Einhorn Says Greenlight Is Taking Bigger Bets on Fewer Names
- He was encouraged by the hedge fund firm’s start to 2019
- Brighthouse was the largest detractor in the fourth quarter
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David Einhorn said his Greenlight Capital has become more concentrated on high-conviction wagers after the hedge fund posted its worst performance on record last year.
“Through the course of 2018, we reduced our gross exposure in response to a challenging environment for our value-investment style,” Einhorn said Thursday on a conference call discussing results for Greenlight Capital Re Ltd., the Cayman Islands-based reinsurer where he is chairman. “We entered 2019 with a portfolio consisting of fewer names than it did a year ago, but one that is more concentrated in our highest-conviction investments.”