From Whitney Tilson:
On the long side, our three winners of note were Grupo Prisa (B shares) (18.9%), Iridium (stock 11.8% and warrants 4.0%), and AB InBev (8.2%). These gains were more than offset by Netflix (-21.4%), Sears Canada (-16.7%), Citigroup (-13.0%), Goldman Sachs (-12.5%), and dELiA*s (-10.7%).
Einhorn’s FOF Re-positions Portfolio, Makes New Seed Investment In Year Marked By “Speculative Exuberance”
It has not just been rough year for David Einhorn's own fund. Einhorn's Greenlight Masters fund of hedge funds was down 3% net for the first half of 2020, matching the S&P 500's return for those six months. In his August letter to investors, which was reviewed by ValueWalk, the Greenlight Masters team noted that Read More
Our short book did well during the month and is now in the black on the year (meaning that all of our losses are on the long side). Our biggest winners in November were Career Education (-56.2%), Green Mountain Coffee Roasters (-19.4%), Nokia (-14.0%), Lululemon (-12.0%), ITT Educational Services (-11.3%), and Salesforce.com (-11.1%). Our only loser of note was InterOil (+15.1%).
In the rest of our letter (attached), we discuss Iridium, Grupo Prisa, Netflix, Green Mountain Coffee Roasters, and InterOil.