David Einhorn's Greenlight Capital returned an impressive 36.6% net and 42.3% gross for 2022, dramatically outperforming the markets and many other hedge funds. The S&P 500 plunged 18.1%. Greenlight has managed a 12.8% annualized return since inception versus the S&P's 8.9% annualized return over the same timeframe.
Benefiting From The “Mega-Bubble”
In his year-end letter for 2022, which was obtained by ValueWalk, Einhorn described the year as "exceptionally good for them" and their "best ever" in many ways. In fact, he compared it to 2001, the year after the last technology bubble popped. That comparison is quite apt, as demonstrated by the fact that Greenlight's short book contributed the lion's share of its return, generating a gain of 30%.
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