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David Einhorn's Letter To Greenlight Investors Reveals New Perrigo Position

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David Einhorn's Letter To Greenlight Investors Reveals New Perrigo Position

Greenlight Capital Re, Ltd. (NASDAQ: GLRE)’s first-quarter shareholder letter prompted a 3.5-percent spike in Perrigo Company plc Ordinary Shares (NYSE: PRGO) and 1-percent pop in Signet Jewelers Ltd. (NYSE: SIG) Tuesday, as it highlighted a new stake in the former and closed short in the latter.

Additionally, the firm added long positions in Xerox Corp (NYSE: XRX) and an unnamed European Financial company, while also exiting shorts on three Canadian banks, LyondellBasell Industries NV (NYSE: LYB) and RPC, Inc. (NYSE: RES).

Latest Positions

The latest positions supplement a portfolio thick in popular or recently newsworthy stocks, including:

  • Apple Inc. (NASDAQ: AAPL)
  • Chemours Co (NYSE: CC)
  • CIGNA Corporation (NYSE: CI)
  • DSW Inc. (NYSE: DSW)
  • Fred's, Inc. (NASDAQ: FRED)
  • General Motors Company (NYSE: GM)
  • Monsanto Company (NYSE: MON)
  • Mylan NV
  • Rite Aid Corporation (NYSE: RAD)
  • Syngenta AG (ADR) (NYSE: SYT)
  • Time Warner Inc (NYSE: TWX)
  • Yahoo! Inc. (NASDAQ: YHOO)
  • Yelp Inc (NYSE: YELP)

Greenlight acknowledged Apple, Chemours and gold as its biggest first-quarter winners, with Rite Aid, a Tesla short and the bubble basket its least profitable positions.

“It was a difficult quarter to be short the bubble basket, and TSLA in particular,” the firm letter read. “Perhaps as the prospects for tax reform have dimmed, the market has regained enthusiasm for profitless companies that aren’t at risk of paying taxes. A number of these stocks are back in full-blown momentum mode.”

Nonetheless, Greenlight maintained its assertion that the bubble will soon burst.

Its latest positions are less disputable, though. In taking on Perrigo, the firm aligned its perspective with that of Vanguard Group, Blackrock Fund Advisors and Goldman Sachs.

Related Links:

Greenlight's Dual-Class Proposal To GM: It May Not Mean What You Think It Means

David Einhorn's Great Yelp Call

 

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