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Einhorn Says Hard to Find Investments Amid Market’s Climb

Hedge-fund manager David Einhorn is struggling to find value amid a five-year stock market rally.

“We had a difficult time finding new investments this quarter,” he said today on a conference call discussing results at Greenlight Capital Re Ltd., the Cayman Islands-based reinsurer where he is chairman. “As the market continues to rise in the face of conflicting economic data, global unrest, and looming overdue Fed exit from quantitative easing we remain cautiously positioned.”