Even the hottest investors go on cold streaks.
After underperforming the market in the first half of 2015, the second half of the year for David Einhorn, the legendary hedge fund manager whose stock picks move markets, is shaping up to be even worse than it appears.
Einhorn's Greenlight Capital was down 6.1 percent in July bringing its returns for the year through the month to a negative 9 percent, CNBC reported earlier this month.
In an investor letter sent to clients on July 13, he addressed the two biggest companies behind these losses—Micron and Consol Energy.
"Micron Technology ... was our biggest loser. It's a cyclical business and, regrettably, we missed the turn of the cycle," said the note. "Our other significant loser in the quarter was Consol Energy."
Einhorn went on to give passionate defenses for both stocks in the letter.
Unfortunately for the well-regarded portfolio manager, the losses did not end there.
