These Two Stocks Get the Greenlight Stamp of Approval
In a letter to investors, Greenlight said that it had gained 6.8 percent during the first quarter thanks in part to long positions in both Apple and Seagate. The growth far surpassed average hedge fund gains of 1.9 percent during the first quarter. The $7.8 billion hedge fund opened to investors last quarter for the first time since 2008 and saw a 6 percent increase in assets.
In the same letter, the company reported gains from the shorting of Japanese Yen. Greenlight Capital, run by David Einhorn, is widely known from the profits it made shorting the stock of the now defunct Lehman Brothers Holdings Inc.
For the year-to-date, Seagate’s stock is up over 50 percent, while Apple shares have climbed nearly 40 percent.
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