This could be David Einhorn’s second-losing year ever.

The past year, can be tough for the founder of Greenlight Capital, David Einhorn.

Greenlight Capital падна 14,3% през третото тримесечие, с което се връща на фонда за годината до 30 септември, за да -17.1%.

Einhorn wrote a letter to investors that says: “When we are very wrong, however, we are going to lose money,” he wrote. “And although large losses don’t occur often, in a punitive environment we can have more than one in a short period of time.”

In the letter is also whriten that, as the environment have been challenging, the fund decided to try to swing a little less hard, so they reduced our gross exposure, but they decided not to give up on promising investment, instead the fund will held, trimmed or exited depending on the strength of our thesis in conjunction with changing market prices.

He noted that the fund ran into “significant problems” with three of its largest positions—Consol Energy (-55%), SunEdison (-75%) and Micron Technology (-46%).

Einhorn is considered a value investor, meaning he buys in to companies he believes have low valuations and are misunderstood by the rest of the market. He also runs a concentrated portfolio, meaning he makes a small number of big bets.

Greenlight exited its positions in Citizens Financial Group (purchased at $22.36, sold at $26.28), LAM Research (purchased at $54.07, sold at $75.30), Spirit Aerosystems (purchased at $20.28, sold at $50.55), Intel (shorted at $34.23, covered at $29.28), Robert Half (shorted at $28.96, covered at $41.61), St. Joe (shorted at $36.90, covered at $17.17), and US Steel (shorted at $27.07, covered at $23.21).

His only previous down year was in 2008, when his fund lost 23%.