Hedge fund manager David Einhorn said he is focusing on capital protection as markets rally on geopolitical optimism, warning that investors may be underestimating potential downside risks. "It probably won't surprise anyone that we are again putting capital preservation at the top of our priorities," Einhorn said in his latest investor letter dated Monday and obtained by CNBC. "With so little downside priced in, we are willing to risk missing out on a possible recovery to position ourselves to