7/31/2019 Greenlight Capital Q3 2012 Letter

1/6

4 Cto`b Gi`rtoa Rnsit ?28 Iowr 29 r m Wrtiir ! 42 r m Jannt @is Vntk! @V ?88?3

Xmn`i< 4?4%637%?688 Jo} 4?4%637%64?6 sss.ctii`a fcmrgoxf roa .gne

Ngrndit 47! 48?4

Biot Xotr`it Gmofteo` Dit`o`ki otcyiw rmor mfcmitowwir zoayiw gtiori o sioarm ijjigr! smfgm mi ocof` biwgtfdiw! fj xinxai jiia rmor rmiftjf`o`gfoa wfryorfn` fw dirrit digoywi rmift 28?-k& annkw dirrit nt jnt smorizit tiown`! rmiftmnywi fw sntrm enti! rmiv oti enti sfaaf`c rn cn nyr o`b wxi`b.

Si mozi lywr wxi`r ?9 viotw aiot`f`c rmor o xnafgv nj gtiorf`c owwir dyddaiw fw o dob fbio! wn frfw motb rn feocf`i smv rmi Jib so`rw rn gtiori o`nrmit n`i. Dyr xitmoxw rmi enti dowfgqyiwrfn` fw< Mns jtyfrjya fw rmi sioarm ijjigr> Fw rmi obbfrfn`oa wxi`bf`c rmor rmiwi znaorfaixoxit xtnjfrw oti f`ri`bib rn f`bygi nzitsmiaeib dv rmi anwr gn`wyexrfn` nj rmi eo`v wozitwsmn oti bixtfzib nj wriobv! tigyttf`c f`ritiwr f`gnei> Si mozi owkib wizitoa siaa%k`ns`ign`nefwrw smn xydafgav wyxxntr rmi Jibw xnafgv o`b jny`b rmor rmiv bn`r mozi cnnb

o`wsitw.

Fj Gmofteo` Dit`o`ki fw wirrf`c bfwro`r o`b motb%rn%ogmfizi di`gmeotkw jnt smi` mi snyabtizitwi gnytwi! fr fw xnwwfdav digoywi mi y`bitwro`bw rmor fr eov `izit gnei rn rmor. Wnn`it ntaorit! si sfaa i`rit o`nrmit tigiwwfn`. Fr gnyab gnei jtne `nteoa gvgafgoafrv! nt fr gnyab gneijtne o` i}nci`nyw wmngk. Ifrmit sov! smi` fr gneiw! fr fw zitv afkiav si sfaa i`rit fr xtfnt rnrmi Jib mozf`c `nteoaf|ib en`irotv xnafgv! o`b siaa mozi o aotci jfwgoa bijfgfr rn dnnr.Smor rnnaw sfaa rmi Jib o`b rmi Gn`ctiww mozi or rmor xnf`r> Fj rmi Jib fw sfaaf`c rn bixanvrmfw `is wir nj biwxitori eiowytiw f` rmiwi jtywrtorf`c! dyr `n`%biwxitori rfeiw! smor sfaa frbn rmi`> Si bn`r k`ns! dyr o aotci oaangorfn` rn cnab wrfaa wiiew afki o zitv cnnb fbio.

Wxiokf`c nj cnab! fr lnf`ib Oxxai -OOXA&! Otkieo -Jto`gi< OKI&! Wiocori -WR]&! Wxtf`r -W&o`b n`i y`bfwganwib wmntr f` eokf`c o eoritfoa gn`rtfdyrfn` rn rmi qyotritav tiryt`. O`y`bfwganwib eogtn xnwfrfn` sow rmi n`av anwit nj gn`wiqyi`gi. Nzitoaa! rmi an`cw gn`rtfdyriboaa rmi qyotritav cof`w! smfai rmi wmntr xntrjnafn anwr aiww rmo` ?).

Or rmi tigi`r Zoayi F`ziwrf`c Gn`ctiww! Bozfb yxborib nyt zfis nj Ctii` Eny`rof` GnjjiiTnowritw -CEGT&! iaodntorib n` nyt Ci`itoa Enrntw -CE& o`b Gfc`o -GF& rmiwiw! o`bbfwganwib nyt wmntr xnwfrfn` f` Gmfxnrai Ei}fgo` Ctfaa -GEC&.

7/31/2019 Greenlight Capital Q3 2012 Letter

3/6

Xoci 7

Ticotbf`c CEGT! si xnf`rib nyr