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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

7 mins ago - World

Former spy Steele defends controversial Trump Russia dossier

Former U.K. intelligence officer Christopher Steele arrives at the High Court in London in July 2020. Photo: Tolga Akmen/AFP via Getty Images

The author of the "Steele Dossier," containing unverified claims about former President Trump told ABC News he stands by his controversial report, according to excerpts from an upcoming documentary published Sunday.

Why it matters: Former British intelligence officer Christopher Steele's dossier was used as part of former special counsel Robert Mueller's investigation into the Trump campaign's alleged links to Russia's government.

Ina Fried, author of Login
4 hours ago - Technology

Intel CEO sees making own chips as a matter of national security

Pat Gelsinger. Photo: Axios on HBO

Intel CEO Pat Gelsinger is putting the pressure on the U.S. government to help subsidize chip manufacturing, insisting the current reliance on plants in Taiwan and Korea as "geopolitically unstable."

Why it matters: There is bipartisan support for funding the domestic semiconductor industry, but Congress has yet to sign the check. The Senate has passed the CHIPS Act that includes $52 billion in semiconductor investment, but it has yet to pass the House.

Updated 4 hours ago - World

17 U.S. and Canadian missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince this month. Photo: Richard Pierrin/AFP via Getty Images

Children are among a group of 17 missionaries kidnapped in Port-au-Prince, Haiti, per a statement from Christian Aid Ministries Sunday.

The latest: "The group of 16 U.S citizens and one Canadian citizen includes five men, seven women, and five children," the Ohio-based group said. Haitian police inspector Frantz Champagne on Sunday identified the 400 Mawozo gang as the group responsible, in a statement to AP.