Einhorn: “The Market is Fractured and in the Process of Breaking Completely”

from Zero Hedge

In many ways, David Einhorn’s Greenlight appears to be back to its “new normal” – in a letter sent to investors, Einhorn writes that Greenlight again underperformed the market and returned -0.1% in the first quarter, badly underperforming the 6.2% return for the S&P 500 index, before proceeding to bash the Fed, broken markets, Chamath and Elon, the basket of short stocks and much more.

That said, even though as Einhorn writes Greenlight made only a handful of portfolio changes and essentially broke even, “a lot happened. In general, the investment environment – especially from mid-February through the end of the quarter – was favorable as value outperformed growth, and interest rates and inflation expectations rose.”

He then asks if the tide has finally turned from Growth to Value, noting that “after a very tough decade, we have only just begun a recovery as shown in this 45-year chart from Goldman Sachs research:”

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