David Einhorn's Greenlight Buys Playtech (LON: PTEC) ~ market folly

Tuesday, May 31, 2011

David Einhorn's Greenlight Buys Playtech (LON: PTEC)

Greenlight Capital's David Einhorn has been on a buying spree as of late. While it's been widely reported that he's spending $200 million to buy a stake in the New York Mets, Einhorn has also been buying in another area of passion: poker.

Due to a disclosure filed with the London Stock Exchange, David Einhorn's Greenlight Capital disclosed an indirect new position in Playtech (LON: PTEC), owning 3.68% of outstanding shares. *Update: representatives of Einhorn's have let us know that this investment was made on the behalf of Greenlight. We had previously posed the question as to whether or not this was a personal investment because Einhorn was named on the filing, but Greenlight was not.

This investment has ties to Einhorn's passion of poker. In 2006, Einhorn finished 18th in the World Series of Poker and donated his winnings to charity. Per Google Finance, Playtech and its subsidiaries "develop unified software platforms for the online and land based gambling industry, targeting online and land based operators. Playtech's gaming applications include online casino, poker and other P2P games."

To see what else Einhorn has invested in, check out his hedge fund's updated portfolio here.

To learn to invest like this budding legend, head to David Einhorn's recommended reading list.

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