PatientCheetah Posted April 23, 2014 Share Posted April 23, 2014 https://www.streetaccount.com/FileLinkHandler.axd?filename=STORYID1475487_Greenlight%20Capital%201Q14%20letter.pdf Very interesting letter - Einhorn is a good example where an investor is flexible enough to exit his position right away when his thesis does not play out. Link to comment Share on other sites More sharing options...
dcollon Posted April 23, 2014 Share Posted April 23, 2014 Thanks for posting the letter Link to comment Share on other sites More sharing options...
stahleyp Posted April 23, 2014 Share Posted April 23, 2014 Thanks for posting. Link to comment Share on other sites More sharing options...
argonaut Posted April 23, 2014 Share Posted April 23, 2014 Interesting he exited GM... Link to comment Share on other sites More sharing options...
stahleyp Posted April 23, 2014 Share Posted April 23, 2014 Interesting he exited GM... I was thinking the same thing. Link to comment Share on other sites More sharing options...
tombgrt Posted April 23, 2014 Share Posted April 23, 2014 "Twice a silly price is not twice as silly; it's still just silly." Good point! But it does increase your potential return greatly! Interesting to see that he has taken a short on the momentum stocks as well. I wonder whether he took it before or after the recent little plunge. What is interesting is that despite there is "general consensus that we are witnessing our second tech bubble in 15 years", short interest on all those stocks is the lowest it has been in the last 5 years (and possibly even since the dotcom bubble!) There is definitely fear in the market but just on the short side! Link to comment Share on other sites More sharing options...
peter1234 Posted April 23, 2014 Share Posted April 23, 2014 Looks like Alpha Bank became a major new long position. from http://www.cnbc.com/id/101469983 ... Greenlight took the initial position sometime during the second quarter of 2013 when the stock was near its lows. At the time, Greenlight participated in recapitalization of Alpha Bank and Piraeus Bank, according to an investor letter. The hedge fund didn't specify how large the initial investment was, but said it included warrants that would allow it to buy more shares over a period of 4½ years. In the letter last year, Greenlight said the bank should be able to cut costs over time as employment laws are revised and that business confidence was on the rise. It also said that Alpha was valued between 0.5 and 0.6 times tangible book value. Alpha Bank's shares have fallen by about 95 percent since their peak in 2007. Link to comment Share on other sites More sharing options...
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