We exited two successful long positions in the quarter. We invested in Gjensidige Forsikring (Norway: GJF), a P&C insurer, when it IPO’d in the fourth quarter of 2010. The story played out nicely as the company executed on its IPO plan to improve its underwriting, cost management,and capital discipline. We sold when GJF reached a fair valuation and we earned a 27% IRR over three years.
From David Einhorn’s Greenlight Capital third quarter 2013 letter.