Greenlight’s Shorts Prove Costly In Q1

Apr 12 2011 | 4:50am ET

Greenlight Capital’s first-quarter woes stem from a short book soaked in red.

The New York-based activist hedge fund is down 2.9% this year. Its long bets are up an impressive 6.7%, thanks to investments in physical gold and oil giant BP. Its short bets are another matter, entirely.

Greenlight’s short investments lost 9.2% during the first three months of the year, Reuters reports. While Greenlight, headed by David Einhorn, will not disclose its first-quarter holdings until next month, much of the hedge fund’s trouble could be from The St. Joe Co.

Einhorn blasted the Florida real-estate firm last year, showing the Value Investing Congress pictures of vacant St. Joe buildings amidst fields of weeds. But St. Joe has had the latest, if not the last, laugh, with its shares soaring 14.7% in the first quarter.

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