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"In the last three years, our results have been much worse than we could have imagined, and this has been a bull market," writes Einhorn in a letter to investors. "Yes, we made some obvious mistakes – the worst of which was not to evaluate that SunEdison was a fraud in 2015 – but there were others there a few years ago one of our investors said that Amazon would surpass Apple and would become the most valuable We did not understand it at the time and, honestly, we do not really get it now.
Einhorn said that others have theorized that age, changed lifestyle or a reluctance to adapt to the changing markets has been the cause of the underperformance of his Part of the reason, however, is that its interest in value-oriented investing – buying stocks of underprivileged companies – has suffered as growth companies have surged. "Right now, the market tells us that we are wrong, wrong, wrong on almost everything," wrote Einhorn. "And yet, in the expectation of today nowadays, we think this wallet makes a lot of sense. "
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