David Einhorn’s Greenlight Capital released its Q4 2011 investor letter. Greenlight Capital returned 9.7% during the last quarter of 2011. Greenlight Capital’s net returns for 2011 is 2.9%. This is the 13th consecutive year Greenlight Capital managed to outperform the S&P 500 index. Soon David Einhorn will catch Bill Miller’s record.
Einhorn followed Whitney Tilson into Dell during the fourth quarter. I think it is a smart move. We have been following Dell for a while now and will probably open a small position in Dell as well. Here is Greenlight Capital’s Q4 2011 investor letter: