Einhorn Strikes Out On Yahoo, Better Luck Next Time

In news first heard from ZeroHedge, hedge fund honcho David Einhorn and his firm Greenlight Capital have exited their stake in Yahoo YHOO, as the investment thesis changed shortly after initiating the position. According to the letter from Greenlight: "The Partnerships bought Yahoo! (YHOO) earlier this year based on a sum of the parts analysis, which included putting substantial value on its Chinese assets. Shortly after the purchase, the value of the Chinese assets came into doubt as the CEO of the Chinese unit hived-off a valuable subsidiary into a corporation that he personally controls. From there, the finger pointing started going in every direction. This wasn't what we signed up for. We exited with a modest loss." Perhaps his investment in the New York Mets will ultimately prove better than his investment in Yahoo. If it doesn't, he can always call for the head for Terry Collins, like he has done with his investment in Microsoft MSFT.