Einhorn: Many Stocks Have Completely Disconnected From Valuations

David Einhorn, founder and president of Greenlight Capital, recently discussed the fund’s 2013 performance in a conference call.  The transcript of the call, as well as some post-game commentary by UBS, is below. David Einhorn on GLRE call: “Thanks, Bart, and good morning, everyone. The Greenlight Capital Re, Ltd. (NASDAQ:GLRE) investment portfolio returned 6.6% in the fourth quarter and 19.6% in 2013. During the quarter, our longs outperformed the S&P 500 as shorts went up less than the market and macro positions led by the yen were a slight contributor. This is also the case for the full year as…