Einhorn Gives Up on GMCR

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Famous fund manager David Einhorn has thrown in the towel on his GMCR short. He wrote, “We closed out a number of positions including the remainder of our short position in Keurig Green Mountain (GMCR). While it should be tempting to write an entire book on our experience with this ultimately unsuccessful short (our average sale was at $47.59 and our average cover was at $67.02; we had many opportunities to trade this position to a successful result, but failed to do so).” I’ve marked in red the point where he made his widely-touted presentation on the short, and I’ve marked in green the point where he surrendered. As you can see, there were indeed missed “opportunities” to get out at a great profit.