Tuesday, 25 October 2016
Last updated 1 hour ago
May 2 2014 | 2:14pm ET
Greenlight Capital jumped back into the black in April, as the stocks in its “bubble basket” deflated.
New York-based Greenlight rose 4.3% last month, bringing the $10 billion fund up to 3.1% for the year. Greenlight had been down 1.5% in the first quarter.
Greenlight founder David Einhorn wrote that the market is facing its “second tech bubble in 15 years.” So Greenlight shorted a host of technology and other momentum stocks, profiting when the tech-heavy Nasdaq Composite Index fell 5% in March and April.
Greenlight isn’t bearish about all tech stocks: The firm has long bets on Apple Inc. and Micron Technology, and both paid off, rising 10% or more in April.