Jan 23 Hedge fund manager David Einhorn is
sticking with what he likes and told investors that he bought
more shares of Marvell Technology, which had been
Greenlight Capital's biggest loser in 2012.
"We expect the shares to sprint higher in 2013," Einhorn
wrote to his investors in a five-page letter where he reflected
on the ups and downs of 2012 and what he hopes will lie ahead.
Disappointing earnings and a $1 billion award in a patent
infringement suit sent shares of the semiconductor company
tumbling last year but Einhorn is certain that that award will
be significantly reduced or eliminated altogether.
"Though we would love to admit we are wrong, sell the stock
and move on, we continue to like the opportunity here," he
wrote, adding that Marvell is on the cusp of a "large product
transition," which has not been fully valued.
Einhorn had told investors some time ago that his firm
earned an 8 percent return, while the Standard & Poor's 500
index gained 13 percent. He said the year was not a
"catastrophe" but falls short of his goals.