Greenlight's David Einhorn Is Really Bullish On Vodafone

Closely-followed hedge fund manager David Einhorn, who runs Greenlight Capital, sent out his fund's fourth quarter letter to investors yesterday.

Greenlight was down 4.9% in the quarter bringing the fund's year-to-date returns to 7.9%, according to the letter.

In the letter, Einhorn lays out a bullish case for Vodafone.

He said he wouldn't be surprised if Verizon decided to buy all of Vodafone to gain ownership of Verizon Wireless.

"Maybe there is an investment banker with time on their hands reading this letter," he writes.

Here's the excerpt: