Tue, Apr 28, 2015
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. U.S. does not want hedge funds to invest in offshore re-insurers for tax purposes[more]

    Komfie Manalo, Opalesque Asia: The U.S. Treasury Department on Thursday introduced a new rule aimed at limiting hedge funds’ ability to reduce their tax bills by investing in insurance companies in offshore tax havens. As a general rule, the U.S. tax laws does not allow hedge funds to use off

  2. Ruling: Hedge funds suing Argentina can have access to bond offering details[more]

    Komfie Manalo, Opalesque Asia: U.S. District Judge Thomas Griesa in Manhattan ruled yesterday that hedge funds are entitled to details of a recent bond offering by Buenos Aires, reports

  3. Hedge funds looking to continue their rally in Q2[more]

    Komfie Manalo, Opalesque Asia: Hedge funds finished the first quarter on a strong note and are looking to continue the rally in the second quarter, said Lyxor Asset Management in its Weekly Brief. The Lyxor Hedge Fund Index is up 0.4% over the week

  4. Hedge funds down -0.17% in March (+1.23%YTD)[more]

    Bailey McCann, Opalesque New York: The hedge fund industry produced an aggregate return of –0.17% in March to end Q1 2015 up 1.23%, compared to the S&P 500 which increased 0.96%, according to the latest data from eVestment. Hedge fund performance returns were mixed in March amid increased equity

  5. Fund managers express concern of overvaluation in both equity and bond markets[more]

    Komfie Manalo, Opalesque Asia: According to the BofA Merrill Lynch Fund Manager Survey, investors see growing overvaluations in both

 

banner