Greenlight Capital´s David Einhorn is betting against popular growth stocks Amazon.com Inc. and Netflix Inc. The positions were disclosed to clients this week at the firm´s annual meeting, according to a copy of the presentation obtained by Bloomberg.
Amazon and Netflix both more than doubled in value last year. Einhorn, in the firm´s presentation, pointed to differences between the two companies and more established brands such as Apple Inc. and Time Warner Cable Inc. "Analysts strain to justify ever high" prices for Amazon shares, according to Greenlight´s presentation.
A wager against the Internet giant cost the investment firm 1.3 percentage points of performance last year.
News by Bloomberg, edited by ESM. To subscribe to ESM: The European Supermarket Magazine, click here.
