“We had a difficult time finding new investments this quarter,” he said today on a conference call discussing results at Greenlight Capital Re Ltd. (GLRE), the Cayman Islands-based reinsurer where he is chairman. “As the market continues to rise in the face of conflicting economic data, global unrest, and looming overdue Fed exit from quantitative easing we remain cautiously positioned.” [Bloomberg]
David Einhorn’s Greenlight Capital Inc. posted returns of 4.3 percent in April, owing to his short bets against high-flying momentum stocks and its holdings of Apple Inc. and Micron Technology, according to sources familiar with the hedge fund on Thursday. The April gains brought the $10 billion hedge fund’s gains to 3.1 percent for this year to date. [Reuters]
May was the worst month for hedge funds since October 2008. The HFRX Global Hedge Fund Index lost 2.6 percent and Louis Moore Bacon got hammered. Not Boaz Weinstein. Yeah, he might have lost $1 billion at Deutsche Bank, but that’s old news. Boaz’s Saba Capital (Hebrew for grandfather) bucked the trend in May, up 1.6 percent for the month and 5.8 percent for the year.
Here’s some other winners and losers from May: Read more »