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How to Make Money in Financial Services: Sell It Short
Greenlight Capital, one of the more aggressive hedge funds out there, scored big returns shorting US Bancorp and Capital One Financial last quarter. Greenlight entered the Capital One short position at $38.06 per share and exited at $32.28 for an internal rate of return of 47%. For its US Bancorp investment, Greenlight entered at $32.31 and exited at $17.15. That gave Greenlight an IRR of 78%. As Greenlight put it in its quarterly letter to investors, the USB investment “worked better.”
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