It’s no secret that David Einhorn, founder of Greenlight Capital, favors value stocks, and that approach paid off in January as Greenlight fell only 0.6% amidst market turmoil, reports Yahoo! Finance. Meanwhile, the benchmarks S&P 500 and the Nasdaq Composite Index plummeted 5.3% and 9% respectively, while the S&P Value Index slipped only 1.7%.

In a letter to investors, Einhorn wrote that “The macro environment has continued to be favorable for us, [but now] the tailwinds are picking up speed,” as quoted in the article.

But Greenlight still has a lot of ground to make up for losses that go back to 2015, when the fund plunged 20%. Then in 2018, Einhorn lost another 34%—the biggest decline in the firm’s history. In order to break even, Yahoo! reports, Einhorn needs to gain 28%.