Friday, 27 March 2015
Last updated 15 min ago
Jul 8 2011 | 12:38pm ET
A "lack of winners" pushed Greenlight Capital down by more than 2% in the second quarter, the New York-based hedge fund told clients in its quarterly letter this week.
The firm's eponymous fund is now down 5% on the year after dropping 2.5% between April and June. Greenlight Capital Qualified is also down 5% following a 2.1% quarterly loss, and the firm's offshore fund is off 5.3% on the year after dropping 2.2% on the quarter.
Greenlight founder David Einhorn noted that the "U.S. economy continued to soften during the quarter," and noted that "the main problem with our performance was a lack of winners in the quarter."
Einhorn noted that Greenlight dumped its stake in Yahoo! just a few months after the company's Chinese CEO, Jack Ma, "hived-off a valuable subsidiary into a corporation that he personally controls."
"From there, the finger pointing started going in every direction," Einhorn wrote. "That wasn't what we signed up for for."
Greenlight took a "modest loss" on its short-lived Yahoo! investment.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…