What if you had copied Greenlight Capital?
David Einhorn
The verdict
Copying Greenlight Capital's 13F filings from Feb 2020 would have turned $10,000 into $32,182, more than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,639 over the same days. The copy returned +19.0% a year against +14.4% for the S&P 500, 4.6 points a year ahead. Its worst fall was 55.9%, from Feb 20, 2020 to Mar 23, 2020. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Greenlight Capital$32,182
- S&P 500$24,639
- Bought their first portfolio and never traded$28,448
If you had bought their first portfolio and never traded, you would have ended at $28,448, so following every move earned $3,733 more.
- $10,000 copied
- $32,182
- +221.8%, +19.0% a year
- In the S&P 500
- $24,639
- +146.4%, +14.4% a year
- No trading
- $28,448
- Bought their first portfolio and never traded
- Worst fall
- −55.9%
- Feb 20, 2020 to Mar 23, 2020
- Trades
- 240
- 142 buys, 98 sales over 27 filings; about 66% of the copy traded a year
The moves that made the most
- GRBKGreen Brick Partners+$11,357
Held since Feb 2020, the stock up 449%
- TECKTeck Resources Ltd-Cls B+$1,466
Held from Aug 2020 to Nov 2025, the stock up 268%
- THCTenet Healthcare+$1,202
Held from Feb 2023 to Feb 2025, the stock up 119%
Held from May 2022 to Aug 2026, the stock up 205%
Held from Nov 2021 to Aug 2026, the stock up 81%
- ROIVRoivant Sciences+$874
Held since May 2024, the stock up 256%
The moves that cost the most
- GPKGraphic Packaging−$627
Held since Aug 2021, the stock down 38%
- GMGeneral Motors−$491
Held from Feb 2020 to May 2020, the stock down 27%
- GPROGopro−$357
Held since May 2021, the stock down 91%
- BKV−$303
Held since Feb 2026, the stock down 39%
- HPQHP−$298
Held from May 2024 to Feb 2026, the stock down 37%
- LIVNLivanova−$206
Held from Aug 2021 to Feb 2025, the stock down 41%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +23.7% | +13.1% | +10.6 |
| 2021 | +35.8% | +28.7% | +7.1 |
| 2022 | −9.6% | −18.2% | +8.5 |
| 2023 | +48.4% | +26.2% | +22.2 |
| 2024 | +18.6% | +24.9% | −6.3 |
| 2025 | +6.9% | +17.7% | −10.8 |
| 2026to Nov 2026 | +12.6% | +11.5% | +1.2 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.