Greenlight's David Einhorn cashed in his bets on several stocks — Here's what he still believes in

David Einhorn speaking at the SOHN conference in New York, May 6, 2019.
Heidi Gutman | CNBC

Greenlight Capital's David Einhorn took some money off the table in several positions last quarter, reducing his long bets on stocks by $25 million even as the market rose.

Einhorn has made his name as a short-seller, winning big bets against companies like Enron and Lehman Brothers. Last month Einhorn revealed that he had taken a short position against Netflix, saying the streaming video company's story was "busted."

The fund returned 13.8% last year and has averaged an annualized return of 12.7% since it began. 2018, however, was the worst year on record, as Greenlight posted a 34% loss. The fund has been struggling in recent years, with some investors pulling their money out of the fund.

Einhorn does hold some long positions as well, including five holdings worth more than $100 million as of the end of the fourth quarter.