Just a quick bit from this WSJ story on Greenlight Capital's David Einhorn. If you'll remember, Einhorn is the poker-playing, short-selling hedge funder who famously called the demise of Lehman Bros. Looks like he got burned along with lots of other shorts in the now-infamous Volkswagen short squeeze late last year. But at least Greenlight gets credit for some dry wit.
From the WSJ:
Hedge-fund manager David Einhorn (left), of New York’s Greenlight Capital, in a recent investor letter listed in a table the internal rate of return of 14 positions he closed in the first quarter. A bearish bet on jewelry retailer Zale generated a return of 92% and another on U.S. Bancorp returned 78%, Greenlight said in the May 1 letter. Then there were investments in companies such as Dr Pepper Snapple Group and Aldar Properties that generated losses of 46% and 91%, respectively, it continued.
But for the by now infamous Volkswagen trade, which dealt a punishing blow to hedge-fund managers around the world last year, Greenlight didn’t list a figure. It simply said, “bad.”