We found a copy of Greenlight's 2009 letter floating around online. David Einhorn did extremely well in 2009, up 36.9%, 33.7% or 30.6% depending on the fund. His average annualized return since 1996 is now 22%. One thing we found interesting was that he had average 18% of the fund invested in debt securities throughout the year, which included a huge 30% gain from CIT debt in the 4th quarter. He also continues to have long positions in physical gold. While we feel that there are better ways to hedge inflation given the current gold price (bond options/rate caps/curve caps), only the future can say how that position pans out.
Greenlight Capital - 2009 Annual Letter
Stay Tuned.
