Apple's capital management efforts are better than they were, but more could be done, hedge fund manager David Einhorn said on Thursday.
He took on Apple earlier this year, suing the company over a proposal that would have restricted Apple's ability to issue preferred shares. The company ultimately launched one of the biggest share buybacks in history.
"I think that that moves Apple's capital management from a D- to a C or something like that, so obviously more could be done that would probably unlock more value, but it's not so bad at this point that I really want to complain about it," Einhorn said.
His battle to unlock value at Apple presaged Carl Icahn's current battle with the iPhone maker. But Einhorn declined to say whether he might support Icahn or Apple if Icahn waged a proxy fight with the company, as he has said he might consider.
"Carl's view is not particularly important to mine because I really don't know what he's thinking and I really have to form my own view," Einhorn said on "Fast Money Halftime Report."
Einhorn, the CEO of hedge fund Greenlight Capital, is best known for market-moving "short" bets on companies like Green Mountain Coffee Roasters. As of mid-October Einhorn's fund was up nearly 12 percent this year, outperforming peers but underperforming the broader market.
(Read more: Einhorn likes new iPhone)
Earlier Thursday, at the Robin Hood conference in New York, he said his new favorite long bet was the chipmaker Micron Technology. Shares rose more than 5 percent in afternoon trading.
Einhorn also told CNBC his fund was also still short the land developer St. Joe, a company Greenlight has targeted for years.