It is just not David Einhorn's kind of market.
The billionaire hedge fund manager said on a conference call Tuesday morning that investors are shunning value stocks for momentum stocks, and it's taking a toll on his portfolio.
"The overall market environment has become acutely unfavorable for our investment strategy," Einhorn said on the call.
"While we could have done better in a couple of spots, we don't expect to do well when investors shunned value stocks in favor of momentum stocks. We've experienced this type of dynamic a few times before and in each case, the short-term results been painful for us. As before, we expect that the environment will improve and we will recover."
Einhorn's Greenlight Re investment portfolio lost 1.5% in the second quarter of 2015, bringing it down 3.2% in the last six months. In July the fund had its worst performance since August 2008. Losses were "broad-based" according to Einhorn, but the worst losses stemmed from solar energy company SunEdison.
The company is still up 14% year to date but has lost 23% over the last month.
