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Hurt by Energy, Einhorn's Greenlight Re Hedges Oil, Natural Gas

  • Derivatives would boost reinsurer if gas falls or crude rises
  • Consol stock contributing to hedge fund's 17% drop this year
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David Einhorn Adds Derivative Positions

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David Einhorn is revisiting page one of the hedge fund playbook: he’s hedging.

In the midst of his worst year since the financial crisis, the money manager added derivatives positions that would protect against a further decline in natural gas and an increase in the price of oil. The contracts were disclosed in a filing on Oct. 23 by Greenlight Capital Re Ltd., after the reinsurer said its third-quarter net loss quadrupled from a year earlier.