David Einhorn’s Greenlight had a strong fourth quarter; Gains on Neubase Therapeutics [Full Q4 Letter]Michelle Jones
David Einhorn's Greenlight Capital was up 5.2% in 2020, underperforming the S&P 500's 18.4% return. For the fourth quarter, the fund was up 25%, which was its best quarterly result ever. Longs contributed 42% during the fourth quarter, while shorts detracted 15% and macro detracted 1%.
Growth stocks significantly outperformed value stocks during the first nine months of 2020, but the fourth quarter brought a moderate reversal. Despite that reversal, the Russell 1000 Pure Growth Index was up 67%, while the Russell 1000 Pure Value Index was flat.
Strong performance in the long book
In his fourth-quarter letter to investors, which was reviewed by ValueWalk
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