Greenlight Boosts Apple Holdings

May 8 2013 | 8:49am ET

It wasn't exactly what he called for, but Apple Inc.'s decision to return $100 billion to shareholders is good enough for David Einhorn.

The Greenlight Capital chief said yesterday that the hedge fund had added to its already-substantial Apple stake, although he did not say by how much. Earlier this year, Einhorn pushed Apple to return some of its $137 billion cash horde to investors by issuing preferred shares, and sank the company's proxy proposal to bar such issuance without shareholder approval.

While he didn't get that, he said on a conference call for reinsurer Greenlight Capital Re that Apple took a "major step forward" with a "vastly more shareholder-friendly policy."

"We've added to our Apple position," Einhorn said. "Now we just wait for the release of Apple's next blockbuster product."

Einhorn also said he was caught out by gold's swoon last month, noting that he was "somewhat surprised" by its losses. But he said he remains committed to gold.

"We believe that recent events, including the regime change at the Bank of Japan, support our long-term thesis of both a weaker yen and stronger gold."


In Depth

Q&A: TCA Fund Management's Bob Press on Small-Cap Private Equity

Aug 25 2016 | 8:55pm ET

The emergence of private credit as a replacement for traditional bank financing...

Lifestyle

Kiawah: Island Reversal

Aug 24 2016 | 9:59pm ET

Looking for real estate investments but the typical real estate fare isn’t cutting...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...