Einhorn's Greenlight Exits Apple, Buys Altice USA And BT Group

David Einhorn's Greenlight Capital sold the last of its Apple (AAPL) long position on August 31 at a price of $228 per share, the firm announced in its quarterly letter sent to investors, a copy of which was obtained by The Fly.

Greenlight says its "differentiated thesis" from 2011 on Apple has now "become consensus" and that the company's current valuation is "much less enticing." Einhorn, who acknowledged in the letter to investors that the fund had "another difficult quarter" and lost an additional 9.1% to bring its year-to-date loss to 25.7%, also discussed the "many parallels" he sees between Tesla (TSLA) and Lehman Brothers, stating that he thinks that "like Lehman...the deception is about to catch up to TSLA."

In the letter Greenlight tells investors that it added "two medium sized long positions" in shares of Altice USA (ATUS) and BT Group (BT). The firm also exited several positions during the quarter, including short positions on Martin Marietta (MLM) and TransDigm (TDG) and long positions in Micron (MU) and Mylan (MYL).

 

Disclaimer: TheFly's news is intended for informational purposes only and does not claim to be actionable for investment decisions. Read more at  more

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.