Greenlight Capital Funds Fell 9.1% in 3Q, 26% YTD: Letter
2018-10-05 16:37:57.214 GMT
By Janet Freund and Joshua Fineman
(Bloomberg) -- David Einhorn’s Greenlight Capital added
Altice USA and BT Group as longs in 3Q, according to letter to
shareholders. Greenlight Capital says it had "another difficult
quarter" as funds fell 9.1% in 3Q and year-to-date have lost
25.7%.
* Greenlight draws parallels to Tesla and Lehman; TSLA shares
fall to session lows
** Thinks TSLA’s deception "is about to catch up" to it
* Exited long positions in Micron and Twitter and TransDigm
short
* Sold last of Apple shares on Aug. 31 at $228/share; says AAPL
investment earned Greenlight over $1b
* Covered 11-year old short in Martin Marietta
* Exited multi-year long in Mylan
* Some of the notable losing positions during the quarter
included Bayer, CNX Resources, GM
* Calls GM Cruise’s development "funding secured"
* "The market appears to be rejecting our entire strategy of
value investing and the mark-to-market losses have affected
nearly our entire portfolio," the letter said
* "Few agree with us on most of our positions"
* Greenlight had two investment analyst departures and two
investment analyst additions: James Lin and Andy Kaplan exited
and Ethan Auerbach and Toby Haselberger joined
* Greenlight’s largest disclosed long positions at quarter-end
were AerCap, Brighthouse Financial, GM, Green Brick Partners,
and gold
* NOTE: July 31, Einhorn Bemoans Results as Greenlight Fund
Slides 19% This Year
To contact the reporters on this story:
Janet Freund in New York at jfreund11@bloomberg.net;
Joshua Fineman in New York at jfineman@bloomberg.net
To contact the editor responsible for this story:
Catherine Larkin at clarkin4@bloomberg.net
2018-10-05 16:37:57.214 GMT
By Janet Freund and Joshua Fineman
(Bloomberg) -- David Einhorn’s Greenlight Capital added
Altice USA and BT Group as longs in 3Q, according to letter to
shareholders. Greenlight Capital says it had "another difficult
quarter" as funds fell 9.1% in 3Q and year-to-date have lost
25.7%.
* Greenlight draws parallels to Tesla and Lehman; TSLA shares
fall to session lows
** Thinks TSLA’s deception "is about to catch up" to it
* Exited long positions in Micron and Twitter and TransDigm
short
* Sold last of Apple shares on Aug. 31 at $228/share; says AAPL
investment earned Greenlight over $1b
* Covered 11-year old short in Martin Marietta
* Exited multi-year long in Mylan
* Some of the notable losing positions during the quarter
included Bayer, CNX Resources, GM
* Calls GM Cruise’s development "funding secured"
* "The market appears to be rejecting our entire strategy of
value investing and the mark-to-market losses have affected
nearly our entire portfolio," the letter said
* "Few agree with us on most of our positions"
* Greenlight had two investment analyst departures and two
investment analyst additions: James Lin and Andy Kaplan exited
and Ethan Auerbach and Toby Haselberger joined
* Greenlight’s largest disclosed long positions at quarter-end
were AerCap, Brighthouse Financial, GM, Green Brick Partners,
and gold
* NOTE: July 31, Einhorn Bemoans Results as Greenlight Fund
Slides 19% This Year
To contact the reporters on this story:
Janet Freund in New York at jfreund11@bloomberg.net;
Joshua Fineman in New York at jfineman@bloomberg.net
To contact the editor responsible for this story:
Catherine Larkin at clarkin4@bloomberg.net