The Tragedy of David Einhorn Adds Ironic Element

Aspirin is supposed to be good for you.
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By Bodhi Peace [CC BY-SA 4.0 ], from Wikimedia Commons

There's not enough of this in the world to make David Einhorn feel better. By Bodhi Peace [CC BY-SA 4.0 ], from Wikimedia Commons

Occasionally, hedge fund superhero the Green Lantern discovers super powers that he lacks. And sometimes, he discovers new super powers he wished he lacked. Over the last several years, he has demonstrated a remarkable ability to lose moneylots of money—on just about anything. It doesn’t take a supervillainpulling a $70 billion buyout from the clear blue sky; the former cardsharp even finds excruciating ways to lose money at the poker table these days. It’s really quite the headache. Speaking of which

Bayer AG, which was among Greenlight’s largest disclosed long positions at the end of the quarter, slumped about 11 percent since then.

Bayer! The company that invented Aspirin is now dishing out pain to the little boy crying into his shorts, making it impossible for him to enjoy his beloved Mets’ victory over the hated crosstown bullies. Einhorn’s case of Ackmania may have reached the terminalironic stage.

Oh, wait, there’s more? Of course there is.

Einhorn, who runs Greenlight Capital, trimmed his stake in Apple by 486,000 shares, reducing his position to about $26.3 million at the end of the second quarter, according to regulatory filings. Shares of Apple have jumped about 13 percent in the third quarter.

Impeccable timing, by the way, is also a symptom of chronic and late-stage Ackmania.

David Einhorn’s Greenlight Trimmed Apple Stake Before Shares Climbed [Bloomberg]
Roundup cancer verdict sends Bayer shares sliding [Reuters]

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