Here's the presentation David Einhorn just gave to a room of elite hedge fund managers

Last week, famed investor David Einhorn of hedge fund Greenlight Capital gave a presentation at the exclusive Robin Hood Investors Conference (it supports the charitable foundation of the same name, check that out here).

In it, he explained his long thesis for pharmaceutical giant, Bayer.

Last year Bayer spun off its chemicals company, Covestro, and then in September announced a deal to take over seed-maker Monsanto.

That deal is pending approval from a dizzying number of regulators around the world.

Now, here's the crux of why Einhorn likes Bayer in all of this:

"Whether they make it to the altar, or get thwarted along the way, there's going to be a celebration for Bayer shareholders either way. With cake. And we like cake," he said.

Scroll down to get his full take on why.