Business

Einhorn energy investment finally shows spark

It doesn’t sound like one of David Einhorn’s more brilliant bets.

But that didn’t stop the hedge fund titan from pitching Consol Energy, an Appalachia-based coal and gas producer, as his “best idea” at an investment conference Monday, sources said.

Einhorn’s talk at the Robin Hood conference was closed to the media, but in a recent investor letter he said the energy glut is overshadowing the company’s good news.

His Greenlight Capital hedge fund is down 16.3 percent this year — in no small part because of his disastrous bet on Consol, where he is the second-largest investor with 29.6 million shares, 6.9 million of them added last week.

The stock has tanked since Einhorn bought into it in 2014. It’s off 76 percent in 2015 — but gained 7.6 percent on Monday.

“We wish we were entering the position now rather than at the higher prices we paid,” he told investors, sources said.

Greenlight is now the seventh-worst-performing hedge this year, according to HSBC — and is on track to post only its second down year ever.