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Billionaire David Einhorn: Short Pitney Bowes (PBI)

|Includes: Apple Inc. (AAPL), GM

Why billionaire David Einhorn hates Pitney Bowes (NYSE:PBI). It turns out that Einhorn's Greenlight Capital hedge fund underperformed in 2012, putting in a 7.9% return for full year 2012, compared to the S&P 500's 2012 return of over 13%.

However, since inception in 1996, Greenlight has managed to return an annualized 19.4% net of fees, so when he speaks investors tend to listen, hence why I'm curious about his distaste for Pitney Bowes (NYSE:PBI)? In his 2012 letter to shareholders, Einhorn had this to say about Pitney Bowes (NYSE:PBI)...

read the rest at the stockpucker blog...