No Gelt For Greenlight

It’s safe to say that David Einhorn’s gonna be down this year unless he kills Elon Musk or something.
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It’s hardly worth noting at this point that David Einhorn lostsomemoremoney last month. Was it a month? Is Greenlight Capital still in business? Then ipso facto Einhorn and Greenlight were in the red.

einhorn-cosmic

The firm sent an investor update after the close of business on Friday informing clients the fund lost 3.6 percent net of fees in November, bringing the loss for the first 11 months of the year to 27.7 percent, according to a copy of the update seen by Reuters.

Since it’s of little interest to note the fact that Einhorn lost money last month, we turn to the question of how. Earlier this month, you might have guessed that it was the fault of Brighthouse Financial or GM, but no. They turned things around and ended November down just a little, while Greenlight ended it down more than a little. So what was it? Come on. You know the answer.

He has also had a long-running bet against electric car maker Tesla, whose stock recovered from a slump in October and is now roughly unchanged on the year.

Losses at Einhorn’s hedge fund Greenlight grow in November [Reuters]

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David Einhorn Said No To A Capital Raise, Kept The Door Open For A Pub Crawl

Remember how David Einhorn got in trouble in England for insider trading on Punch Taverns stock and he was all "what?" and we were all "what?"? Well, you can judge it for yourself because now the entire disputed call with Punch is available online (at the back of this). So go read it, or read the highlights here. The FSA still thinks it's insider trading, but the count of people confused by the whole thing is rising, and now includes the Merrill banker on the call. There's lots of insider traderiness on this side of the pond today too so we should talk about that in a bit. For now, though, two other things. One is quick - no one can resist one part of the call and I can't either so here it is: DAVID EINHORN: Hi, I’m sorry I didn’t get to see you when you were in New York. PUNCH CEO: No, no, we -- well, we’ve -- we’ve only had the chance to speak once, although we have seen [reference to Greenlight Analyst] a few times since then. DAVID EINHORN: Oh, you’re -- you’re -- you’re getting more than -- than I could help with anyway. So, this is good. PUNCH CEO: Okay. That’s fair enough. Well, one day we’ll get you around on a pub crawl around some English pubs. DAVID EINHORN: Oh, that sounds fun. PUNCH CEO: It is. You’re right. English readers: Is it? I just assumed that Punch Taverns are rather grim places, like TGI Friday's but with more ... punching? ... but maybe I'm totally off base here. Also, here is a hypothesis: vice investments do well because, for the same level of profitability, they get more analyst/investor coverage and enthusiasm. Wouldn't you rather go on a pub crawl instead of like a tour of an auto parts factory in Queens? Would that influence your stock recommendations / money allocations? Someone should do a study.