Road warrior

It’s harder to win on the road, as David Einhorn may soon discover. The manager of New York-based hedge fund Greenlight Capital was right that hometown firm Lehman Brothers was overvalued. Einhorn is now arguing that the French bank Natixis is so undervalued that a proposed E3.7bn rights issue makes no sense. Natixis needs the new capital to make up for credit-crunch losses. But a rights issue now is hardly appealing. The shares are down 70% since Natixis was created out of the investment bank o...