Greenlight Buying Ford Bonds as well as EMC Corp, Harman & Pfizer Equities
|May 5th, 2009||
|Bloomberg reports that David Einhorns’ Greenlight Capital gained 4.4% of the first quarter of the year. According to an investor letter that was obtained by Bloomberg, the firm bought significant amounts of Ford Motor’s high-yield bank loans. In the letter, the fund commented “It does not appear that Ford will need a government loan any time soon, if ever…(the company) had the foresight to borrow money when the debt markets were accommodating.”|
The Ford position was one of the fund’s largest holdings; the others were Criteria CaixaCorp, Oesterreichische Post AG, and URS Corp (NYSE URS). The letter also said that the firm had purchased “significant long positions” in EMC, Harman International Industries Inc., and Pfizer Inc.
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