Einhorn Faults Unfavorable Market for Worst Month Since 2008

Hedge fund manager David Einhorn affirmed his approach after July losses tied to Consol Energy Inc., SunEdison Inc. and gold fueled his worst monthly performance since 2008.

“The overall market environment has become acutely unfavorable for our investment strategy,” Einhorn said Tuesday in a conference call discussing results at Greenlight Capital Re Ltd., the reinsurer where he is chairman. “While we could have done better in a couple spots, we don’t expect to do well when investors shun value stocks in favor of momentum stocks.”