Greenlight Capital's David Einhorn released his shareholder letter which is one of the best ones out there. He talks about his investments in the managed health care sector, and some of his dispositions. Einhorn runs an excellent investment operation with both a short and long term portfolio which really helps smooth out tough market conditions, especially since he has hit a few real home runs on the short side. I believe that Einhorn has built himself a real competitive advantage in that he is so respected that just the thought of him presenting a bearish argument is enough to generate a substantial sell off. His is a well deserved reputation and while I find myself more influenced by some of the other value investors, I have enormous respect for what he does. Enjoy!