Greenlight Down 5% In First Half After Tough Q2

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.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.