The hedge-fund manager revealed that he had built a midsized position in Penn Entertainment.
Greenlight Capital's David Einhorn continued to pick up new stocks in the first quarter, including Penn Entertainment , as the longtime value investor struggles to find opportunities in the volatile market. In an investor letter dated Wednesday and obtained by CNBC, the hedge-fund manager revealed that he had built a midsized position in Penn Entertainment in the three months ending in March. He established the stake at an average cost of $22.69 per share, but the stock has fallen to $17.
" Q4 buyer's strike Einhorn had stopped building new stock positions at one point in the fourth quarter, saying he was on a "buyer's strike" due to worries about intensifying geopolitical risks. His hedge fund returned 4.9% in the first quarter of 2024, net of fees and expenses. That compares with the S & P 500's 10.6% gain during the same period.
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