Einhorn Posts 6% Return In November With Top Holdings Up Double digits

A very strong month For David Einhorn’s investments … Besides gold and Resona Holdings, GLRE’s top holdings (see below) were all up over 10% in the month. More details below.


See Greenlight Q3 Letter: Gains In Apple; Short Amazon.com (AMZN)?

Michael Mauboussin: Here’s what active managers can do

michael mauboussin, Credit Suisse, valuation and portfolio positioning, capital markets theory, competitive strategy analysis, decision making, skill versus luck, value investing, Legg Mason, The Success Equation, Think Twice: Harnessing the Power of Counterintuition, analysts, behavioral finance, More Than You Know: Finding Financial Wisdom in Unconventional Places, academics , valuewalkThe debate over active versus passive management continues as trends show the ongoing shift from active into passive funds. Q2 2020 hedge fund letters, conferences and more At the Morningstar Investment Conference, Michael Mauboussin of Counterpoint Global argued that the rise of index funds has made it more difficult to be an active manager. Drawing Read More

Net Monthly Returns:

November 2014: 5.5%

Net Quarterly Returns:

 2014 2013 2012 2011 2010
1st……….      (0.7)%    5.8%  6.5%    (3.4)% (1.9)%
2nd………    8.1 2.0 (3.3) (1.9) 2.6
3rd……….  (3.7) 4.0 8.8 0.1 3.6
4th……….      7.8(2)  6.6 (4.4) 7.6 6.5
Full Year   11.3(3)
19.6 7.1 2.1  11.0 

Prior Years’ Returns

(1) Investment returns are calculated monthly and compounded to calculate the quarterly and annual returns. Actual investment income may vary depending on cash flows into or out of the investment account. Past performance is not necessarily indicative of future results.

(2) Represents partial quarter results through 30-November-2014

(3) Represents partial year results through 30-November-2014

As of 30-November-2014, the largest disclosed long positions in our investment portfolio are Apple, gold, Marvell Technology, Micron Technology, Resona Holdings and SunEdison; our investment portfolio is approximately 108% long and 68% short.  All exposure information is calculated on a delta adjusted basis and excludes credit default swaps, interest rate swaps, sovereign debt, currencies, commodities, and derivatives on any of these instruments.

Pershing Square is up 5.5% through November 25th and 42.4% YTD.

See Ackman Q3 Letter: Recent Developments At Herbalife Ltd. (HLF) Reinforce Our Short Thesis

Performance Report November 2014 by ValueWalk

Dan Loeb had a nice November, as well. Returns below

November YTD 2014
+2.3%       +6.6%

2014 11 November Monthly Report TPOI (2)