When last updated, Greenlight Capital reported a year to date loss of 16.3%. However, judging by his positions and deepening losses in some of his top holdings, one has to wonder how deep can the rabbit hole go?
NOTE: Apple, which isn’t listed above, was his top holding in recent filings.
Greenlight Capital was up 19% in 2013 and 8% in 2014, so this year’s losses aren’t exactly typical. Nothing about 2015 is typical, with traditional correlations and trends being tossed into Sesame Streets garbage can for Oscar to fiddle with. Nevertheless, I think it’s important to accentuate the losses of industry professionals, like Ackman and Einhorn, to paint an accurate picture of just how difficult 2015 has been. Judging by the YTD status of the major indices, one would think it was a boring year.
Pffff.
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Yeah, pffff pretty much sums it up.
-16.3%. Pffft! That’s nothin’.
Nice microcollapse theme going lately. Add macy’s
and ladies and gentlemen
an example of buyback
buyback-deadend
What’s amazing is that Einhorn is *only* down ~19% with 50-75% declines in three of his largest positions: MU, SUNE & CNX.
With AAPL flat, this is clearly a hedge fund that still hedges.
BTW, in their 3Q letter, Greenlight stated they reduced their MU position as the thesis on DRAM changed. Unknown whether they’re still in or if they made a complete exit.