(Bloomberg) David Einhorn’s Greenlight Capital is touting a new stake in Brighthouse Financial Inc., an annuities and life insurance company spun out of MetLife Inc. in August, as the hedge fund tries to rebound from a disappointing year.
Brighthouse, which has more than $220 billion in assets, is a more capital-intensive operation than the businesses that MetLife kept, and is closely linked to fluctuations in financial markets. Analysts are “laser focused” on the company’s downside risks from a bear market, rendering them “too pessimistic” about the company’s shares, Greenlight wrote in a quarterly letter to investors Tuesday seen by Bloomberg.
