Einhorn Says Greenlight Results ‘Far Worse’ Than We Imagined
- ‘Market is telling us we are wrong, wrong, wrong,’ he says
- Main hedge fund was down 0.3% in July, extending its slump
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Hedge fund manager David Einhorn said his firm’s results for the second quarter were “far worse than we could have imagined” but he hasn’t lost faith in value investing.
“Right now the market is telling us we are wrong, wrong, wrong about nearly everything,” Einhorn wrote in a letter from Greenlight Capital to clients dated July 31. “And yet, looking forward from today we think this portfolio makes a lot of sense.”