Greenlight Capital’s 2014 Q4 investor letter can be downloaded below. David Einhorn‘s long-short partly activist hedge fund returned 8% in 2014 after gaining 5.6% net of fees during the fourth quarter. Greenlight Capital’s previous investor letter can also be downloaded here. The most interesting point made in this investor letter is about oil prices and how he avoided huge losses by following Zach Schreiber’s advice. Here is what Einhorn said about Zach Schreiber:
At last year’s Sohn Investment Conference, Stan Druckenmiller introduced Zachary Schreiber as a rising star. Zach lived up to the praise with a compelling presentation predicting a sharp fall in WTI oil prices, leading us to review our exposure. In mid-June we sold enough WTI oil futures to offset the subsequent declines in our positions in Anadarko, BP, McDermott, and National Oilwell Varco, all of which we effectively exited at their higher June prices.
You can download and read the entire letter below:
Greenlight Capital 2014 Q4 Investor Letter by Insider Monkey