GLRE - Why Einhorn's 'It's Like March 2000' Is Both Right And Wrong
Introduction - Y2K all over again?
In explaining the poor performance of Greenlight Re's (GLRE) investments in Q4, Chairman David Einhorn (and famed hedgie) commented in his prepared remarks in the conference call:
While we've never underperformed like this, our prior worst underperformance compared to the S&P came in March of 2000 which was a similar environment.
Without getting into precisely who or what the "we" in that statement refers to, Mr. Einhorn is an expert market historian, and when he avers that today's environment is like that period, it's worth thinking