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Einhorn sounds cautious tone about stock market

Einhorn sounds cautious tone about stock market

Hedge-fund manager David Einhorn is sounding a cautious tone about stocks.

In a conference call with analysts, Einhorn said last year's massive run for stocks was fueled in part by misleading earnings reports.

"In 2013 the market rewarded many companies beating earnings after they had lowered guidance," Einhorn said while discussing the performance of reinsurer Greenlight Capital Re, of which he is chairman. "This trend is not likely to continue indefinitely."

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