We exited our position in Cairn Energy (LSE:CNE, Financial). The downturn in oil prices was negative but tolerable; however, the ongoing retroactive extraterritorial taxation claims by India made profitable ownership of Cairn impossible. We initiated a small position in early 2012 at £2.72and gave up at £1.54.
From David Einhorn (Trades, Portfolio)'s Green Light Capital fourth quarter 2015 shareholder letter.
