Einhorn's Greenlight exited Chemours, Playboy and Warner Bros Discovery in Q3
Erik Khalitov

David Einhorn's hedge fund Greenlight exited investments in Chemours (NYSE:CC), Playboy (NASDAQ:PLBY), Warner Bros. Discovery (NASDAQ:WBD) and International Seaways (NYSE:INSW) in Q3.
Greenlight exited Chemours (CC) due to concern about the deteriorating economic cycle, according to a copy of Greenlight's Q3 letter viewed by Seeking Alpha. The hedge fund exited Chemours after a 3-year investment.
"While the company could release substantial value by separating its commodity-driven titanium dioxide business from its rapidly growing ESG-friendly refrigerant business, we do not believe that management is currently interested in pursuing a separation," Einhorn wrote in the investor letter.
Playboy (PLBY) "failed to execute" on its strategy and Greenlight exited with a 50% loss on its investment. The hedge fund sold Warner Bros. (WBD) as it "faces a more challenging path" to its integration plan than expected and the media company has a "sizeable" amount of debt. 
"We are trying to avoid levered equities in the current economic environment," Einhorn wrote. "We lost approximately 40% on WBD in half a year."
Greenlight also exited International Seaways (INSW) on concern about possible falling oil prices. The hedge fund exited INSW with an almost 40% gain over half a year. 
Greenlight Capital returned 4.0% in Q3 and 17.7% for the first nine months of the year.
The significant winners in the quarter were Atlas Air Worldwide (AAWW), Consol Energy (CEIX), Eurodollar derivatives ((short)), Green Brick Partners (GRBK), and Twitter (TWTR). The significant losers were gold and two undisclosed short positions.
Last week Einhorn said value investing may be gone forever.