Greenlight's Einhorn Buys S&P and GE Puts

Following some backlinks from Bespoke leads us to Todd Sullivan's Value Plays:

It would appear Einhorn is not a believer in the recent rally as he added puts in the S&P (.INX) and GE (GE) to his portfolio in the last quarter.

Maybe this is why? From Bespoke

A P/E ratio rising from 10 to 18.35 is what happens when the S&P 500 rallies 50% (the P) while earnings (E) continue to decline. Below we provide a chart of the S&P 500 price to earnings ratio since the start of the 2002 bull market using trailing 12-month diluted earnings per share from continuing operations....

He has the 13F filing for Greenlight Capital.