David Einhorn has been none too quiet about the virtues of shorting Lehman Brothers this year. Nonetheless, the month of Lehman's collapse proved equally painful for Greenlight Capital investors, with the $5.44 billion firm's funds experiencing double-digit losses across the board.
During September, Greenlight Capital fund fell 17.9%, Greenlight Capital Qualified lost 17.4% and Greenlight Capital Offshore dropped 16.7%, taking the funds' respective year-to-date losses to 16.4%, 15.2% and 14.4%.
By comparison, the Absolute Return U.S. Equity index lost 6.18% in September and is down 8% for the year.
Einhorn's very public position as a Lehman bear has paid off