Following its fourth-quarter decline of 4.3% net, David Einhorn's Greenlight Capital ended 2023 with a return of 22.1% net for the year 2023, compared to the S&P 500's 26.3% return. During the fourth quarter, the gross losses in the fund's short book cost it 12.3% or 11.1% net, versus a gross gain of 8.8% and a net gain of 7.1% for the long book.
Since its inception in May 1996, Greenlight has returned over 2,900% net cumulatively or 13.1% on an annualized basis, versus the S&P's 1,117% cumulative return and 9.5% annualized return.
Fed policy weighs on Greenlight’s returns
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