Below please find David Einhorn of Greenlight Capital Q1 2011 letter. For those who do not know David Einhorn he is really worth learning about. I highly recommend reading his book "Fooling Some People All of the Time" in it he discusses his now famous short of Allied Capital.
In this letter he discusses his current short of Moody's (NYSE: MCO) and three new significant long positions as well as some other macro updates. He indicates that Greenlight is now long Best Buy (NYSE: BBY) due to their mobile option as well as cheap valuation, Delphi Automotive, and Yahoo (NASDAQ: YHOO). The YHOO thesis is well circulated and it will be interesting to see how it plays out as the market is valuing the core U.S. business at practically nothing.
Without further delay, enjoy.
Green Light Capital - 4-29-11