| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -4.3% | 1.9% |
Greenlight Capital returned -4.3% in Q2 2026 despite positioning conservatively for capital preservation, with losses driven by costly macro bets on gold and interest rates that detracted nearly 4% net. The manager views the SpaceX IPO at $1.75 trillion valuation as potential evidence of a speculative market top, criticizing investment-grade ratings for a company with no free cash flow history. New Fed Chairman Kevin Warsh's emphatic anti-inflation stance may create self-fulfilling disinflation without rate hikes, and Greenlight is positioned accordingly despite year-to-date losses from disagreeing with market expectations. The fund initiated five new positions in undervalued companies including Fortune Brands Innovations at 8x earnings with new turnaround-focused leadership, PayPal at 8x earnings subsequently receiving a takeover bid, and Versigent targeting $1 billion cumulative free cash flow representing one-third of market cap. Three positions were exited profitably with IRRs ranging from 30% to 157%. The portfolio maintains 105% long and 63% short exposure, focusing on operational improvements and free cash flow generation while hedging against continued market speculation.
Greenlight identifies deeply undervalued companies trading at significant discounts to intrinsic value, focusing on operational turnarounds, spin-offs, and free cash flow generation while maintaining hedges against market speculation and macro risks.
Greenlight expects their conservative positioning to trail in strong markets but maintains focus on capital preservation. The manager disagrees with market expectations for Fed rate increases and is positioned to recover macro losses if Chairman Warsh's anti-inflation stance proves sufficient without policy changes. The SpaceX IPO may mark a speculative top, though the manager acknowledges that twice a silly price isn't twice as silly and stocks can continue rising. New positions in undervalued companies with operational improvement opportunities and strong free cash flow characteristics provide upside potential independent of market direction.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Aug 6 2026 | 2026 Q2 | ACHC, BH, CMCSA, CNC, FBIN, FLR, GRBK, PRMB, PYPL, SNX | Building Products, Fed policy, healthcare, Long/Short, Market Speculation, payments, value |
CMCSA FBIN PRMB PYPL |
Greenlight lost 4.3% in Q2 primarily from macro bets on gold and rates despite conservative positioning. The manager views SpaceX's $1.75 trillion IPO as marking a speculative top and is positioned for Fed disinflation without rate hikes. Five new deeply undervalued positions were initiated including Fortune Brands at 8x earnings with turnaround potential and PayPal subsequently receiving a takeover bid, while three exits generated 30-157% IRRs. |
| Apr 13 2026 | 2026 Q1 | ACHC, CNR, CROX, DHT, GPK, KD, SLM, VSNT | Geopolitical, gold, healthcare, Macro, oil, shipping, War |
ACHC DHT CNR VSNT CROX SLM |
Greenlight delivered 6.5% returns in Q1 2026 through defensive positioning amid Iran war uncertainty. The fund profited from gold, healthcare turnarounds, and energy shipping while maintaining low exposures given expensive valuations. With little downside priced into markets despite geopolitical risks, Greenlight prioritizes capital preservation over recovery participation, positioning for potential downside scenarios. |
| Jan 20 2026 | 2025 Q4 | AR, BHF, CNH, DECK, FLR, GPK, GPN, GRBK, HPQ, HSIC, LXS.DE, MSTU, MSTX, PRKS, SMR, SOLB.BR, SPB, TEVA, VSCO, WBD | Copper, Cyclical, gold, Hedge Fund, Long/Short, Macro, value |
FLR VSCO TEVA AR DECK GPN HSIC SPB CNR |
Greenlight delivered 9.0% returns in 2025 entirely through macro investing, with gold up 64% and copper up 40% driving performance. The long-short equity book struggled amid cyclical headwinds and extreme market valuations. Management views U.S. equities as historically expensive and maintains defensive positioning with cash ready for improved opportunities. |
| Oct 14 2025 | 2025 Q3 | AAPL, BHF, COYA, EIX, FLR, GRBK, KD, LXS.DE, META, MSFT, NVDA, PCG, SOLB.BR, TECK | AI, Biotechnology, Bubble, Mining, skepticism, technology, Utilities, value | - | Greenlight returned -3.6% in Q3 2025, underperforming the S&P 500's 8.1% gain. The firm refuses to participate in the AI investment bubble, questioning whether trillions in promised spending can generate adequate returns. They maintain defensive positioning while selectively investing in undervalued opportunities like Pacific Gas & Electric and Coya Therapeutics, preferring real science over AI hype. |
| Apr 16 2025 | 2025 Q1 | BHF, CNR, SYENS, TKWY | AI, Bear Market, Coal, gold, Macro, Politics, Recession, Trade Policy |
BHF CNR |
Greenlight returned 8.2% in Q1 2025 while pivoting bearish on Trump policy disruption. The fund believes economic slowdown from tariffs and government cuts will drive recession and bear market. Portfolio positioned defensively with reduced exposure, consumer shorts, and macro hedges including gold and rate positions. Focus on capital preservation until better opportunities emerge. |
| Jan 21 2025 | 2024 Q4 | AAPL, BHF, CEIX, CNC, CNH, CPRI, GRBK, HPQ, KD, LIVN, LXS, MSTR, ODP, PTON, SOLB.BR, THC, TPG | Agriculture, crypto, ETFs, healthcare, Long/Short, technology, value |
PTON CNH CNC CPRI |
Greenlight returned 7.2% in 2024 versus S&P 500's 25%, hurt by value underperformance but aided by gold, Kyndryl, and Peloton gains. New positions include agricultural equipment manufacturer CNH and managed care provider Centene. The fund maintains low market exposure given extreme valuations and zero equity risk premium, while navigating Trump policy uncertainty through individual stock selection. |
| Oct 15 2024 | 2024 Q3 | BHF, CEIX, GRBK, HPQ, NBSE, NWG.L, ODP, RYA.L, SOLB.BR | Conservative, gold, Hedging, Homebuilders, Market Timing, value |
GRBK ODP |
Greenlight delivered 1.1% in Q3 versus 5.9% for the S&P 500, maintaining defensive positioning in expensive markets. Gold and Green Brick Partners drove performance while ODP disappointed. The fund mirrors Warren Buffett's current cash-building strategy, expecting better opportunities ahead while avoiding positioning for market losses. |
| Aug 6 2024 | 2024 Q2 | ALIT, BHF, CEIX, CPRI, FCNCA, GPOR, HPQ, KD, ODP, ONEX.TO, SOLB.BR | energy, gold, Long/Short, Macro, technology, value |
CEIX HPQ KD SOLB.BR CPRI |
Greenlight returned 2.8% in Q2, underperforming amid unusual market dynamics where mega-caps diverged from broader stocks. The fund maintained neutral 40% net exposure, with gold driving macro gains while individual stock picks were mixed. Management questions current bull market authenticity and expects continued inflation from deficit spending regardless of election outcomes. |
| May 9 2024 | 2024 Q1 | BHF, CEIX, FHN, GRBK, HPQ, IMVT, KD, LBTYA, NYCB, PENN, ROIV, SOLB.BR, TECK, THC, VTSC.DE | AI, Copper, Long/Short, Macro, market structure, Passive investing, undervaluation, value |
SOLB.BR PENN HPQ ROIV LBTYA |
Greenlight returned 4.9% in Q1 versus 10.6% for the S&P 500, with Einhorn arguing passive investing has broken market structure, creating exceptional opportunities to buy quality companies at 5-8x earnings. Despite near-term underperformance from coal and gaming positions, the firm added stakes in chemicals, AI-enabled PCs, and biotech while profiting from macro trades. |
| Jan 22 2024 | 2023 Q4 | ALIT, ATVI, BHF, CEIX, GRBK, KD, SWN, SYENS.BR, THC, VTRS, VTSC.DE | Buybacks, energy, Geopolitical, healthcare, Long/Short, technology, value |
GRBK CEIX BKD THC VTSC.DE ALIT VTRS SYENS.BR |
Greenlight delivered 22.1% net returns and 19.8% alpha in 2023 through disciplined value investing focused on direct issuer payments via buybacks and dividends. Fed policy pivot hurt speculative shorts in Q4, but strong long performance from undervalued positions like Green Brick Partners and CONSOL Energy drove full-year outperformance. New investments and geopolitical positioning set up 2024 opportunities. |
| Aug 11 2023 | 2023 Q3 | - | - | - | |
| Jan 17 2023 | 2022 Q4 | AAWW, ASC, CEIX, DNMR, GRBK, RHM GR, TECK, THC, TWTR | - | - | |
| Oct 19 2022 | 2022 Q3 | AAWW, CC, CEIX, CHNG, GRBK, INSW, PLBY, TWTR, WBD | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
Market SpeculationGreenlight extensively discusses the SpaceX IPO at $1.75 trillion valuation as evidence of market excess, describing it as meme-ification at scale and questioning whether it marks a speculative top. The manager criticizes investment-grade credit ratings for a company with no history of positive free cash flow and multi-year forecasts of negative cash flow. Investors justify extreme valuations with trillion-dollar revenue forecasts lacking supporting analysis. |
SPACs Risk Appetite Valuations IPO Speculation |
Fed PolicyThe letter discusses new Fed Chairman Kevin Warsh's approach of not providing guidance and letting markets sort out data themselves. Greenlight analyzes Warsh's emphatic stance against inflation above 2% as potentially creating a self-fulfilling market reaction similar to Draghi's whatever it takes pledge. The manager is positioned for Plan A to work with the Fed not raising rates this year, despite market disagreement costing them in the first half. |
Rates Inflation Monetary Policy Central Bank | |
Building ProductsGreenlight initiated a position in Fortune Brands Innovations, a building products company with brands including Moen, Therma-Tru, and Master Lock. The manager sees opportunity from operational issues under prior management being addressed by new leadership with an exceptional track record. Even without housing recovery, new management can grow earnings substantially through operational improvements and market share recapture. |
Homebuilders Building Products Turnaround Management Change | |
PaymentsPayPal was acquired after disappointing results and CEO transition created an opportunity at 8x earnings. Greenlight believes the collection of payment assets is worth substantially more than the entry price. Subsequent to quarter-end, Stripe and Advent International reportedly made a joint offer to buy PayPal for $60.50 per share, validating the thesis. |
Payments FinTech M&A Valuation | |
Auto PartsVersigent, a leading automotive wire harness supplier spun from Aptiv, should benefit from the shift toward hybrid and battery-electric vehicles which require significantly more product than ICE vehicles. The company has opportunities to improve margins through automation and diversification. Management targets $1 billion cumulative free cash flow by end of 2028, representing one-third of current market cap, with majority returned via buybacks. |
Auto Parts Electric Vehicles Spinoffs Free Cash Flow | |
MediaComcast was acquired at 5x EBITDA after a 60% decline over five years due to structural pressures on legacy broadband and video businesses. Greenlight believes this significantly undervalues free cash flow generation and collective business value. The announced spin-off of NBCUniversal is an important step that should help highlight embedded value within the company. |
Media Broadband Spinoffs Value | |
Managed CareCentene was a positive contributor during the quarter with surprisingly strong results. The position benefited primarily from the market lifting the stock rather than specific company developments, though the strong results were notable. |
Managed Care Healthcare Earnings | |
Behavioral HealthAcadia Healthcare was among the largest disclosed long positions at quarter-end and contributed positively during the quarter. The gains are attributed mostly to the market lifting the stock rather than specific company developments. |
Behavioral Health Healthcare Long Position | |
| 2026 Q1 |
OilWar in Iran has closed the Strait of Hormuz, elevating oil prices above $100. The fund added long positions in October oil futures, though prices have only moved up modestly due to widespread anticipation that shortages will not be enduring. Energy price shocks historically precede recessions. |
Oil Energy Commodities Geopolitical Supply |
GoldDe-dollarization thesis gained traction early in the quarter, with gold rising from $4,339 to $5,595 per ounce by late January. The fund profited from both physical gold and binary call options, selling most options and rolling some forward to preserve gains as gold declined later due to war developments. |
Gold De-dollarization Currency Safe Haven Inflation | |
Behavioral HealthAcadia Healthcare represents the leading pure-play behavioral healthcare clinic operator. After management-related problems drove shares from $90 to $11, the fund built a top 5 position averaging $16.24 per share. New CEO leadership change in January drove recovery to $23.39 by quarter-end. |
Healthcare Behavioral Health Turnaround Management Recovery | |
ShippingDHT Holdings owns Very Large Crude Carriers in a tight supply market with day rates at 500% of long-term averages. The company pays current earnings as dividends, with expected dividend increases from $0.74 to $3.50 per share this year due to elevated charter rates. |
Shipping Tankers Energy Transport Dividends Supply | |
| 2025 Q4 |
OilOil represents the cheapest major asset class globally, trading at near-record lows relative to gold despite balanced fundamentals. The closure of the Straits of Hormuz has created the largest supply shock in industry history, with 20 million barrels per day disrupted. Non-OPEC supply growth is slowing dramatically, with U.S. shale production plateauing outside the Permian Basin. |
Crude Oil Brent WTI Shale OPEC |
Natural GasNatural gas ranks in the 99.5th percentile of historical undervaluation relative to equities. U.S. production growth has concentrated entirely in the Permian Basin, with other shale regions declining. Once the Permian's current gas production surge runs its course, supply growth should plateau and eventually decline, setting the stage for materially higher prices. |
Henry Hub LNG Permian Shale Gas | |
SilverSilver surged 51% in Q4 and over 140% for the year, staging a dramatic catch-up rally relative to gold. This magnitude of silver outperformance has historically marked important turning points, suggesting a sell signal for precious metals in the short term. The rally parallels previous episodes in 1973, 1979, 2011, and 2020 that preceded corrections. |
Silver Gold Ratio Precious Metals | |
Platinum Group MetalsPGMs continued their powerful advance with platinum and palladium each surging 28% in Q4. Policy reversals in the U.S. and Europe are unwinding the aggressive push toward electric vehicles, supporting longer-term demand for internal combustion engines and auto-catalysts. The bearish narrative built on rapid EV adoption is being rewritten. |
Platinum Palladium Auto Catalysts ICE | |
CopperCopper gained 17% in Q4 and 41% for the year, but the market has moved back into surplus as reflected in rising exchange inventories. Inventories now exceed 1.2 million tonnes, levels last seen in 2003 when copper traded below $0.90 per pound. The firm has shifted from short-term bullish to bearish on copper. |
Copper Base Metals Inventories | |
UraniumSurging uranium demand is meeting a fragile supply base, creating fundamental tightness in the market. The uranium section discusses supply-demand dynamics and the structural challenges facing uranium production globally. |
Uranium Nuclear Supply | |
| 2025 Q3 |
AIGreenlight is highly skeptical of the massive AI investment cycle, questioning whether trillions in promised spending can generate adequate returns. The firm notes that much AI revenue is circular within the supply chain rather than from external customers, and compares the situation to the internet bubble where capital destruction occurred despite the technology's ultimate importance. |
Data Centers Cloud Semiconductors Capital Spending Bubble |
UtilitiesEstablished a medium-sized position in Pacific Gas & Electric at $15.15 per share, viewing the California utility as trading at a discount due to wildfire risks. The firm believes legislative reforms and wildfire fund support will reduce tail risks and allow the stock to trade closer to sector multiples. |
Regulated Utilities California Wildfire Reform | |
BiotechnologySmall investment in Coya Therapeutics, a clinical-stage company developing ALS treatments. The firm prefers speculating on this $100 million biotech with promising science validated by a Nobel Prize winner rather than AI companies with multi-billion dollar valuations based on PowerPoint presentations. |
ALS Clinical Trials FDA Immunology | |
CopperExited Teck Resources after five years with a 52% net IRR as the thesis largely played out. The company divested its metallurgical coal business, completed capital spending programs, and opened the Quebrada Blanca mine in Chile, though execution had several setbacks along the way. |
Mining Chile Capital Returns Merger | |
| 2025 Q1 |
Trade PolicyThe Administration is leading economic policy with protectionism, using tariffs to raise revenue and create barriers for domestic production. This creates serious risks including potential loss of reserve currency status and alienation of allies. The continually shifting demands and possible alienation of allies risk causing a loss of trust. |
Tariffs Protectionism Trade War Reserve Currency Dollar |
GoldGold advanced 19.0% during the quarter and was by far the biggest winner in the macro portfolio. The events described, including the possibility of waning reserve currency status, are very bullish for gold. The fund continues to own gold and options on gold. |
Gold Reserve Currency Inflation Dollar Macro | |
CoalCore Natural Resources declined 27.6% during the quarter, suffering from falling coal prices in 2025 and reduced production due to a mine fire. However, the combined company is likely to benefit from President Trump's executive orders supporting the coal industry. |
Coal Mining Energy Trump Commodities | |
AIFive of the Magnificent 7 have pledged essentially all their current cash flow to the pursuit of the AI opportunity, where returns on that investment are uncertain, and competition is sure to be fierce. The massive amount of investment being poured into data centers and chips to support AI raises questions about returns. |
AI Data Centers Chips NVIDIA Technology | |
| 2024 Q4 |
CryptoGreenlight discusses the speculative nature of cryptocurrencies, comparing them to collectibles with no intrinsic value. The letter highlights the emergence of memecoins like Fartcoin and Trump's official memecoin, noting the extreme valuations and speculative trading patterns in the crypto market. |
Bitcoin Memecoin Speculation Collectibles Fartcoin |
ETFsThe fund established an arbitrage position shorting levered single-stock ETFs (MSTU and MSTX) that track MicroStrategy. These ETFs use expensive call options for leverage due to limited swap capacity, creating unsustainable financing costs exceeding 75% annually. |
Leverage Arbitrage MicroStrategy Options Financing | |
ValueGreenlight experienced challenges as value stocks had a historic 15-day losing streak in December, with growth significantly outperforming value. The fund maintains its value-oriented approach despite the challenging environment for value investing in 2024. |
Growth Underperformance Russell Valuation Strategy | |
Ag EquipmentThe fund established a position in CNH Industrial, a leading agricultural equipment manufacturer, during a downcycle caused by weak commodity prices. Management expects the downturn to be shorter than previous cycles due to earlier corrective actions and inventory destocking. |
CNH Downcycle Commodities Inventory Tractors | |
| 2024 Q3 |
GoldThe macro portfolio had another strong quarter driven by the sharp rise in the price of gold. Gold was mentioned as a significant winner during the quarter and the fund offers a gold share class for investors. |
Gold Macro Commodities |
HomebuildersGreen Brick Partners continues to lead the industry in gross margins and distinguishes itself by being land heavy rather than land light. The company owns most of its land and lots while maintaining a low-leveraged investment-grade balance sheet, earning development profits in addition to homebuilding profits. |
Homebuilders Real Estate Land Development | |
| 2024 Q2 |
GoldGold continued its strong year-to-date performance and was a material contributor to the macro book this quarter, generating more than one percent return. |
Gold Macro Commodities |
CoalCONSOL Energy recovered from the Baltimore bridge collapse impact that blocked exports for several months. The harbor has reopened and the market appears to have moved past the issue. |
Coal Energy Exports | |
| 2024 Q1 |
AIGreenlight established a position in HP Inc. to benefit from a potential AI-driven PC adoption cycle. Intel plans to release neural processing units this summer, and Microsoft is teasing AI features requiring NPUs. The firm believes AI optimism is not reflected in HPQ's share price. |
Neural Processing PC Refresh Microsoft Intel Hardware |
CopperThe firm established a macro position to benefit from higher copper prices, believing supply will fall short of demand in the next year. They previously invested in Teck Resources based on copper thesis and now use options on copper futures as the most direct way to invest in rising prices. |
Supply Deficit Mining Futures Commodities Industrial Metals | |
BuybacksMultiple portfolio companies are returning capital through share repurchases. HP Inc. committed to return 100% of free cash flow through buybacks and dividends, with capacity to buy back 25-30% of shares over three years. Roivant announced a $1.5 billion share repurchase program. |
Capital Return Share Repurchase Free Cash Flow Shareholder Returns | |
BiotechnologyGreenlight initiated a position in Roivant Sciences, focused on inflammation and immunology therapies. The company has a strong track record of positive trial results and successful monetization, with potential multi-billion dollar royalties from COVID vaccine patents and promising autoimmune disease drugs. |
Drug Development Clinical Trials Royalties Immunology Patents | |
| 2023 Q4 |
ValueGreenlight emphasizes disciplined valuation criteria and investments where they get paid by issuers through buybacks, dividends, interest, or take-outs rather than relying on investor revaluation. Many of their largest holdings offer double-digit returns directly to investors. |
Valuation Buybacks Dividends Undervalued |
Defense SpendingIn response to worsening geopolitical situation, Greenlight bought small positions in two ETFs of defense stocks. Ongoing wars are depleting ammunition stockpiles and the sector is likely to perform well due to possible escalation and need to replenish ammunition. |
Defense Ammunition Geopolitical Military | |
OilGreenlight has established a large position in oil futures ahead of the U.S. election in November. Despite prices declining since their investment, geopolitical risks remain high and they maintain a bullish outlook on oil. |
Oil Futures Geopolitical Energy |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Aug 6, 2026 | Fund Letters | Greenlight Capital | CMCSA | Comcast Corporation | Other | Cable & Satellite | Bull | - | broadband, Cable & Satellite, Diversified Media, EBITDA multiple, entertainment, Free Cash Flow, media, spin-off, theme parks, Value | Login |
| Aug 6, 2026 | Fund Letters | Greenlight Capital | FBIN | Fortune Brands Innovations, Inc. | Other | Building Products | Bull | - | activist, Building Products, Housing, Management Change, margin expansion, market share, Operational Improvement, Peer Multiple Discount, turnaround, Value | Login |
| Aug 6, 2026 | Fund Letters | Greenlight Capital | PRMB | Primo Brands Corporation | Other | Soft Drinks | Bull | - | Bottled Water, brand portfolio, consumer staples, defensive, direct-to-consumer, free cash flow yield, Merger Integration, Peer Discount, synergies, Value | Login |
| Aug 6, 2026 | Fund Letters | Greenlight Capital | PYPL | PayPal Holdings, Inc. | Other | Data Processing & Outsourced Services | Bull | - | CEO transition, Competitive pressure, consumer platform, digital payments, earnings multiple, Fintech, M&A Target, network effects, Payments, Value | Login |
| Aug 6, 2026 | Fund Letters | Greenlight Capital | - | Versigent Inc. | Other | Auto Parts & Equipment | Bull | - | Auto parts, Automotive Supplier, Electric Vehicles, Electrification, Free Cash Flow, margin expansion, Share Buybacks, spin-off, Value, Wire Harnesses | Login |
| Apr 13, 2026 | Fund Letters | Greenlight Capital | ACHC | Acadia Healthcare | Medical Care Facilities | Health Care Facilities | Bull | NASDAQ | Behavioral Healthcare, Distressed, Healthcare Facilities, Management Change, turnaround, Value | Login |
| Apr 13, 2026 | Fund Letters | Greenlight Capital | DHT | DHT Holdings | Oil & Gas Midstream | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | Cyclical, Energy Transportation, geopolitical, high dividend yield, Oil Tankers, Shipping, VLCCs | Login |
| Apr 13, 2026 | Fund Letters | Greenlight Capital | CNR | Core Natural Resources | Thermal Coal | Coal & Consumable Fuels | Bull | New York Stock Exchange | coal, Commodities, Energy security, Energy Supply Disruption, geopolitical, Natural Gas Substitution | Login |
| Apr 13, 2026 | Fund Letters | Greenlight Capital | VSNT | Versant Media Group | Entertainment | Media | Bull | NASDAQ | Cable Channels, Cash Flow Yield, Live News, media, spin-off, Technical Selling, Value | Login |
| Apr 13, 2026 | Fund Letters | Greenlight Capital | CROX | Crocs, Inc. | Footwear & Accessories | Footwear | Bull | NASDAQ | Consumer Discretionary, contrarian, Footwear, Global Brand, International Growth, Share Buybacks, Value | Login |
| Apr 13, 2026 | Fund Letters | Greenlight Capital | SLM | SLM Corp. | Credit Services | Consumer Finance | Bull | NASDAQ | AI Concerns, consumer finance, contrarian, credit quality, Government Exit, Share Buybacks, Student loans | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | FLR | Fluor Corporation | Industrials | Engineering & Construction | Bull | New York Stock Exchange | arbitrage, buybacks, Nuclear, spinoff, valuation | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | VSCO | Victoria's Secret & Co. | Consumer Discretionary | Apparel Retail | Bull | New York Stock Exchange | Apparel, Brand, recovery, retail, turnaround | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | TEVA | Teva Pharmaceutical Industries Ltd. | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | branded, Drug-Pricing, growth, pharma, turnaround | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | AR | Antero Resources Corporation | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | acquisition, Acreage, cashflow, natural gas, valuation | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | DECK | Deckers Outdoor Corporation | Consumer Discretionary | Footwear | Bull | New York Stock Exchange | brands, buybacks, Footwear, growth, tariffs | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | GPN | Global Payments Inc. | Financials | Transaction & Payment Processing Services | Bull | New York Stock Exchange | buybacks, Fintech, Free Cash Flow, Payments, rerating | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | HSIC | Henry Schein, Inc. | Health Care | Health Care Distributors | Bull | NASDAQ | Activism, Distribution, healthcare, Margins, turnaround | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | SPB | Spectrum Brands Holdings, Inc. | Consumer Discretionary | Household Products | Bull | New York Stock Exchange | buybacks, consumer, divestiture, Sum-of-parts, Value | Login |
| Jan 20, 2026 | Fund Letters | David Einhorn | CNR | Core Natural Resources, Inc. | Energy | Coal & Consumable Fuels | Bull | New York Stock Exchange | buybacks, coal, Freecashflow, metallurgical, spinoff | Login |
| Apr 16, 2025 | Fund Letters | Greenlight Capital | BHF | Brighthouse Financial | Financials | Life & Health Insurance | Bull | NASDAQ | Annuities, asset management, financial services, General Account, life insurance, M&A, Special Situation | Login |
| Apr 16, 2025 | Fund Letters | Greenlight Capital | CNR | Core Natural Resources | Energy | Coal & Consumable Fuels | Bull | NYSE | balance sheet strength, Coal Mining, Commodity Cyclical, Energy Policy, Export Markets, merger, Share Buybacks | Login |
| Jan 21, 2025 | Fund Letters | Greenlight Capital | PTON | Peloton Interactive Inc | Consumer Discretionary | Leisure Products | Bull | NASDAQ | At-home Fitness, Connected-Fitness, cost-cutting, EBITDA Generation, Fitness Technology, Subscription, turnaround | Login |
| Jan 21, 2025 | Fund Letters | Greenlight Capital | CNH | CNH Industrial NV | Industrials | Agricultural & Farm Machinery | Bull | NYSE | Agricultural Equipment, capital returns, Cyclical Value, dividend yield, Farm Equipment, Inventory Destocking, Trough Earnings | Login |
| Jan 21, 2025 | Fund Letters | Greenlight Capital | CNC | Centene Corporation | Health Care | Managed Health Care | Bull | NYSE | Defensive Healthcare, healthcare, insider buying, Managed Medicaid, political risk, share repurchases, Underearning | Login |
| Jan 21, 2025 | Fund Letters | Greenlight Capital | CPRI | Capri Holdings Limited | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | brand value, Jimmy Choo, Luxury goods, Management Distraction, Operational Recovery, Post-Merger Breakup, Versace | Login |
| Oct 15, 2024 | Fund Letters | Greenlight Capital | GRBK | Green Brick Partners | Consumer Discretionary | Homebuilding | Bull | NASDAQ | Development Profits, gross margins, homebuilding, investment grade, Land Banking, land development, Real Estate, return on equity | Login |
| Oct 15, 2024 | Fund Letters | Greenlight Capital | ODP | ODP Corporation | Consumer Discretionary | Specialty Retail | Bear | NASDAQ | business services, Disappointing Earnings, Office Supplies, Profit Miss, Sales Decline, Specialty retail | Login |
| Aug 6, 2024 | Fund Letters | Greenlight Capital | CEIX | CONSOL Energy | Energy | Coal & Consumable Fuels | Bull | NYSE | coal, energy, Exports, infrastructure, recovery | Login |
| Aug 6, 2024 | Fund Letters | Greenlight Capital | HPQ | HP Inc. | Technology | Technology Hardware, Storage & Peripherals | Bull | NYSE | AI, Cyclical, Hardware, Pcs, recovery, technology | Login |
| Aug 6, 2024 | Fund Letters | Greenlight Capital | KD | Kyndryl Holdings | Technology | IT Services | Bull | NYSE | growth, infrastructure, IT services, technology, transformation | Login |
| Aug 6, 2024 | Fund Letters | Greenlight Capital | SOLB.BR | Solvay | Materials | Specialty Chemicals | Bull | Euronext Brussels | Chemicals, Commodities, Europe, materials, Soda Ash, specialty | Login |
| Aug 6, 2024 | Fund Letters | Greenlight Capital | CPRI | Capri Holdings | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | Event-driven, fashion, FTC, Luxury goods, Merger Arbitrage, Regulatory | Login |
| Apr 24, 2024 | Fund Letters | Greenlight Capital | SOLB.BR | Solvay | Materials | Specialty Chemicals | Bull | Euronext Brussels | Belgium, cost-cutting, Cyclical, Essential Chemicals, high dividend yield, Soda Ash, Sodium Carbonate, specialty chemicals, turnaround, Value | Login |
| Apr 24, 2024 | Fund Letters | Greenlight Capital | PENN | Penn National Gaming | Consumer Discretionary | Casinos & Gaming | Bull | NASDAQ | Casinos, Customer Acquisition, DraftKings Competitor, ESPN BET, Free Cash Flow, Online-Gaming, Regional Gaming, Sports betting, turnaround, Value | Login |
| Apr 24, 2024 | Fund Letters | Greenlight Capital | HPQ | HP Inc. | Technology | Technology Hardware, Storage & Peripherals | Bull | NYSE | AI PCs, Cyclical Recovery, high dividend yield, Microsoft Windows, Neural Processing Unit, PC Refresh Cycle, Personal Computers, Printers, Share Buybacks, technology hardware | Login |
| Apr 24, 2024 | Fund Letters | Greenlight Capital | ROIV | Roivant Sciences | Health Care | Biotechnology | Bull | NASDAQ | Atopic Dermatitis, Autoimmune Disease, biotechnology, COVID Vaccines, Immunology, Inflammation, Lipid Nanoparticles, Patent Royalties, psoriasis, share repurchase | Login |
| Apr 24, 2024 | Fund Letters | Greenlight Capital | LBTYA | Liberty Global | Communication Services | Cable & Satellite | Bull | NASDAQ | cable, capital allocation, Discount to Fair Value, Europe, Share Buybacks, spin-off, Sum-of-parts, Switzerland, telecommunications, Value | Login |
| Jan 22, 2024 | Fund Letters | Greenlight Capital | GRBK | Green Brick Partners | Consumer Discretionary | Homebuilding | Bull | NASDAQ | construction, homebuilder, Housing, Real Estate, turnaround, Value | Login |
| Jan 22, 2024 | Fund Letters | Greenlight Capital | CEIX | CONSOL Energy | Energy | Coal & Consumable Fuels | Bull | NYSE | capital allocation, coal, Commodities, energy, Mining, Share Buybacks, Value | Login |
| Jan 22, 2024 | Fund Letters | Greenlight Capital | BKD | Kyndryl Holdings | Information Technology | IT Consulting & Other Services | Bull | NYSE | IBM, infrastructure, IT services, margin expansion, spinoff, technology, turnaround | Login |
| Jan 22, 2024 | Fund Letters | Greenlight Capital | THC | Tenet Healthcare | Health Care | Health Care Facilities | Bull | NYSE | asset sales, Demographics, healthcare, Hospitals, Labor Costs, Outpatient, Real Estate | Login |
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| TICKER | COMMENTARY |
|---|---|
| ACHC | While we had nice gains in Acadia Healthcare, Centene, Green Brick Partners and TD SYNNEX, we attribute these mostly to the market lifting the stocks rather than to specific company developments, though Centene did have surprisingly strong results. At quarter-end, the largest disclosed long positions in the Partnerships were Acadia Healthcare, Brighthouse Financial, Core Natural Resources, Fluor and Green Brick Partners. |
| CNC | While we had nice gains in Acadia Healthcare, Centene, Green Brick Partners and TD SYNNEX, we attribute these mostly to the market lifting the stocks rather than to specific company developments, though Centene did have surprisingly strong results. |
| GRBK | While we had nice gains in Acadia Healthcare, Centene, Green Brick Partners and TD SYNNEX, we attribute these mostly to the market lifting the stocks rather than to specific company developments, though Centene did have surprisingly strong results. At quarter-end, the largest disclosed long positions in the Partnerships were Acadia Healthcare, Brighthouse Financial, Core Natural Resources, Fluor and Green Brick Partners. |
| SNX | While we had nice gains in Acadia Healthcare, Centene, Green Brick Partners and TD SYNNEX, we attribute these mostly to the market lifting the stocks rather than to specific company developments, though Centene did have surprisingly strong results. |
| CMCSA | Comcast (CMCSA) is a diversified media and technology company with broadband, video and wireless businesses, alongside media, studios and theme parks. The stock declined about 60% over the past five years as structural and competitive pressures have weighed on its legacy broadband and video businesses. At our entry price of $23.91 per share, CMCSA traded at only 5x EBITDA, which we believe significantly undervalues its free cash flow generation and the collective value of its businesses. At the end of the quarter, CMCSA announced the spin-off of NBCUniversal, an important step that we believe should help highlight the value embedded within the company. CMCSA shares ended the quarter at $24.55. |
| FBIN | Fortune Brands Innovations (FBIN) is a building products company whose brands include Moen, Therma-Tru and Master Lock. Over the past several years, both a challenging housing market and poor execution by prior management led to share losses and profit erosion. Despite these challenges, we believe the company's brands remain strong and its competitive position is intact. In March, an activist investor joined the board, and in June the company appointed a new CEO with an exceptional track record of value creation in the building products industry. Even without a recovery in housing, we believe new leadership can address the operational issues and grow earnings substantially. While significant share recapture (or a strong housing recovery) would provide additional upside, if FBIN simply achieves the low end of prior management's mid-cycle margin targets on current revenue, it should support approximately $5 of earnings per share. We acquired our position at an average price of $39.37, or approximately 8x those earnings, while peers trade for almost 20x. FBIN shares ended the quarter at $54.90. |
| PRMB | Primo Brands (PRMB) provides bottled water through the retail channel as well as water delivery to homes and businesses. Its brands include Poland Spring, Pure Life, Mountain Valley and Saratoga. Following its merger with competitor BlueTriton Brands, integration challenges weighed on results and contributed to a material decline in the stock price. We believe these issues are temporary and that the merger will create synergies over time. We acquired our shares at an average price of $20.20, implying a 12% free cash flow yield on our expectation for 2027 results, which compares to peer free cash flow yields of 3-5%. PRMB ended the quarter at $24.44. |
| PYPL | PayPal Holdings (PYPL) is a consumer-facing payments platform with over 400 million active customers around the world. PYPL has long been viewed as being on the wrong side of the shift toward newer payment methods like Apple Pay, Shop Pay and Buy-Now-Pay-Later. After disappointing fourth-quarter results and a CEO transition, the stock sold off, creating an opportunity for us to acquire our position at an average price of $43.53. We believe PYPL's collection of payment assets is worth substantially more than the 8x earnings we paid. PYPL ended the quarter at $43.18. Subsequent to quarter-end, Stripe and Advent International reportedly made a joint offer to buy PYPL for $60.50 per share. |
| BH | At quarter-end, the largest disclosed long positions in the Partnerships were Acadia Healthcare, Brighthouse Financial, Core Natural Resources, Fluor and Green Brick Partners. |
| FLR | At quarter-end, the largest disclosed long positions in the Partnerships were Acadia Healthcare, Brighthouse Financial, Core Natural Resources, Fluor and Green Brick Partners. |
| Ticker | Put/Call | Company Name | Industry | Value (M) | Shares | Weight % | Shares Purchased/Sold | Change in Share % | Market Cap (M) |
|---|---|---|---|---|---|---|---|---|---|
| QQQ | - | INVESCO QQQ TR | Other | 2,892.9M | 5,658,053 | 29.3% | 5,658,053 | No Change | 189,493.9M |
| IWM | - | ISHARES TR | Other | 1,069.9M | 4,841,280 | 10.8% | -1,828,720 | -49.1% | 54,841.3M |
| EWZ | - | ISHARES INC | Other | 695.0M | 30,883,771 | 7.0% | 30,883,771 | No Change | 5,400.8M |
| NVDA | - | NVIDIA CORPORATION | Information Technology | 541.4M | 4,028,497 | 5.5% | 965,318 | 234.9% | 2,755,247.7M |
| GS | - | GOLDMAN SACHS GROUP INC | Financials | 421.4M | 735,798 | 4.3% | 735,798 | No Change | 170,156.0M |
| MSFT | - | MICROSOFT CORP | Information Technology | 290.6M | 689,399 | 2.9% | -103,966 | -13.1% | 3,208,951.9M |
| META | - | META PLATFORMS INC | Communication Services | 274.5M | 468,765 | 2.8% | 339,670 | 263.1% | 1,445,449.7M |
| GLD | - | SPDR GOLD TR | Other | 242.1M | 1,000,000 | 2.5% | 1,000,000 | No Change | 77,349.4M |
| AMZN | - | AMAZON COM INC | Consumer Discretionary | 216.7M | 987,528 | 2.2% | -178,613 | -15.3% | 1,994,547.7M |
| XLF | - | SELECT SECTOR SPDR TR | Other | 202.9M | 4,197,300 | 2.1% | 500,000 | -26.3% | 42,961.9M |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| QQQ | - | $2,892.9M | 6M | - | 29.30% |
| EWZ | - | $695.0M | 31M | - | 7.04% |
| GS | - | $421.4M | 736K | - | 4.27% |
| GLD | - | $242.1M | 1M | - | 2.45% |
| PDD | - | $129.5M | 1M | - | 1.31% |
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| BABA | - | $0 | 55K | - | 0.00% | Sold Out |
| UBS | - | $0 | 6M | - | 0.00% | Sold Out |
| BBAR | - | $0 | 59K | - | 0.00% | Sold Out |
| SMFG | - | $0 | 294K | - | 0.00% | Sold Out |
| MUFG | - | $0 | 160K | - | 0.00% | Sold Out |
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| Other | 65.15% | 57.59% | -7.56% |
| Information Technology | -0.38% | 20.30% | +20.68% |
| Financials | 8.73% | 8.75% | +0.02% |
| Consumer Discretionary | 3.95% | 4.76% | +0.81% |
| Communication Services | -2.94% | 4.28% | +7.22% |
| Utilities | 1.55% | 2.66% | +1.11% |
| Materials | 0.42% | 0.69% | +0.27% |
| Consumer Staples | 0.33% | 0.33% | +0.00% |
| Energy | 0.27% | 0.27% | +0.00% |
| Health Care | 0.38% | 0.26% | -0.12% |
| Industrials | 0.12% | 0.12% | +0.00% |
