Hedge fund legend David Einhorn is making a big bet on GM (GM)

David Einhorn is buying more General Motors stock.
The Greenlight Capital founder said his hedge fund had "dramatically increased" its GM position, according to the firm's latest quarterly investor letter, which was viewed by Business Insider.
Here's Einhorn's logic:
"While the bears have been screaming 'peak auto' for the last couple of years, we think a strengthening job market will sustain the current upcycle and lead to better than expected credit performance at GM's finance subsid