Greenlight Capital is an investment management firm specializing in value-oriented strategies.
The letter can be downloaded here
Greenlight Capital released its second-quarter 2026 investor letter, reporting a 4.3% decline for the Partnerships and a 1.9% year-to-date gain, net of fees and expenses, compared with gains of 15.2% and 10.2% for the S&P 500 Index. The funds entered the quarter conservatively, but costly trading decisions and macro positions, particularly in gold and U.S. interest rates, weighed on results. Long positions contributed roughly 9%, offset by similar losses from shorts.
The letter also highlighted concerns over speculative market conditions, using SpaceX’s $1.75 trillion IPO valuation and investment-grade rating as examples of excess. Looking ahead, Greenlight is more constructive on Fed Chairman Kevin Warsh’s inflation stance and expects positions to recover if inflation moderates and rates remain unchanged. Additionally, reviewing the Strategy’s top holdings could help identify its best ideas for 2026.