One point of pride though — Greenlight was short the worst-performing stock in the S&P 500. First Solar (FSLR) declined from $130 to $33 in 2011. The fund also did well on credit default swaps on European debt.
An interesting point is that for the second year in a row Greenlight's worst performing position was one designed to profit from the weakening of the yen.
If you have been following the GuruFocus articles on Kyle Bass, you will be a aware that a lot of smart people think Japan is headed for a European-type mess on a larger scale.
Green Light 2