Fresh off David Einhorn's presentation at the Value Investing Congress, it's time for the quarterly investor letter from his hedge fund Greenlight Capital. In it, we learn that Greenlight has recouped all of its losses from 2008 and is up 30%, 26.2%, and 22.9% in its various funds year to date thus far.

Einhorn makes interesting note of the market rally as eleven of the fund's fifteen largest gainers were long equity positions. And, unsurprisingly, its ten top losing positions were all short equity stakes. He highlights that Greenlight's short portfolio contains 'credit-sensitive financial institutions and REITs'. Specifically citing the REITs, he says that most of Greenlight's shorts in this space have cap rates of around 6% and have dividend yields under 5%, so let the guessing game begin as to what names he is short.