David Einhorn has fallen off the ForbesBillionaires list for the 1st time since making it in 2012, with a net worth of $700 million—dropping from $1.9 billion in 2014
wearing a dated tie that he wore nearly two decades ago when revealing a bet against Allied Capital. Photographer: Kholood Eid/Bloomberg, 2018 was a year that should have created a few big wins. After all, a decade after his legendary bet against investment bank Lehman Brothers, global stock markets erupted in chaos early in the year and closed near multiyear lows.
By the time the carnage was over, assets at Greenlight dwindled by more than half, from $6.3 billion to start 2018 to $2.5 billion at close. “We lost money continually” throughout the year, Einhorn told limited partners at year-end. As one frustrated investor put it, “You got killed when the market was going up and killed when the market was going down.” Since the end of 2014, his fund has plunged 40%-plus, while the S&P 500 has gained over 25%.
Einhorn put it best in the fall of 2017, as Greenlight’s losses mounted: “Given the performance of certain stocks, we wonder if the market has adopted an alternative paradigm for calculating equity value.
Some bets like activist plays on Oil States International and SunEdison proved to be wrongheaded. In other instances, Einhorn was prescient. He predicted Apple would become the first trillion-dollar company and prodded it to pay a dividend; on both counts he was right. But macro-oriented shorts like a bet against aggregates producer Martin Marietta lost money, and a foray into gold on inflation fears has yet to pay off.
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