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Tuesday, October 15, 2013

Greenlight Capital Q3 2013 Letter to Investors

David Einhorn's Greenlight Capital is out with their latest letter to investors.  In the letter he discloses they are up 11.8% YTD (4.3% in Q3).  During the quarter virtually every long position in their portfolio was profitable (QE anyone?).  He then goes on to walk through their short thesis on Chipotle (CMG) and Green Mountain Coffee Roasters (GMCR).  He closes the letter by disclosing they initiated a new long position in Osram Licht AG (Germany: OSR). Which they think can get to €3 in EPS while ending the quarter at €34.70.

At quarter end, the largest disclosed long positions in the Partnerships were Apple, General
Motors, gold, Marvell Technology, Oil States International and Vodafone Group. The Partnerships
had an average exposure of 109% long and 72% short.

He ends the letter with an awesome quote: "Anyone who isn't confused doesn't really understand the situation." by: Edward R. Murrow.


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