Tuesday, 23 September 2014
Last updated 8 hours 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.