David Einhorn’s Greenlight Capital Inc closed the firm’s money-losing short position in Chipotle Mexican Grill Inc, the $10 billion hedge fund said in a letter to clients on Tuesday, and the firm has started shorting a group of momentum stocks that he did not identify. “There is a clear consensus that we are witnessing our second tech bubble in 15 years,” Greenlight said. “In our view, the current bubble is an echo of the previous tech bubble, but with fewer larger capitalization stocks and much less public enthusiasm.” Losses in technology and biotech stocks have hurt a slew of hedge funds in March and April, with the Nasdaq Composite Index dropping more than 4 percent since March 5 when it reached the highest level in almost 14 years. Greenlight admitted that the firm’s ongoing short position in Keurig Green Mountain Inc “was our only significant loser,” as the stock jumped more than $30 in the time period.
Greenlight Capital down 1.5 percent in first-quarter, warns of second ‘tech bubble’
23
Apr
2014
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