- via StreetInsider
- "A bit of a head-scratcher," is how David Einhorn (NASDAQ:GLRE) describes the quarter, noting the fund's five largest longs met or beat expectations, while shorts mostly missed. Nevertheless, Greenlight lost 4%, net of fees, bringing year-to-date returns to negative 2.8%.
- The "bubble basket" was a particular point of frustration. Amazon (NASDAQ:AMZN) gained 9%, but Einhorn notes no explanation of the implications and strategy of the Whole Foods purchase.
- Athenahealth (NASDAQ:ATHN) rose 25% after Elliott Management disclosed a stake. With a $5.6B market cap and just $120M of expected EBITDA, Einhorn says the math doesn't work for a going-private deal.
- Netflix (NASDAQ:NFLX) added 1% despite missing new customer guidance and increasing its cash burn forecast. That cash burn, says Einhorn, is being funded with debt.
- Tesla (NASDAQ:TSLA) rose 30% during the quarter, but Einhorn isn't buying the Musk=Jobs argument, noting the immediate profitability of the iPhone.
- Now read: How Long Can Amazon Keep Outperforming?
Original article