BROADWAY REVIEW: Lehman Trilogy is a masterwork of storytelling
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Broadway review: Lehman Trilogy is a masterwork
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David Einhorn’s Greenlight Capital has given up on its technology shorts, covering its infamous bubble basket “at a moderate loss,” according to its fourth-quarter letter.
In its third quarter letter, the value-driven long-short hedge fund warned investors the equity markets were in the middle of “an enormous tech bubble.”
But in the new letter, sent to clients on Thursday and obtained by
Institutional Investor, the firm seemed to walk back some of its previous assertions that the technology bubble had popped and that September 2 may have marked the top of the cycle.
“Our language was imprecise,” Greenlight explained. “We don’t believe that all technology stocks are in a bubble.” The firm clarified that the portfolio management team actually thinks that “a growing number of ‘story stocks’ that have become disconnected from valuation are in a bubble.”