• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

David Einhorn's Q4 Letter

Tyler Durden's picture




 

Two days ago we presented the complete hedge fund performance for 2012, in which it was clear that David Einhorn's Greenlight had a Q4 that did not go quite as expected, primarily as a result of AAPL plunging in the quarter, and his hated GMCR soaring, leaving his fund with a 8% return for the year (and -5% for the quarter), well below the general market and some of his far more vocal hedge fund peers. Those curious just what it is that caused this underperformance, here is the complete Greenlight Q4 letter discussing not only why Einhorn is doubling down in AAPL, why he still likes Marvell, Computer Sciences and Vodafone, as well as his continuing negative outlook on Iron ore, and the Yen. He closed out positions in WLP, MCO, DIA, ITX and PBI. In summary: "At quarter end, the largest disclosed long positions in the Partnerships were Apple, Cigna, General Motors, gold and Vodafone Group. The Partnerships had an average exposure of 114% long and 70% short."

Full letter read below.

0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 01/23/2013 - 15:17 | 3180025 ParkAveFlasher
ParkAveFlasher's picture

"...GM holds substantial excess capital and has a good opportunity to further reward shareholders through additional share repurchases either from the government or in the open market..."

should read

"...GM holds substantial excess capital and has a good opportunity to further reward TAXPAYERS through additional BUGGERY either from the government or in the open market..."

Wed, 01/23/2013 - 15:41 | 3180131 rotagen
rotagen's picture

Diese Einhorn Maske ist eine wunderschöne Latex Halbmaske mit Glitzer Verzierungen und einer blonden Kunsthaar Perücke

 

http://www.horror-shop.com/halloween-horror-masken/halloween-latexmasken...

 

Jetzt können Sie in den ineffizienten aufgeblähten amerikanischen Firmen ohne Wachstumsaussichten auch investieren.

Wed, 01/23/2013 - 15:44 | 3180147 ACP
ACP's picture

Ich bin ein Berliner.

Wed, 01/23/2013 - 15:18 | 3180029 PUD
PUD's picture

THAT'S A REAL "INVESTOR" THERE...YEP

Wed, 01/23/2013 - 15:19 | 3180031 slaughterer
slaughterer's picture

Einhorn approaches investing like the poker player that he is: 2012 taught him how dangerous it is to use long/short strategies in an HFT shark pit designed to eat up shorts.    Not much said about AAPL, nor even CMG.  

Wed, 01/23/2013 - 15:23 | 3180039 Joe Davola
Joe Davola's picture

"runaway hometown jury"

Y'inz got a problem wit dat?  Tepper's probably cackling with glee.

Wed, 01/23/2013 - 15:23 | 3180044 PUD
PUD's picture

WHY DO SO MANY OF THESE "HEDGE FUNDS" HAVE THE WORD "CAPITAL' IN THEIR NAME?  DO THEY EXTEND "CAPITAL" OR SIMPLY "BET" WITH "CAPITAL"?

WE'RE A NATION OF GAMBLERS NOT "CAPITAL' BUILDERS...DELUSIONAL, RATIONALIZING GAMBLERS

Wed, 01/23/2013 - 15:27 | 3180054 slaughterer
slaughterer's picture

How bout call a spade a spade?

 

GREENLIGHT POKER PLAYAS:

TAKING YOUR MONEY AND RAISING THE OTHER GUY HIGHER

Wed, 01/23/2013 - 15:57 | 3180223 IamtheREALmario
IamtheREALmario's picture

That is a very good question. Maybe because "fiat and float" were already taken?

Wed, 01/23/2013 - 16:29 | 3180360 secret_sam
secret_sam's picture

I think it's because it's critical to the finance industry that people never get a grasp on the distinction between "currency" and "capital."

Wed, 01/23/2013 - 16:15 | 3180302 Shizzmoney
Shizzmoney's picture

The guy picked Taco Bell over Chipotle.

He should stick to poker.

Wed, 01/23/2013 - 23:26 | 3181694 MedTechEntrepreneur
MedTechEntrepreneur's picture

Einhorn and Bass are my hero's.  Making big bank off the statists and fools.  Think of it as culling the herd.

Do NOT follow this link or you will be banned from the site!