The good news is that despite being down a bunch in August, Greenlight Capital still beat the market for the month, which is something to write home about, which he did in his letter to investors. The less good news is that Team Greenlight will have to get its sh*t together by the end of the year.
David Einhorn’s Greenlight Capital lost 5.3 percent in August — putting it down 14 percent for the year. Einhorn is the first hedgie to report each month, and his returns have been widely anticipated because he was already down 9 percent going into August. The prominent investor’s losses are also notable because he’s got a large short book, which many expected to shield the blow. Well, Einhorn did outperform the S&P 500 in August — it was down 6.3 percent in the month — but for the year, the broader market is only off 4.2 percent.