Greenlight Up 4.3% On Bubble Bet

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.

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