Einhorn Has Brutual Q3, Down 16.9 Percent Year To Date

As the Morningstar ETF conference contemplated methods to replicate hedge fund strategies and generally worshiped at the altar of Alpha, making efforts to distinguish market beta from manager performance, a factor that can be more easily replicated, one might logically ask the question: why even bother to replicate hedge fund alpha?

Einhorn’s “alpha” is down 14.2 percent year to date

Such was a thought when the third quarter performance of David Einhorn’s Greenlight Capital hit the Internet and first reported by ValueWalk.

Einhorn September 2015: (3.5)% -17% YTD ouch! http://t.co/QZdg5W8HYu pic.twitter.com/wtXcT8M4kH

— ValueWalk (@valuewalk) September 30, 2015

The hedge...