Relevant:
- Greenlight Fund Down in Q1 on Einhorn's Short Bets
- Greenlight Holds Bullion, Buys Reinsurance Stocks
- Greenlight's Einhorn cuts gold bullion to invest in miners
- Fund manager Einhorn awaits further price falls for distressed debt
- David Einhorn, Whose Greenlight Is Down 5% YTD, Dumps Recently Purchased Yahoo! Stake
2009-01-04 — seekingalpha.com
39-year-old David Einhorn has had phenomenal success managing Greenlight Capital (not the same legal entity as Greenlight Capital Re), a value-oriented hedge fund that has grown into a billion dollar firm from humble beginnings, with only $1 million in assets in 1996. While returns have suffered this year, we estimate that Greenlight has delivered an annualized return since inception, net of all fees and expenses, of more than 20%. This is an impressive feat considering that the fund navigated through both the bursting of the Internet bubble in 2001-02 and the ongoing U.S. credit contraction and recession. Also impressive is the fact that Einhorn achieved such returns while maintaining relatively low net exposure to equity markets, due to a strategy of buying undervalued stocks and selling short overvalued, mismanaged or downright fraudulent companies.
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