Greenlight Re is an interesting special situation in my opinion combining 2 bets in one stock:
1. It is a bet that David Einhorn will come back after his worst year ever and 4 years of underperformance
2. Greenlight Re, the Reinsurance company whose investments he manages “mean reverts” at least closer to its historical price book ratio.
This “bet” should be relatively uncorrelated to the overall market and due to the construction of the investment mandate, Einhorn can charge only half of the performance fee for some time.
Disclaimer: This is not investment advise. DO YOUR OWN RESEARCH !!!