(Reuters) – Billionaire investor David Einhorn said on Tuesday he lost a lot of money in the first three months of 2018 and has no ready explanation for the loss, but is sure his portfolio can recover over time. Greenlight Capital, one of the hedge fund industry’s most closely watched firms, lost 13.6 percent so far this year, Einhorn wrote in a letter to clients dated April 3. Reuters saw a copy of the letter.
“No events or individual positions stand out,” Einhorn said, adding that his losses were broad but shallow. The fund manager, who has been investing for more than two decades, again pinned some of his losses on the market’s taste for growth stocks instead of the underpriced stocks he favors.
Investors are especially eager for a scorecard on how hedge funds have performed during recently turbulent times because many have long marketed themselves as being able to protect capital in all types of markets.
