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David Einhorn From the Opalesque team: According to a letter to partners from New York-based investment firm Greenlight Capital Inc. dated July 16th, Greenlight Capital LP, Greenlight Capital Qualified LP and Greenlight Capital Offshore (the Partnerships) returned 2.2%, 1.7% and 2.2% net in Q2-2010. Respectively, they are up 1.6%, 2.2% and 0.8% YTD. The letter was brought to our attention by Guru Focus.

Greenlight is run by outspoken hedge fund manager David Einhorn. The last time he made a splash in the media was with a letter to the New York Times at the end of May, which argued that a U.S. debt default was not inevitable. He also said at a conference, the same month, that that there was "going to be a lot of inflation," that he thought of gold as a currency, and that "large valuation discrepancies" had emerged between cyclical companies benefiting from the economic recovery and non-cyclical companies.

Through the first half of the year, the US stock market indices fell several percent and European indices fell a bit more, says Greenlight’s letter. But the story is complicated: the S&P500, for example, fell about 7% in......................

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