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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

Biden picks Warren allies to lead SEC, CFPB

Photo: Justin Sullivan/Getty Images

President-elect Joe Biden has selected FTC commissioner Rohit Chopra to be the next director of the Consumer Financial Protection Bureau (CFPB) and Obama-era Wall Street regulator Gary Gensler to lead the Securities and Exchange Commission (SEC).

Why it matters: Both picks are progressive allies of Sen. Elizabeth Warren (D-Mass.) and viewed as likely to take aggressive steps to regulate big business.

The perils of organizing underground

Illustration: Aïda Amer/Axios

Researchers see one bright spot as far-right extremists turn to private and encrypted online platforms: Friction.

Between the lines: For fringe organizers, those platforms may provide more security than open social networks, but they make it harder to recruit new members.

Resurrecting Martin Luther King's office

King points to Selma, Alabama on a map at his Southern Christian Leadership Conference office in Atlanta in January 1965. Photo: Bettmann/Getty Contributor

Efforts to save the office where Dr. Martin Luther King, Jr., planned some of the most important moments of the civil rights movement are hitting roadblocks amid a political stalemate.

Why it matters: The U.S. Park Service needs to OK agreements so a developer restoring the historic Prince Hall Masonic Lodge in Atlanta — which once housed King's Southern Christian Leadership Conference — can tap into private funding and begin work.