The S&P was higher by more than 1.5% for the month of May, yet Greenlight managed to lose money. Einhorn had been outperforming the broader indices and was one of the few funds to escape the January collapse, through a combination of shorts (bubble basket) and his long bets on gold, M and KORS–all of which surged early on.
Since then, however, things have soured. I’m actually surprised the fund managed to contain the losses to only 1.9%.
Over the past month, some of David’s positions did very poorly.
gold was lower by 5.9%
KORS was lower by 17%
DDS was lower by 16%
CNXC was lower by 10%
And his largest position was higher by 7%, which was Apple.
If you take all of his reported positions, the median loss is just 0.87%. If we throw gold in there, perhaps we get to -1.2%. The rest must be due to his ‘Bubble Basket’. Lucky for you, I’ve actually recreated it in Exodus, basing it off some of the things he imparted to me in private emails.
His churn is a lot more than my static basket. His basket underperformed mine through mid-February, by 5%. Over the past month, my Bubble Basket is up 6%. Ergo, having a basket of 100 stocks short, up 6%, is, indelibly, a bad thing for one’s performance.
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You should get two and twenty.
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I am a blogger.
You can’t have me.
Jake Gint — welcome back. If you were back earlier, I missed it. I’m irregularly regular here.
Was it gold above 1290 that brought you out of the crypt, or something else?
Someone told me you were even to this day continuing to plump for Obama’s ridiculous social engineering overreaches, even unto his latest HUD machinations aimed at destroying the last spark of private property rights in this country. I had to see it for myself. Animal Farming for the masses.
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Hey, its really you.
It would be a shame if Obama truly destroyed “the last spark of private property rights.” You’d have to scratch that off your list of complaints for the next 8 years.
It wouldn’t matter. Professional Obama bashers will always find something to bash him about 24/7/365, even if he does everything perfectly.
He’s such an easy target frog.