Greenlight's Einhorn says tech stocks in bubble, hit top in September


By Svea Herbst-Bayliss
BOSTON (Reuters) – Technology stocks, which have surged for months during the pandemic, likely hit their top last month, hedge fund investor David Einhorn wrote on Tuesday, adding that he’s prepared for a drop by betting against more names, including second-tier companies and ones that just listed their stock.
Einhorn, who runs Greenlight Capital, wrote in a letter “we are in the midst of an enormous tech bubble,” but noted “September 2, 2020 was the top and the bubble has already popped.” Reuters saw a copy of the letter.
Einhorn said he’s “adjusted” his portfolio’s short-book with bets that stock prices will fall by “adding a fresh bubble basket” of mostly second-tier companies and “recent IPOs trading at remarkable valuations.”
Einhorn, who made a timely call against Lehman Brothers just months …

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