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

Trump commutes Roger Stone's sentence

Roger Stone arriving at his sentencing hearing on Feb. 20. Photo: Drew Angerer/Getty Images

President Trump on Friday evening commuted the sentence of his longtime associate Roger Stone, according to two senior administration officials. Stone in February was sentenced to 40 months in prison for crimes including obstruction, witness tampering and making false statements to Congress.

Why it matters: The controversial move brings an abrupt end to the possibility of Stone spending time behind bars. He had been scheduled to report to prison on July 14.

Updated 9 hours ago - Health

Which states have set single-day coronavirus records this week

Data: COVID Tracking Project and state health department data compiled by Axios; Map: Danielle Alberti and Naema Ahmed/Axios

13 states this week surpassed records set just last week for their highest number of coronavirus infections in a single day, according to the COVID Tracking Project and state health department data. 16 states in total reported new highs.

The big picture: The United States' alarming rise in coronavirus cases isn't just due to increased testing — particularly where the number of cases has grown fastest over the last month, Axios' Andrew Witherspoon and Caitlin Owens report.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 12,389,660 — Total deaths: 557,279 — Total recoveries — 6,830,596Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 3,169,611 — Total deaths: 133,885 — Total recoveries: 983,185 — Total tested: 38,856,341Map.
  3. Public health: The reality of the coronavirus bites.
  4. Trade: Trump says he's no longer considering phase-two trade deal with China because the pandemic damaged the two countries' relationship.
  5. 🎧 Podcast: Rural America has its own coronavirus problem.