Greenlight Capital's short positions generated big returns for the hedge fund in 2022.
Hedge fund manager David Einhorn said Wednesday that he is continuing his bets against "bubble baskets" of stocks that helped Greenlight Capital rebound in 2022. In his annual letter released last month, Einhorn defined a bubble stock as one that "could fall at least 80% and still not appear cheap to us." The letter said the fund enjoyed a 30% return from its short positions last year, part of a total gross return of 42.3% for Greenlight. The fund's net return was 36.6% .
Another one of Einhorn's short baskets is based on an active fund of "innovation" stocks , which fits the description of Cathie Wood's Ark Innovation ETF . That short position, which Greenlight created in 2021, at one point accounted for 9% weight of the firm's capital and has delivered positive returns of more than 6%, according to the letter. The fund manager said Greenlight is still betting against that basket of stocks, though at a smaller weight.
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