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Einhorn’s Greenlight Bullish on ‘Cheap Stocks,’ Bought Dell

Greenlight Capital Inc., the hedge fund run by David Einhorn, bought shares of Dell Inc. and Xerox Corp. in the fourth quarter as part of a bet on undervalued U.S. stocks, according to a letter to investors.

“Our current strategy is to own cheap stocks of good businesses, largely in the United States,” Greenlight said in a letter dated Jan. 17, a copy of which was obtained by Bloomberg News. “We are more net long equities than we have been in some time, as we believe that many stocks have reached a point where they are simply cheap enough to own even if some trouble awaits us.”