David Einhorn taking some hard lumps

David Einhorn's stature soared when he laid a spectacularly winning short bet on Lehman Brothers--in full view of the world. But that glow has faded. Fortune notes that Einhorn's firm, Greenlight Capital, lost 11.5 percent in an offshore fund. Another of its funds is faring equally as bad. He's certainly not the only hedge fund manager to take some lumps in this credit crunch. The fact is that, despite his reputation, Greenlight is not a short fund. It longs a whole lot of stuff that has apparently soured as of late. What really matters here is how fund investors react. You can bet Einhorn and others are working their clients hard right now. This is a time when all your investment in relationships can pay off. The worst thing that can happen is that they head for the doors at once.

For more:
- here's the Fortune article

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