Wed, Jun 29, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Greenlight Capital blasts Fed in letter, fund posts +9.4% in Q3 (+13.2% YTD)

Thursday, October 25, 2012

Bailey McCann, Opalesque New York:

David Einhorn's Greenlight Capital Funds posted a positive third quarter of +9.4%, according to a letter to investors obtained by Opalesque. The US-based hedge fund is up overall on the year +13.2%. The firm overall is believed to have over $7bn in assets.

In the letter, Einhorn blasted the US Federal Reserve saying that he expects to see another recession and that the Fed has announced "desperate measures in non-desperate times." He goes on to say that, "central bankers have been on a money printing spree," and that when the US does go into a recession federal and monetary officials will have few tools to deal with the downturn.

In terms of the broader global economy, the letter expresses concerns about the slowdown in Asia and the disappearance of global corporate earnings growth. He notes that while the ink in central bank printing presses may be "endless," the market tolerance for this global economic dynamic will not be.

Einhorn is incredulous at assurances from Fed Chief Ben Bernake that easing will continue even if global economic conditions improve. He writes that this view seems to suggest that cutting back the current monthly $40bn spend on mortgage backed securities would be considered unnecessary tightening, regardless of the risk associated with creating yet another bubble.

Greenlight's views on the economy were echoed by some of his cohorts today at the Buttonwood Gathering, currently underw......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Blackstone buys minority stake in New York-based credit hedge fund Marathon[more]

    Benedicte Gravrand, Opalesque Geneva: Blackstone Strategic Capital Holdings Fund, a vehicle managed by Blackstone Alternative Asset Management (BAAM), has acquired a passive, minority interest in Marathon Asset Management, for an undisclosed sum. Based in New York,

  2. Investing - Soros, Druckenmiller among hedgies profiting in market plunge, Hedge funds were most bullish on bonds since 2004 before Brexit, Surprise Brexit vote unleashes scramble for dollars, High-yield hit on Brexit but no panic selling, Scientist turned hedge fund founder lured to pound, euro, Hedge fund avoids commodities, posts big gains[more]

    Soros, Druckenmiller among hedgies profiting in market plunge From HITC.com: Bullish positions in gold and volatility and well-timed short bets on China and emerging markets, among other areas, were some of the trades that benefited hedge funds on Friday as markets digested Britons' s

  3. Manager Profile - A 26-year old hedge fund manager called Brexit — here's what he thinks about the historic vote[more]

    From Businessinsider.com: Taylor Mann is not your typical fund manager. The twenty-six year old Texas A&M graduate manages Pine Capital in Larue, Texas (population 160), where he resides with his three-year old daughter. Also atypical compared with many of the largest funds out there, Mann makes

  4. People - Mariner Investment’s co-CIO Williams to leave $5.5bn firm, IOOF hires new alternatives portfolio manager[more]

    Mariner Investment’s co-CIO Williams to leave $5.5bn firm From Bloomberg.com: Basil Williams, co-chief investment officer of Mariner Investment Group, is leaving the $5.5 billion hedge-fund firm after negotiations to renew his contract failed. Williams will stay in his role until t

  5. Hedge Fund Due Diligence Exchange offers complete due diligence reports at $1500[more]

    Matthias Knab, Opalesque: HFDDX is offering complete alternative investment due diligence reports at $1500 US. Industry professionals can simply go to www.hfddx.com and indicate their interest in sponsoring one or more DD Reports for $1500 each.