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Photo: Adam Jeffery/CNBC/NBCU Photo Bank via Getty Images

David Einhorn's Greenlight Capital had another trying quarter in a year where "nothing went right" — bringing the fund's 2018 losses to 34.2%, per the firm's latest investment letter obtained by Axios. Einhorn also said the firm would be taking in new money for the first time since 2014, because he no longer believes "there is risk of [Greenlight Capital's] assets growing too quickly." Excerpts of the letter were first reported by CNBC.

Why it matters: Once a hedge fund superstar, Einhorn's firm — which focuses on value investing — has struggled to outperform the broader market over the past few years, much like other hedge funds. Explaining the tough year, Einhorn wrote: "It feels like a combination of a few where we were wrong, a difficult environment for value investing, and a lot of adverse variance."

Greenlight's biggest long positions include General Motors and life insurer Brighthouse Financial, while the firm is short Tesla. Einhorn said the firm also has a "macro hedge in case the politicians and central bankers continue to act irresponsible — which seems like a safe bet."

  • In the letter, Einhorn struck an upbeat tone about this year, saying "2019 is in the early days, but we feel a little like a team that just won its opening day game after a last place finish."

Go deeper

Mike Pompeo shells out for media makeover

Via "Fox News Sunday"

Mike Pompeo's political action committee spent $30,000 on media training from last March to June — the most on any service beyond payroll during the first six months of 2021.

Why it matters: The former secretary of State hasn't just been losing weight but working to hone his media skills amid speculation about a possible presidential run, records show.

15 mins ago - Politics & Policy

Bipartisan infrastructure group takes on election reform

Illustration: Sarah Grillo/Axios

The bipartisan group focused on updating the Electoral Count Act of 1887 is seizing on this recess period to court senators more freely.

Why it matters: The group is led by Sen. Susan Collins (R-Maine) and includes many members who helped reach the bipartisan infrastructure deal. They see themselves as the only hope of creating an election reform package able to muster 60 votes in the Senate.

Rep. Lamborn may have misused official resources, ethics panel alleges

Rep. Doug Lamborn departs from a news conference held by the House Republican Israel Caucus on May 19, 2021, in Washington, D.C. Photo: Caroline Brehman/CQ-Roll Call, Inc via Getty Images

Congressional ethics investigators said Monday there is "substantial reason" to believe that Rep. Doug Lamborn (R-Colo.) misused official resources and solicited or accepted improper gifts from subordinates.

Driving the news: Lamborn's aides told investigators they were often asked to run personal errands for his wife, Jeanie Lamborn, and were at one point tasked with helping his son apply for a federal position, according to the Office of Congressional Ethics (OCE). Lamborn strongly denies the allegations.