greenlightcapital
Dear Partner: The Greenlight Capital funds (the “Partnerships”) returned 14.5%1 in the second quarter of 2023, net of fees and expenses, compared to an 8.7% return for the S&P 500 index. If you would have told us on January 1 that for the first half of the year, the S&P 500 would be up 17%, the NASDAQ Composite would be up 32%, the ARK Innovation ETF would be up 41%, the Russell 1000 Pure Value index would be down 2%, and we would still return 13.1%, we would want to ask, “How the heck did that happen?” Read more hedge fund letters In the quarter, the other material winners were: Interest rate...
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Dear Partner: Greenlight Capital’s PerformanceThe Greenlight Capital funds (the “Partnerships”) returned (1.3%)1 in the first quarter of 2023, net of fees and expenses, compared to a 7.5% return for the S&P 500 index. Many have commented that in the beginning of 2023, whatever worked in 2022 didn’t work and vice versa. That seems about right to us. During the quarter, our longs gained 9.9%, while our shorts lost 10.8% and macro lost 0.4%, net of fees and expenses. Read more hedge fund letters Green Brick PartnersStarting with the good, Green Brick Partners (NYSE:GRBK), which was our largest lo...
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David Einhorn’s 2022 letter to investors. Dear Partner: The Greenlight Capital funds (the “Partnerships”) returned 36.6% in 2022, net of fees and expenses, compared to an 18.1% loss for the S&P 500 index. Since the inception of Greenlight Capital in May 1996, our Partnerships have returned 2,358.3% cumulatively or 12.8% annualized, both net of fees and expenses.1 Over the same period, the S&P 500 index has returned 864.0% or 8.9% annualized. Greenlight’s investors have earned $5.2 billion, net of fees and expenses, since inception. Q4 2022 hedge fund letters, conferences and more Our successfu...
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David Einhorn urges Delaware Chancery Court to rule against Elon Musk’s purchase of Twitter. Greenlight Capital commentary for the second quarter ended June 30, 2022. Dear Partner: Greenlight Capital’s PerformanceThe Greenlight Capital funds (the “Partnerships”) returned 8.4%1 in the second quarter of 2022 and 13.2% for the first half of 2022, compared to a 16.1% decline and a 20.0% decline for the S&P 500 index for the quarter and half year, respectively. Q2 2022 hedge fund letters, conferences and more The quarterly outperformance vs. the S&P 500 was the best relative performance in the hist...
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David Einhorn comments that the Federal Reserve now realizes that it has an inflation problem. Greenlight Capital commentary for the first quarter ended March 31, 2022. Dear Partner: Greenlight Capital’s PerformanceThe Greenlight Capital funds (the “Partnerships”) returned 4.4%1 in the first quarter of 2022, compared to a 4.6% decline for the S&P 500 index. Q1 2022 hedge fund letters, conferences and more To start with a quote for a change, Vladimir Lenin said: “There are decades where nothing happens, and there are weeks where decades happen.” A lot happened this quarter, culminating in an un...
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David Einhorn warns that the Federal Reserve is playing with fire and is fueling inflation. Greenlight Capital commentary for the forth quarter ended December 31, 2021. Q4 2021 hedge fund letters, conferences and more Dear Partner: Greenlight Capital's PerformanceThe Greenlight Capital funds (the “Partnerships”) returned 11.9%%1 in 2021 compared to 28.7% for the S&P 500 index. Since its inception in May 1996, Greenlight Capital, L.P. has returned 1,882.6% cumulatively or 12.3% annualized, both net of fees and expenses. Greenlight’s investors have earned $4.7 billion, net of fees and expenses, ...
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In his first-quarter letter to investors of Greenlight Capital, David Einhorn lashed out at regulators. He claimed that the market is “fractured and possibly in the process of breaking completely”, as exemplified by trading in GameStop and Hometown International. Q1 2021 hedge fund letters, conferences and more Einhorn claimed that many market participants and policymakers have effectively succeeded in "defunding the regulators." He pointed to the actions of billionaires Elon Musk and Chamath Palihapitiya, whose actions earlier this year, helped fuel the Reddit rally in stocks, according to th...
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Whitney Tilson’s email to investors discussing the importance of controlling your inevitable emotions. Q3 2020 hedge fund letters, conferences and more How To Handle The Inevitable Emotions3) I've been playing a lot of tennis recently, particularly with my buddy David Berman of Durban Capital. It's amazing how empty the outdoor courts are if you're willing to play in sub-40-degree temperatures! Here's a picture of us from a few days ago: I had beaten him 6-0 a week and a half ago, but he got his revenge last Tuesday – crushing me by the same score. I'm a super-competitive guy, and as the set u...
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David Einhorn’s Q3 2020 letter to investors.See much more exclusive Q3 hedge fund coverage here.Dear Partner:The Greenlight Capital funds (the “Partnerships”) returned 5.9%1 in the third quarter compared to 8.9% for the S&P 500 index.We have always ended our quarterly letters with a quote that may or may not have something to do with the rest of the letter. This quarter, we start with one from Marcus Aurelius:The object of life is not to be on the side of the majority,but to escape finding oneself in the ranks of the insane.The Most Perilous TimesThe coming election will settle (or attempt to ...
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