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."

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