Greenlight Has Record Year As Value Makes A Comeback [David Einhorn’s Full 2022 Investor Letter]

David Einhorn’s Greenlight Capital had an “exceptionally good year” in 2022.

According to a copy of the hedge fund’s letter to investors, which ValueWalk has been able to review, the firm’s partnerships returned 36.6% net of fees and expenses for the year, compared to a loss of 18.1% for the S&P 500 index.

Since inception, the partnerships have returned 2,358.3% cumulatively or 12.8% annualized net of fees and expenses compared to 8.9% annualized for the S&P 500 over the same period. The letter notes that since inception, Greenlight’s investors have earned a total of $5.2 billion net of all costs.

A Tough Few Years for the Fund

That’s assuming investors have stuck with the strategy. Excluding last year’s blow-out performance, Greenlight has significantly underperformed...