January 16, 2018 / 5:41 PM / 3 months ago

Greenlight's Einhorn bets on Brighthouse, makes money on GM

BOSTON, Jan 16 (Reuters) - Hedge fund manager David Einhorn told investors on Tuesday that he made several new bets, including a “large” one on Brighthouse Financial, late last year and that he made money on automaker General Motors but lost money on Amazon and Tesla .

Einhorn’s Greenlight Capital bought into Brighthouse Financial, MetLife’s former U.S. retail life-insurance business at an average cost of $57.92, according to a letter sent to clients and seen by Reuters. The stock is now trading at $63.90.

The fund manager also said General Motors, which was his firm’s biggest winner last year, remains “significantly under valued” given the automaker’s “impressive fundamental performance.” (Reporting by Svea Herbst-Bayliss Editing by Chizu Nomiyama)

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