Wednesday, 22 October 2014
Last updated 13 min ago
Sep 5 2012 | 10:00am ET
Greenlight Capital's healthcare bets have already paid off handsomely for the firm.
Greenlight in the second quarter bought stakes in Coventry Health Care and Cigna Corp. as a play on "Obamacare" and its future. But the fund hasn't even had to wait for November's elections, as Coventry shares soared 28% after Aetna Inc. announced plans to acquire it.
That sent the $8 billion firm's flagship hedge fund up 4.2% in August. Greenlight told clients yesterday that it is now up 10.9% on the year. Greenlight's Offshore fund rose 4.1% on the month and is up 10.5% on the year.
Coventry was Einhorn's seventh-largest position at the end of the second quarter. His bigger bets have also done well, however, including Apple Inc., Seagate Technology and General Motors.
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 McKitish of Peddie School's 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…
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