Key Words: Einhorn laments Greenlight results ‘far worse than we could have imagined’

‘Over the past three years, our results have been far worse than we could have imagined, and it’s been a bull market to boot.’

That is from the quarterly letter dated Tuesday that Greenlight Capital — the hedge fund ran by David Einhorn — sent to investors, wrestling with the reasons for the formerly high-flying firm’s underperformance.

The letter notes that the second quarter saw a loss of 5.4%, bringing the Greenlight Capital funds’ year-to-date loss to 18.3%. By comparison, the S&P 500 SPX, +0.49% saw a quarterly return of 3.4%, which brought its year-to-date return to 2.6%.

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