David Einhorn's Greenlight Capital posted a flat quarter following its best three-month period ever at the end of 2020.
In a letter to investors obtained by CNBC, the hedge fund manager broke down his biggest winners in the first quarter and the reasons for the mediocre performance.
The Greenlight Capital funds lost 0.1% from January to March, compared to a 6.2% return for the S&P 500, the hedge fund said in the letter.
Einhorn also detailed his outlook for inflation, economic recovery as well as the retail trading mania earlier in the year that in part led to his underperformance. Here are the highlights from the letter.