David Einhorn: Not Sure Value Investing Will Come Back

The speaker discusses the current state of value investing, highlighting that it hasn't made a comeback due to significant changes in market structure. Many traditional value investors have been pushed out, and the market has shifted towards passive and quantitative strategies. This shift has led to fewer analysts and less competition, affecting how value investors operate. Despite these challenges, there are opportunities in misvalued companies, allowing investors to buy at low multiples. The speaker emphasizes the need for investors to adapt and find value in a market where traditional methods are less effective.

In what ways has the competition for value investing changed over the years?

What does the speaker suggest about the valuation of companies in today's market?