Tuesday, 21 April 2015
Last updated 3 hours ago
Jul 25 2012 | 10:31am ET
Greenlight Capital did not emerge unscathed from a volatile second quarter.
The firm told investors that it lost 3.2% during the three months; "like the market, the partnerships gave back a proportion of our first-quarter gains," Greenlight wrote to investors on Monday. The hedge fund remains up 3.4% on the year.
Greenlight's biggest hits came from its investments in Dell Inc. and Best Buy Co., both of which the firm sold off during the quarter. It also lost money on Marvell Technology Group, one of its largest long positions. It also lost on several of its biggest first-quarter winners, including General Motors and its bet on the Japanese yen.
The hedge fund did win on its short bet against Green Mountain Coffee Roasters. And it announced several "substantial new positions" that it hopes will join Green Mountain in its winners' circle. Among those new bets are on managed healthcare companies Cigna Corp. and Coventry Health Care: Greenlight wrote that the sector is already cheap thanks to "anticipation of Obamacare," and that November's election results—read: President Barack Obama's defeat—could fuel further gains if the U.S. healthcare law is changed.
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…