market folly

David Einhorn's hedge fund Greenlight Capital recently filed a 13G with the SEC regarding a brand new position in Oaktree Capital (OAK).  Per the filing, they now own 5.5% of the company with 1,679,750 shares.

Oaktree recently completed its initial public offering (IPO) on April 13th.  Readers will be very familiar with this company as we often post up letters from its Chairman, Howard Marks.  We've also posted up an excerpt from Marks' book on investing.

It's hard to say whether or not Greenlight participated in the IPO, but the regulatory threshold was crossed due to trading activity on April 20th which required them to file with the SEC.


Per Google Finance, Oaktree Capital is "a global investment management firm focused on alternative markets. Oaktree manages funds in investment strategies that fall into the six asset classes, which include distressed debt, corporate debt, control investing, convertible securities, real estate and listed equities."

If you missed it, we've also posted up a transcript of Einhorn's questions on the Herbalife call that caused the stock to drop almost 20%.