Salient to Investors:

David Einhorn at Greenlight Capital Re lowered the reinsurer’s gold and commodities holdings in Q2, and was 90 percent in stocks at the end of June.

Greenlight said the stock market’s rapid advance is creating a potentially unstable condition which could resolve a number of ways and is difficult to predict, and plans to continue holding a combination of a significant position in gold, macro positions in the form of options on higher interest rates and foreign exchange rates, short positions in sovereign debt and sovereign credit default swaps.

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