Greenlight Capital’s David Einhorn said this month started out strong but has ended on a sour note, adding he doesn’t expect to show gains for the period.

“The last few days have been very challenging,” the hedge fund manager said on a conference all Tuesday morning. Results for the month aren’t expected to be “materially different from zero.”

The fund is one of General Motors‘ biggest shareholders, with 3.7 percent of the shares, a position that had done well this year, rising 24 percent. But GM had a sharp selloff this week when some prominent analysts questioned the sustainability of sales. Einhorn lost a proxy contest earlier this year to get seats on GM’s board.

Shares of GM were down 3 percent on Monday and they are down more than 6 percent in the last week, according to FactSet.

Greenlight is also struggling with its “bubble short” positions, or bets against three high-flying tech companies it sees as having operational or profitability issues. Shares of Amazon are up 15 percent this month and 47 percent for the year, while shares of Netflix are up 8.7 percent for the month and 59 percent for the year. Tesla, on the other hand, is down 5 percent for the month. It is up 50 percent this year, however.

Last week, Einhorn sent out an investor letter that lamented the seeming end of value investing as a winning strategy. Value investors hunt for undervalued stocks of companies that are performing well. “Given the performance of certain stocks, we wonder if the market has adopted an alternative paradigm for calculating equity value,” he wrote in the letter.

Greenlight Capital gained 6.2 percent in the the third quarter and is up 3.3 percent for the year compared to the more than 14 percent gain in the Standard & Poor’s 500 this year.

Source: Investment Cnbc
David Einhorn wraps up a 'very challenging' last few days because of Amazon, GM