Einhorn: Tesla Short Was Biggest Loser Of Year [2020 Letter]

1. The shares ended the quarter at $21.26 and REZI is now a medium-sized position.
2. When the last holder of a stock that has valuation as part of the process exits and the shares are held more or less exclusively by members of those groups, the stock becomes disconnected from fair value.2 Valuation becomes irrelevant and the stock price itself may as well be a random number.
3. At quarter-end, the largest disclosed long positions in the Partnerships were AerCap, Atlas Air Worldwide, Brighthouse Financial, Change Healthcare and Green Brick Partners.