng \u0111\u00e3 kh\u1edfi x\u01b0\u1edbng m\u1ed9t v\u1ecb th\u1ebf trung b\u00ecnh trong Versant Media Group v\u00e0 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 nh\u1ecf h\u01a1n v\u00e0o Crocs v\u00e0 SLM Corp, cho th\u1ea5y s\u1ef1 \u0111a d\u1ea1ng h\u00f3a v\u00e0o c\u00e1c ng\u00e0nh ngh\u1ec1 kh\u00e1c nhau, c\u00f3 th\u1ec3 l\u00e0 c\u00e1c c\u1ed5 phi\u1ebfu gi\u00e1 tr\u1ecb ho\u1eb7c t\u0103ng tr\u01b0\u1edfng c\u00f3 tri\u1ec3n v\u1ecdng d\u00e0i h\u1ea1n.<\/p>\n

C\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0:<\/strong> \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a David Einhorn g\u1ee3i \u00fd v\u1ec1 t\u1ea7m quan tr\u1ecdng c\u1ee7a vi\u1ec7c b\u1ea3o to\u00e0n v\u1ed1n trong m\u00f4i tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng. Vi\u1ec7c t\u1eadp trung v\u00e0o c\u00e1c t\u00e0i s\u1ea3n tr\u00fa \u1ea9n (nh\u01b0 v\u00e0ng), c\u00e1c c\u00f4ng ty c\u00f3 \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd v\u00e0 ti\u1ec1m n\u0103ng ch\u1ed1ng ch\u1ecbu l\u1ea1m ph\u00e1t, c\u00f9ng v\u1edbi vi\u1ec7c s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 ph\u00f2ng h\u1ed9, c\u00f3 th\u1ec3 gi\u00fap gi\u1ea3m thi\u1ec3u r\u1ee7i ro. Vi\u1ec7c qu\u1ea3n l\u00fd m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac r\u00f2ng c\u0169ng l\u00e0 m\u1ed9t b\u00e0i h\u1ecdc quan tr\u1ecdng.<\/p>\n

R\u1ee7i ro th\u1ecb tr\u01b0\u1eddng:<\/strong> C\u1ea3nh b\u00e1o c\u1ee7a Einhorn l\u00e0 l\u1eddi nh\u1eafc nh\u1edf r\u1eb1ng s\u1ef1 l\u1ea1c quan qu\u00e1 m\u1ee9c c\u00f3 th\u1ec3 che m\u1edd nh\u1eefng r\u1ee7i ro ti\u1ec1m \u1ea9n. Vi\u1ec7c th\u1ecb tr\u01b0\u1eddng b\u1ecf qua c\u00e1c tin t\u1ee9c ti\u00eau c\u1ef1c (nh\u01b0 \u0111\u00e0m ph\u00e1n M\u1ef9-Iran \u0111\u1ed5 v\u1ee1) cho th\u1ea5y t\u00e2m l\u00fd \u0111\u1ea7u c\u01a1 cao. N\u1ebfu c\u00e1c k\u1ecbch b\u1ea3n gi\u1ea3m gi\u00e1 c\u1ee7a Einhorn tr\u1edf th\u00e0nh hi\u1ec7n th\u1ef1c, nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 thi\u1ebfu th\u1eadn tr\u1ecdng c\u00f3 th\u1ec3 \u0111\u1ed1i m\u1eb7t v\u1edbi t\u1ed5n th\u1ea5t \u0111\u00e1ng k\u1ec3.<\/p>\n

T\u00f3m l\u1ea1i, trong khi th\u1ecb tr\u01b0\u1eddng \u0111ang h\u01b0\u1edbng t\u1edbi s\u1ef1 ph\u1ee5c h\u1ed3i, David Einhorn v\u00e0 Greenlight Capital v\u1eabn ki\u00ean \u0111\u1ecbnh v\u1edbi ph\u01b0\u01a1ng ch\u00e2m th\u1eadn tr\u1ecdng v\u00e0 b\u1ea3o to\u00e0n v\u1ed1n. Hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i c\u1ee7a h\u1ecd trong qu\u00fd 1 l\u00e0 minh ch\u1ee9ng cho gi\u00e1 tr\u1ecb c\u1ee7a vi\u1ec7c qu\u1ea3n l\u00fd r\u1ee7i ro ch\u1ee7 \u0111\u1ed9ng v\u00e0 kh\u00f4ng ch\u1ea1y theo \u0111\u00e1m \u0111\u00f4ng trong m\u1ed9t th\u1ebf gi\u1edbi t\u00e0i ch\u00ednh \u0111\u1ea7y b\u1ea5t \u0111\u1ecbnh.<\/p>\n

Ngu\u1ed3n tin: cnbc.com<\/i><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Chuy\u00ean gia qu\u1ea3n l\u00fd qu\u1ef9 ph\u00f2ng h\u1ed9 David Einhorn, ng\u01b0\u1eddi \u0111\u1ee9ng \u0111\u1ea7u Greenlight Capital, m\u1ed9t l\u1ea7n n\u1eefa kh\u1eb3ng \u0111\u1ecbnh \u01b0u ti\u00ean h\u00e0ng \u0111\u1ea7u c\u1ee7a m\u00ecnh l\u00e0 b\u1ea3o to\u00e0n v\u1ed1n. Ph\u00e1t bi\u1ec3u n\u00e0y \u0111\u01b0\u1ee3c \u0111\u01b0a ra trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng \u0111ang l\u1ea1c quan th\u00e1i qu\u00e1 v\u1ec1 c\u00e1c di\u1ec5n bi\u1ebfn \u0111\u1ecba ch\u00ednh tr\u1ecb, m\u1ed9t xu h\u01b0\u1edbng […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"class_list":["post-3034","post","type-post","status-publish","format-standard","hentry","category-dau-tu-va-tai-san"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/3034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/comments?post=3034"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/3034\/revisions"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=3034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=3034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=3034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}