Hedge Fund Guru Einhorn Posts 4% Loss For Q3

Hedge fund guru David Einhorn's Green Light Capital posted a third-quarter loss of nearly 4 percent Wednesday versus a 0.6 percent gain for the S&P 500 and more than 5 percent for the NASDAQ 100. The 45-year-old billionaire Einhorn blamed much of his less-than-stellar performance on misplaced short bets on United States Steel Corp. X and Mallinckrodt PLC, MNK as well as a losing long position in Civeo Corp. CVEO. "It was a frustrating quarter," Einhorn said in a letter to investors. "We haven't had a quarter this thin in about three years." Apple Inc., AAPL in which the fund was long, was its "only material winner," starting out the quarter at $92.93 a share and ending at $100.75. "Consumers are enthusiastic and our thesis is playing out," Einhorn said. During the third quarter, Einhorn added to his short position in Amazon.com Inc. AMZN, which he continues to describe as a "bubble stock." Also in the period, Einhorn made "medium-sized" long investments in CONSOL Energy Inc. CNX which is shifting from coal production to natural gas, and in the data storage provider EMC Corp., EMC with its majority stake in the software virtualization concern VMware Inc. VMW. Einhorn closed out his well-known short position in Keurig Green Mountain Inc. GMCR along with short positions in Lululemon Athletica Inc. LULU and Under Armour Inc. UA. Long positions got closed in Computer Sciences Corp. CSC and Tempur Sealy International Inc. TPX.