Since Lehman's 2,200-page bankruptcy examiner’s report (Valukas' report was legal work at its finest) was released, a flurry of articles have been written with that perfect 20/20 hindsight of course. 3 things I've learned.
(1) As soon as you start blaming short sellers for your company's depreciating stock price, that's usually a good indicator that your company is in major trouble. As a fund manager once told me, 'the more people are talking about a short, the better short it is/becomes."
(2) As the article says, "Einhorn and those who made the short case against Lehman's accounting stand completely vindicated." That makes it 2 for 2 for noted value investor David Einhorn (Allied Capital being the first). Einhorn was ripped in this June 2008 article. But the examiner's report provided long overdue vindication for a man i think will go down at one of the most renowned value investors of all time.
