Chipotle Mexican Grill Inc (NYSE:CMG) dropped $20 in the span of two minutes on Tuesday. David Einhorn revealed his short thesis at the Value Investing Congress today. This has become a tradition. Last year Green Mountain Coffee Roasters (NASDAQ:GMCR) went through the same ordeal. It was trading around $90 at the time, today it is at $24. Einhorn actually disclosed a 50K share put position in Chipotle Mexican Grill (CMG) more than a month ago and the market didn't notice it at that time.
Several well-known hedge fund managers lost millions of dollars after Einhorn's presentation. Here are the hedge fund managers who got Einhorned:
1. Jim Simons' Renaissance Technologies lost nearly $8 million assuming that they haven't changed their holdings in Chipotle Mexican Grill (NYSE:CMG)
2. Philippe Laffont's Coatue Management lost around $7.5 million.
3. Billionaire Stanley Druckenmiller's loss was over $3 million.
4. Louis Navellier's firm lost over $2 million.
5. David Stemerman's Conatus Capital also lost nearly $2 million.