(Reuters) David Einhorn’s hedge fund Greenlight Capital, which gained 8.4 percent in 2016, said on Tuesday it raised its stake in General Motors, already the firm’s biggest position, and still likes Apple Inc but is betting that companies like Caterpillar Inc. and other industrial cyclicals will fall.
In a letter to Greenlight clients dated Monday and seen by Reuters, the firm said it feels it is well positioned for 2017. “The post-Great Recession easy money policies have been good for Wall Street but bad for Main Street,” the letter said. “It’s possible that the TP (Trump Presidency) reverses these policies, which would be good for Main Street but rough on Wall Street.”
