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Greenlight Capital Re: Strong Downside Protection Due to Einhorn's Skill

The Good and The Bad

Good:
1. Provides a second-layer (vs just high level) of analysis for consideration
2. Frequency and Severity results, though it would be better to see such presentation going forward (sure, investments can change rapidly, but give some us something)
3. Perhaps part of Greenlight's strategy, in a nutshell, Greenlight seems to borrow at fixed and invest in equities (ok, i've somewhat over-simplified/genera...

Bad:
1. This article does come off a bit like an advertisement. If issued by Moody's, S&P, etc or 100% clearly independent (from hedge fund and private equity community circles) source, I'd put more faith in it.
2. Info a little out of date eg << Exposure to natural disasters. The maximum aggregate loss exposure to any series of natural peril events was $76 million at yearend 2007.>> Well, a lot has changed in 2007 !
3. Inter-connectedness, affiliated company arrangements, and control of the public company (GLRE) and the private hedge fund. Public company pays fees to the hedge fund, etc, etc. Both entities are majority controlled by single entity, though extent may have changed from the outset.


Questions (just one for now, not intended to be the most significant, and not spending much time on this):

1. What level of detail of trades/positions is provided to investors? They may want to provide additional detail due to the Madoff situation to ease potential concern.