Wednesday, January 23, 2013

How Einhorn got 'Einhorned'




New York investor David Einhorn is known for bringing down stocks with his short calls, but last year that boomeranged.  His short on Green Mountain Roasters — which he announced to great fanfare in 2011 — fell flat last year, according to a copy of Einhorn’s year-end investor letter obtained by The Post.

Einhorn’s hedge fund, Greenlight Capital, ended the year up 7.9 percent, with a big Apple stake also dragging it down. Greenlight lost 4.9 percent during the fourth quarter.

“Our coffee was too hot, our apple was bruised,” Einhorn wrote in the letter.  Einhorn’s usual ability to crush a stock with one of his short calls, a process known as getting “Einhorned,” didn’t help him last year.


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