DAVID EINHORN: The Market's Rapid Advance May Be Creating An Unstable Condition

Hedge fund manager David Einhorn, who runs $8 billion Greenlight Capital, sent out his second-quarter letter to investors. In it, the famed fund manager gives his observation of what he thinks is going on in the stock market. "The market's rapid advance in the face of a challenging earnings backdrop may be creating an unstable condition. This could resolve itself in a few ways: the market could melt-up, melt-down, or even do the former followed by the latter," Einhorn writes. In his letter, Einh...