Post-election, the priciest market in decades becomes even more expensive with David Einhorn as the speaker.

Despite his cautious approach, David Einhorn's performance at Greenlight Capital suffered due to his belief that the stock market is overvalued.

Through the end of the third quarter in 2024, Einhorn's hedge fund achieved a return of 9%, net of fees and expenses, which is significantly lower than the S&P 500's more than 20% gain during the same period.

The investor, who is well-known, stated that he is not classifying the market as a bubble nor is he bearish, but the high prices have made him cautious.

Greenlight founder Einhorn stated in his latest investor letter that the market is not only reaching new all-time highs but is also considered the most expensive stock market since the company's inception in 1996.

On Wednesday in New York City, CNBC's Delivering Alpha Investor Summit will feature Einhorn as a speaker. This will be the first opportunity for investors to hear from him since the election and whether his views on equity valuations and inflation have shifted with the Trump and Republican policies in place.

In 2023, after a buyers' strike, Einhorn returned to the market and acquired medium-sized positions in companies such as software firm Alight and drugmaker Viatris. Now, investors will be eager to know if he is still discovering any valuable opportunities.

He argued that Peloton's shares are undervalued and presented a bullish case last month.

Last third of the bull market?

Despite the new stock picks, Greenlight's alpha creation was not substantial. The company's low market exposure and lack of investments in the popular Magnificent 7 names negatively impacted it this year.

"As we have been underperforming the rising market all year, we are likely to continue to do so, but we do not want to position ourselves to lose money if the market continues to rise. We agree with Paul Tudor Jones' statement that managing the last third of a great bull or bear market move is often the most challenging."

He has been advocating for an increase in inflation throughout the year, and as a result, gold has been a significant component of his investment portfolio. Despite inflation moderating, his bet on gold has been successful, with spot gold reaching a new record high in late October, up 27% this year.

Greenlight Capital, founded by Einhorn, a 55-year-old Cornell grad, has produced a 26% annualized return over the past decade, surpassing the broader market and many peers. Einhorn's success continued during the financial crisis, as he accurately predicted the fall of Lehman Brothers. His impressive track record has made him one of the most followed hedge fund managers on Wall Street. Recently, Einhorn has found success by purchasing value stocks with buyback strategies in place.