David Einhorn’s 2018 Letter: Nothing Went Right the Entire Year

2018 loss of -34.2% vs. S&P 500 of -4.4% Since inception, returned 1,367% cumulatively or 12.6% annualized Given the valuations and fundamentals of our 5% or larger positions, we believe they should all do better in 2019 AerCap (AER) – Long 5.8x P/E on 2018 estimates, 65% of book value Leases new and mid-life airplanes […]

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David Einhorn’s 2Q18 Letter: Brighthouse Financial, GM, and Short Tesla & Athenahealth

Another difficult quarter and lost an additional 5.4%, bringing year-to-date loss to 18.3% Environment for value investing has been tough. AllianceBernstein recently reported that value investing strategies are performing in the bottom one percentile since 1990 In the past 18 months, Russell 1000 Pure Growth index has outperformed the Russell 1000 Pure Value index by […]

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David Einhorn’s 3Q17 Letter – Bubble Basket (Amazon, Tesla, Netflix), CAT short, GM, CNX, MYL, HPE, MU, TPX

Greenlight Capital 3Q17 Letter, October 24, 2017 Review Returned 6.2%, net of fees, in 3Q17, bringing YTD return to 3.3% vs. S&P 500 of 4.5% and 14.2% for the quarter and YTD, respectively Market remains very challenging for value investing as growth stocks have continued to outperform value stocks. Persistence of this dynamic leads to […]

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