Greenlight started ‘medium-sized’ CNH position, ‘small’ position in Centene

In its quarterly letter to investors, David Einhorn’s Greenlight Capital disclosed that the firm established a new “medium-sized position” in CNH Industrial (CNH) and a “small position” in Centene (CNC). On the former, the firm says it is “optimistic that this current downturn will be shorter and shallower than the prior one” a decade ago. On the latter, the firm says shares are trading at “a historically low valuation despite the company currently significantly underearning in its Medicaid book.” Greenlight also increased its position in Capri Holdings (CPRI) and noted that it had presented its long thesis on Peloton (PTON) at the Robin Hood Conference in October.