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Einhorn's bet on gold goes wrong for Greenlight

  • Gold accounted for nearly 10% of the investment portfolio at Greenlight Capital Re (GLRE -1.1%) as of March 31, helping to push the stock price of the reinsurer to a 16% loss YTD. The company's unrealized gains from commodities plunged to just $708K at the end of Q1, down from roughly $50M in 2011 Q3 when the yellow metal was fetching $1,600 per ounce.
  • It's also one of the top six disclosed longs in Einhorn's main hedge fund which fell 3.3% in H1.
  • GLRE is set to report Q2 results on August 3, but has already disclosed an investment return of negative 1.5% for the quarter.

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Greenlight Capital Re, Ltd.