Major hedge fund dumps Best Buy



By Thomas Lee, Star Tribune

“Hedge fund manager extraordinaire David Einhorn bet big on Best Buy stock. Then he lost big on Best Buy stock.

In a letter to investors Monday, Einhorn’s Greenlight Capital said it sold off its 2.27 percent stake, or 7.7 million shares, in the Richfield-based consumer electronics giant. Greenlight didn’t disclose its exact loss, but a Star Tribune analysis of Greenlight’s stock purchases indicate the firm’s losses could approach $100 million.”

Read More…