Remember David Einhorn versus Green Mountain Coffee (GMCR) back in 2011? Einhorn was hopelessly bearish on the company, comparing it to a razor blade manufacturer that lost its patent and is now just floundering around trying to make up for it.
The trade didn’t quite go his way though, GMCR shares eventually rose, and after over three years of non-stop sabre-rattling, Einhorn decided to just quit while he was ahead:
“We closed out a number of positions including the remainder of our short position in Keurig Green Mountain (GMCR). While it should be tempting to write an entire book on our experience with this ultimately unsuccessful short (our average sale was at $47.59 and our average cover was at $67.02; we had many opportunities to trade this position to a successful result, but failed to do so).”
Well, here it is now:
That just happened to Keurig Green Mountain. It crashed 27% in just a few minutes: http://t.co/XvV45VXQwT $GMCR pic.twitter.com/LpwpiHbhZS
— StockTwits (@StockTwits) August 5, 2015
According to Slope of hope, Einhorn apparently covered his position just mere days before the stock’s peak, and it has fallen almost 70% ever since.
The man must be beside himself right now. Either that or regretting why he had a presser on it in the first place. As previously reported, he just had a really bad July, and I’m pretty sure this is not how he wanted to begin August.
At least he got to see the stock drop that he wanted, right?
Photo: David P. Discher