At least one hedgie isn’t crying in a Greek hotel right now.
Third Point hedge fund’s Dan Loeb made $500 million betting on Greek debt just three years ago, and bullishly opened a “Hellenic recovery fund” in 2013, reports the New York Post. But Loeb’s $17.5 billion fund saw the Greek writing on the wall, and sold off its Greek bonds and public equities months ago. The firm does still have a $60 million stake in Energean Oil & Gas, and a $3 million investment in insurer Hellenic Direct.
Hedge fund manager John Paulson is probably kicking himself for not following Loeb out of Greece. Paulson has a small stake in Greek banks, and said last October that Greece’s problems were behind it. Looks like Paulson spoke much too soon.
David Einhorn is in a similar boat, losing out quickly as his stakes in Greek banks plummet. Writes the Post:
“Greeks are now living within their means,” said Einhorn, just months before the country booted out the government that forced austerity upon it.
Photo: Daniel Lobo via Flickr.