Hedge fund manager David Einhorn warned of dangers for retail investors that he sees in the market, and one of his main examples was a tiny New Jersey deli called Hometown International with a market capitalization of more than $100m. Einhorn’s highlighting of Hometown comes as politicians, regulators and high-profile investors have publicly fretted about the boom in certain types of stocks over the past year.
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There’s a single New Jersey deli doing $35,000 in sales valued at $100m in the stock market
“Someone pointed us to Hometown International (HWIN), which owns a single deli in rural New Jersey ... HWIN reached a market cap of $113 million on February 8. The largest shareholder is also the CEO/CFO/Treasurer and a Director, who also happens to be the wrestling coach of the high school next door to the deli. The pastrami must be amazing,” Einhorn said in a letter to clients published Thursday.
