David Einhorn wins big on fracking bet

David Einhorn’s magic is back.

The New York hedgie’s fund, famous for short calls on Lehman Brothers among others, jumped 3.6 percent in May on the back of his attack on shale oil frackers early in the month.

The strong showing occurred as the broader market gained 1.1 percent.

With the market so uncertain, Einhorn’s Greenlight Capital hedge fund has become even more bearish.

His portfolio is 88 percent short, according to an investment report.

And it’s finally paying off. In recent years, his high-profile shorts, such as Athenahealth and Green Mountain Roasters, have bombed. And his overall returns also lagged.

But Einhorn’s frack attack, on Pioneer Natural Resources and other high-cost oil producers, struck a nerve in an era of declining energy prices.

Pioneer fell almost 15 percent last month.

May’s strong showing helped put Einhorn’s fund in the black this year — up 1.4 percent — but it lags the S&P 500.