Greenlight Capital Q1 2013 Letter: Yen Winner, Ballmer Loser

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Greenlight Capital Q1 2013 Letter: Yen Winner, Ballmer Loser
David Einhorn InsiderMonkey (CC BY-ND 2.0)

Greenlight Capital Q1 2013 Letter: Yen Winner, Ballmer Loser

Greenlight Capital Q1 2013 letter to shareholders is out. Earlier today, Sam Forgione of Reuters had a short summary on the Greenlight Capital Q1 2013 letter. Greenlight Capital is up 5.8 percent net for Q1. Returns in April were hurt by losses in gold. Below we have the full hedge fund letter (see Greenlight Capital Q42012 here). Some notable comments from the letter include CEO David Einhorn’s (more subtle) attack on Ben Bernanke and other Central Bankers’ policies. Greenlight is profiting off of Japanese Central Bank actions with their yen short position. The letter discusses the large holding in Apple Inc. (NASDAQ:AAPL), and the hedge fund’s bullishness on the tech giant. David Einhorn jokes that the media over-reacted to recent news from Apple and made the company sound as if they had hired Microsoft CEO Steve Ballmer, whom Einhorn has critiqued in the past.

Einhorn notes that he still believes  Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) is a good short (the May 8th letter quotes GMCR’s closing price before the 23 percent gain today). Einhorn closed other shorts and longs including, ESV, AVB, MBIA, and XRX. One new position is Greenlight’s purchase of  Evonik. Einhorn discusses his purchase of Oil States International, Inc. (NYSE:OIS), which he publicly disclosed yesterday at the Ira Sohn Conference. Recently, JANA Partners