Monday, 20 February 2017
Last updated 2 days ago
Jan 23 2014 | 1:42pm ET
David Einhorn has had a change of heart on Micron Technology.
The Greenlight Capital founder shorted the semi-conductor company from 2001 to 2005. But last year he opened a long position in Micron, one that helped fuel Greenlight's 19.5% return.
"This is the first time we have taken a long position in a company in which we once had a material short position," Einhorn said, praising Micron's efforts to return cash to shareholders.
Einhorn, in a letter to investors, also announced that Greenlight had opened a position in BP and added to its investment in Anadarko Petroleum, while exiting Thyssen Krupp and Airbus Group.
In addition to Micron, Einhorn said Greenlight's gains in 2013 we due to its investments in Apple Inc., General Motors and the Japanese yen. Losers included Chipotle Mexican Grill and U.S. Steel.