Billionaire David Einhorn and his fund, Greenlight Capital, are among the most watched on Wall Street, mainly due to their stellar returns, which amounted to 19.5% on an annualized basis between the fund’s inception in 1996 and 2013. However, Greenlight has been lagging so far this year, as it returned 3.8% in the first nine months of 2016, according to the fund’s third-quarter letter to investors, versus the S&P 500’s gain of 7.8%.
Among the reasons for Greenlight’s weak performance were...
