Einhorn's Main Hedge Fund Posts Worst Monthly Loss Since '08
- Greenlight Capital fund declined 6.6 percent in January
- Manager says long positions disappointed while shorts surged
Einhorn's Main Hedge Fund Posts 6.6% Monthly Loss
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David Einhorn’s Greenlight Capital hit a wall in January as its main hedge fund fell 6.6 percent, its worst monthly performance since October 2008.
In a note to clients, the firm attributed most of its poor performance to losses in the last week of the month. “Our long portfolio only achieved about half the S&P 500 return, while our short portfolio went up more than twice the index,” Greenlight wrote, adding that many shorts rose 15 percent or more. “We believe the valuation spread between our longs and shorts is as wide as we can remember.”