A “Frustrating Year” For This Einhorn-Backed Fund’s Long Portfolio

As we continue to review year-end hedge fund letters, a common theme we're seeing is one of disappointment and frustration, and that's exactly how Firefly Value Partners management opened their letter.

Q4 hedge fund letters, conference, scoops etc

"What a frustrating year," the Firefly team declared. "The year started off poorly and never really improved."

The David Einhorn-backed fund ended 2018 with a double-digit negative return that wasn't as deep as his own Greenlight's 30%+ negative return, but deep nonetheless. It just wasn't a good year for value investors—even those with excellent track records.