David Einhorn’s Greenlight Capital Closes Dell, Best Buy [Updated]

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David Einhorn's Greenlight Capital Closes Dell, Best Buy [Updated]

David Einhorn, the famous hedge fund manager, has just released his second quarter letter. The firm suffered a 3.2% drop in the second quarter, but is up 3.4% for the year. Einhorn criticizes the actions of European Central Bank, and the constant cycle, which he noted in an earlier letter.

The biggest winner is a short position in Green Mountain Coffee Roasters Inc.  (NASDAQ:GMCR), which fell from $46.84 to $21.78 per share.

Einhorn discloses new short positions, but does not give names. He is long  CIGNA Corporation (NYSE:CI) and Coventry Health Care, Inc. (NYSE:CVH).  Einhorn notes that, ‘the entire sector had been battered in anticipation of Obamacare.’

Einhorn sold out of Best Buy Co., Inc. (NYSE:BBY), noting stiff competition from Amazon.com, Inc. (NASDAQ:AMZN), and questioning whether BBY is a value trap. The full letter is embedded below:

H/T Deal Breaker

Greenlight Q2 Letter to Investors

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