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Bailey McCann, Opalesque New York for New Managers: David Einhorn has had "a frustrating quarter" according to an investor letter reviewed by Opalesque. The firm's only breakout winner was its position in Apple. In the commentary, Einhorn notes 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've 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 out its positions in Computer Sciences Corporation, Temper Sealy International, Joy Global, and Lululemon Athletica, among others.
Looking forward, Greenlight will take a "medium sized" interest in EMC Corp. Greenlight said the firm is trading at a "sizable discount to the sum of its parts." EMC is a data storage and technology company. Other notable components of its business include VMWare, a cloud services company. EMC has also recently seen interest from Elliot Management.
Einhorn also disclosed a stake in coal mining company Consol Energy.
On the personnel front Joe Euler has joined Greenlight Masters as an analyst. Prior to join...................... To view our full article Click here
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