BP (NYSE:BP), Sprint (NYSE:S) Added by Einhorn to Greenlight Capital

BP Plc (NYSE:BP) and Sprint Nextel Corp (NYSE:S) were among the new companies added by Hedge fund manager David Einhorn to his Greenlight Capital fund, according to a required 13-F filing with the SEC.

Interestingly, Einhorn also took stakes in two companies which recently emerged from bankruptcy: LyondellBasell Industries (NYSE:LYB) and SemGroup Corp (NYSE:SEMG). He invested $88.6 million in LyondellBasell and $52 million in SemGroup.

Among Einhorn's favorite long-term investments is Vodafone Group Plc (LSE:VOD) (NASDAQ:VOD), which he retains a significant stake in.

Commenting on his BP investment, he said he still see the energy company as continuing to trade at a major discount to its competitors. He added $147 million to his stake in the company.

He invested in 52 million shares of Sprint, valued at close to $236 million. Einhorn's thinking there is he believes Sprint will be able to expand its margins because of its consolidation strategy.

Net of expenses and fees, Einhorn's Greenlight Capital L.P. fund generated a return of 15.9 percent.

Pfizer (NYSE:PFE) Worth Far More Even Without Drug Pipeline Says Einhorn

Hedge fund manager David Einhorn said concerning Pfizer Inc. (NYSE:PFE) that even if you didn't include the value of the drug pipeline of the company, they are worth far more than their share price indicates.

Much attention has riveted on the company after Jeffrey Kindler resigned as CEO recently. The shares of the company had lost close to 27 percent since Kindler was named CEO in July 2006.

Einhorn things replacing Kindler with Ian Read, who has 32 years of experience at Pfizer, could help turn things around, especially the various experimental medicines in the pipeline.

When pressed for a valuation that matches his vision of the company worth, Einhorn said when queried on whether a share price in the low twenties was a fair value, he replied that it was well above that as well.

The hedge fund run by Einhorn has a $387 million stake in Pfizer stock.

Pfizer closed Tuesday at $16.77, down $0.04, or 0.24 percent.

David Einhorn Adds African Barrick Gold (LON:ABG), Increases Gold Exposure

David Einhorn, hedge fund manager of Greenlight Capital, said he's increasing his exposure to gold, and has bought African Barrick Gold (LON:ABG) shares, primarily because they're lower priced than other miners.

Einhorn recently said at an investment meeting of Greenlight Capital, that 'We tend to think of gold as a currency, I think there's going to be a lot of inflation."

Citing the sovereign debt crisis in Greece, and by extension, the overall European Union, Einhorn added that Greece could be the initial signal that the "sovereign debt bubble" is bursting, and it could easily expand to the United States.

One problem Einhorn recognizes correctly, is the difficulty in finding out the real conditions of American banks, which he says in many cases are nowhere near capitalized enough.

That was pointed out recently in an article in the Wall Street Journal, which noted that even the usual practices of hiding the real numbers before a quarterly report seems to have prolificated with some of the major banks in the country, making it even harder to know they're real level of health.

All the more reason to invest in gold and gold miners.