Einhorn Greenlight Sells Out of Pfizer (PFE)
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In his Q3 letter to investors, David Einhorn of hedge fund Greenlight Capital said he exited his position in Pfizer Inc. (NYSE: PFE).
Einhorn said much of the thesis has played out and they became increasingly concerned about future reimbursements cuts for branding pharmaceuticals and the recent disclosure of additional government investigations into its marketing practices.
The firms said that over the two and a half year period they have held the stock the investment has generated a double-digit annualized return that modestly outperformed the market.
Einhorn also said he sold BP (NYSE: BP) at about break-even. The firm said the exited on fears of falling energy prices and to make room for new opportunities.
Einhorn said much of the thesis has played out and they became increasingly concerned about future reimbursements cuts for branding pharmaceuticals and the recent disclosure of additional government investigations into its marketing practices.
The firms said that over the two and a half year period they have held the stock the investment has generated a double-digit annualized return that modestly outperformed the market.
Einhorn also said he sold BP (NYSE: BP) at about break-even. The firm said the exited on fears of falling energy prices and to make room for new opportunities.
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