Greenlight Capital

[Jurgis]

Are there any other kind of hedge fund managers?

I liked the "salty crybaby" that was at some point added to Wiki too.

Wiki page edit history is hilarious too: https://en.wikipedia.org/w/index.php?title=David_Einhorn_(hedge_fund_manager)&action=history

Edited April 17, 2021 by Jurgis

[randomep]

Ya looks like the word greedy is redundant!

[Spekulatius]

Yeah, the updates continue, they will get it right eventually.

[influx]

Has anyone got the Q2 2025 letter? If you could please share a link or PM me or attach here. Thank you.

I'll be looking for Q3 as well.

[influx]

Q3 2025 attached.

 

If you find / have the Q2 2025, then please send it my way.

Greenlight Qlet2025-03-1_unlocked_watermark.pdf

[Gregmal]

Is there a worse investor out there? You’d think this is satire if you didn’t know any better. I bet he’s still short Tesla too.

[Spekulatius]

1 hour ago, influx said:

Q3 2025 attached.

 

If you find / have the Q2 2025, then please send it my way.

Greenlight Qlet2025-03-1_unlocked_watermark.pdf 217.23 kB · 33 downloads

I agree this is almost comical. They are long a housing stock GRBK went up 17% but then lost it all with housing shorts . Also lost money in a meme stock (OPEN?). His longs KD and LXs are down solid double digits…

 

I think LXS will be a good trade at some point. 

 

 

[influx]

4 hours ago, Spekulatius said:

I agree this is almost comical. They are long a housing stock GRBK went up 17% but then lost it all with housing shorts . Also lost money in a meme stock (OPEN?). His longs KD and LXs are down solid double digits…

 

I think LXS will be a good trade at some point. 

 

 

 

He bought KD after spin-off at around $11. All based on previous letters.

 

BTW,  I am reading these for ideas. It's part of my research work. If you have the Q2, then I don't mind, comical or not. 

[Milu]

Poor Dave is likely one of those type A personalities who got straight A's in school and was always more intelligent than the rest, and comes up with tons of smart sounding strategies and thesis, but alas that silly mr market never seems to co-operate. 

[Dalal.Holdings]

12 hours ago, Spekulatius said:

I agree this is almost comical. They are long a housing stock GRBK went up 17% but then lost it all with housing shorts . Also lost money in a meme stock (OPEN?). His longs KD and LXs are down solid double digits…

 

I think LXS will be a good trade at some point. 

 

 

 

He owned GBRK but then shorted housing? Taking Long/Short to a new level

[73 Reds]

37 minutes ago, Dalal.Holdings said:

 

He owned GBRK but then shorted housing? Taking Long/Short to a new level

The book Einhorn wrote on Ares Capital years ago (can't recall the title at the moment) was very well-researched an an eye opener as to all BDCs.  But as to @Dealraker's recent post about excellent financial writers and actual financial performance, they don't always go hand in hand.

Edited October 24, 2025 by 73 Reds
spelling

[Gregmal]

One of the greater mysteries in WS history is how this chap became a “billionaire”. Even by his own fancied up, aggrandized autobiography, he basically graduated from school, held no real job, and then did well from late 90s thru GFC largely running mommy/daddy money. Since then he’s been dreadful but it’s near impossible to back into billionaire status here based on any sort of reality based fees. 

[Dalal.Holdings]

8 hours ago, Milu said:

Poor Dave is likely one of those type A personalities who got straight A's in school and was always more intelligent than the rest, and comes up with tons of smart sounding strategies and thesis, but alas that silly mr market never seems to co-operate. 

 

He's still hoping for a good deal on BHF because the teacher told him Book Value was the way to value such a business

[Vish_ram]

18 hours ago, Gregmal said:

Is there a worse investor out there? You’d think this is satire if you didn’t know any better. I bet he’s still short Tesla too.

 

of course “Lira Billionaire" Pabrai. PIF4 is lagging almost 700% cumulative to S&P since last 20 years.

Edited October 24, 2025 by Vish_ram

[thepupil]

4 hours ago, Gregmal said:

One of the greater mysteries in WS history is how this chap became a “billionaire”. Even by his own fancied up, aggrandized autobiography, he basically graduated from school, held no real job, and then did well from late 90s thru GFC largely running mommy/daddy money. Since then he’s been dreadful but it’s near impossible to back into billionaire status here based on any sort of reality based fees. 

his early track record was spectacular on rapidly growing AUM...I mean he had a few years >$10B AUM before the terrible performance. he probably cleared nine figs a few years. 

 

i don't think it's that hard to contemplate that he's a billionaire. 

 

the 2021 ADV shows that he owns 81% of Greenlight Capital Offshore which at the time had $580mm of assets, so just in that one asset, excluding any capital taken out of the business for Greenlight Masters, RE, other HF's/PE/etc, he has $464 million in 2021. 

 

 

 

[thepupil]

he did 26% net his first decade which is like mid 30's gross ($1 becomes $20 in 10 yrs), compounding with full fees on external capital. Compound at ridiculous gross rates on small $, feed that with external AUM, peak at $14 billion (that's $200mm+ of mgt fee and team probably costs less than $75mm) even if you make 10% that's like $200mm of carry + $100mm of mgt fee. take out some taxes (which he came of age durign a time when you could do all kinds of things to defer GP taxes to a greater degree than now  I believe)...

 

edit: also owns $75mm of GLRE

 

 

Edited October 24, 2025 by thepupil

[DooDiligence]

Dude should stop running shorts. You'd think he'd have learned after Green Mountain Coffee Roasters.

[Spekulatius]

18 hours ago, influx said:

 

He bought KD after spin-off at around $11. All based on previous letters.

 

BTW,  I am reading these for ideas. It's part of my research work. If you have the Q2, then I don't mind, comical or not. 

I like his ideas also. He is getting involved in a lot turnaround sort of situations. Some work and some do not - fair enough. I suspect what  is really hurting them is shorting. 

[Dalal.Holdings]

On 10/24/2025 at 2:09 AM, influx said:

 

He bought KD after spin-off at around $11. All based on previous letters.

 

BTW,  I am reading these for ideas. It's part of my research work. If you have the Q2, then I don't mind, comical or not. 

KD imploded and is now near that spinoff price. Seems like some accounting issues...you know, something one would hope Einhorn would know about

[Dalal.Holdings]

https://www.ft.com/content/3a19252d-ea24-4027-ae1d-3f2c982340c2

 

Quote

Billionaire David Einhorn is throwing a party in New York this weekend to celebrate Greenlight Capital’s 30th anniversary. If you squint, the invitation looks banal. Predictable theme (“Vegas Nightclub”), less predictable location (“Brooklyn”). But then comes the fine print. The dress code, just for “the ladies”, is more exacting: “sexy party clothes”.

 

Imagine running a deeply underperforming fund for 30 years and then throwing a lavish party to celebrate it...then also putting this on the invitation. Guy is just a doofus

[influx]

On 5/9/2026 at 3:52 AM, Dalal.Holdings said:

KD imploded and is now near that spinoff price. Seems like some accounting issues...you know, something one would hope Einhorn would know about

 

yeah, too bad for them

this is from q1 2026 letter

"We owned KD for over four years. During most of that time, the company executed a successful turnaround after its spin-off from IBM. Recently, it has become more challenging to win new business. As a result, the shares have made a full round trip from the low double digits to $40 a share and back. Fortunately, we took some profits at higher prices. Given the difficult environment, including threats from AI, as well as an SEC investigation into the company’s accounting and cash management practices and the departure of its CFO, we exited the balance of our position this quarter. Ultimately, we earned a 17% IRR."

[Dalal.Holdings]

1 hour ago, influx said:

 

yeah, too bad for them

this is from q1 2026 letter

"We owned KD for over four years. During most of that time, the company executed a successful turnaround after its spin-off from IBM. Recently, it has become more challenging to win new business. As a result, the shares have made a full round trip from the low double digits to $40 a share and back. Fortunately, we took some profits at higher prices. Given the difficult environment, including threats from AI, as well as an SEC investigation into the company’s accounting and cash management practices and the departure of its CFO, we exited the balance of our position this quarter. Ultimately, we earned a 17% IRR."

17% IRR is amazing for Einhorn. Too bad his overall results the past 15 year are much lower. One would think that a “sophisticated” hedge fund like Greenlight would have a bunch of analysts and associates doing work on Kyndrll to have known there were accounting issues. Even Gotham City Research put out a short report when this thing was in the high 30s, low 40s (near all time highs) that could have allowed him to exit there. I’m not sure what exactly the employees at Greenlight must do, but it must be nice gig—esp considering he hired the likes of James Fishback. Einhorn probably just checked out most days

 

 

Edited May 9 by Dalal.Holdings