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Komfie Manalo, Opalesque Asia: Finally some good news from David Einhorn. His Greenlight Capital posted
a 5.8% gains in November (+11% YTD) buoyed by strong stocks.
According to Moneynews.com, Greenlight Capital outperformed its
benchmark and more than doubled the performance recorded by Standard &
Poor's 500 Index at 2.5% during the same period.
Greenlight also outperformed the average hedge fund so far this year.
The HFRX Global Hedge Fund Index, which measures asset-weighted
performance of hedge funds across strategies, reported a 0.4% positive
performance last month (+0.2% YTD).
In his letter to investors, Einhorn said that his fund had a
"a frustrating quarter" in Q3 with his position in Apple as the only
winner. Einhorn noted that while they didn't have any huge losses,
Greenlight did get "ground down", but he plans to stay the course and
remain patient.
It is clear that Einhorn is short Amazon, noting that the firm hasn't
been able to realize the profits he would have liked to see now that
growth has slowed.
The three big losers for Greenlight this quarter were US Steel,
Mallinckrodt, and CVEO. Each of these businesses missed due to issues
ranging from supply shortfalls to poor acquisitions. Greenlight closed
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