Greenlight Capital Q2’18 Investor Letter

Greenlight Capital recently released its Q2 investor letter – you can download a copy below.

The hedge funds says that it “had another difficult quarter and lost an additional (5.4)%, bringing the funds’ year-to-date loss to 18.3%. During the quarter, the S&P 500 index returned 3.4%, bringing its year-to-date return to 2.6%.

The fund states:

Over the past three years, our results have been far worse than we could have imagined, and it’s been a bull market to boot. Yes, we have made some obvious mistakes – the worst of which was not assessing that SunEdison was a fraud in 2015 – but there have been others. A number of years ago one of our investors said Amazon would surpass Apple and become the most valuable company in the world. We didn’t get it then and, truthfully, we don’t really get it now. But, there is a reasonable possibility that he will be proven right.

Right now the market is telling us we are wrong, wrong, wrong about nearly everything. And yet, looking forward from today we think this portfolio makes a lot of sense.

You can download a copy of the investor letter here.