I feel for David Einhorn of Greenlight Capital. To be so spectacularly and publicly right about Lehman Brothers, but to still turn in his worst year ever in 2008 – down 22.7% — must be profoundly galling.
That said, his investor letter (which someone has posted here) is fun reading for its look at positions and strategy in a tough year, including being blind-sided by that brief and nutty Volkswagen moonshot to most valuable company in the world. Ah, those were the days.
All that aside, you have to like anyone who closes with a magnificently conspiracy-minded Thomas Pynchon quote:
"If they can get you asking the wrong questions, they don’t have to worry about the answers".
[via Zero Hedge]