<p>对于更广泛的基准 <strong>标准普尔 500</strong> 指数来说，第一季度是一个波动较大的时期，该指数面临着高估值和关税担忧的问题，尽管第一季度在 3 月 31 日结束，恰好是在 4 月大规模因关税引发的抛售之前。在第一季度，标准普尔 500 指数下跌了大约 4.6%。</p>
<p>与此同时，亿万富翁大卫·艾因霍恩的对冲基金，Greenlight Capital（现称为 DME Capital Management），根据路透社的报道，产生了 8.2% 的回报。在路透社看到的一封致股东的信中，艾因霍恩表示，该基金在 2 月份转向看空，担心特朗普政府的政策。</p>
<p>艾因霍恩表示，Greenlight 在这一季度转向黄金，并对一些未披露的消费公司进行了多头投资。截至 2024 年底，艾因霍恩的基金持有 36 只股票，市值接近 19.5 亿美元。以下是 2024 年底 Greenlight 的三大持股。</p>
<h2>Green Brick Partners -- 组合的 28%</h2>
<p>毫无疑问，这是该基金最大的持仓，艾因霍恩实际上帮助创立了住宅建筑商 <strong>Green Brick Partners</strong>(GRBK -0.79%)。艾因霍恩在大衰退期间与经验丰富的房地产投资者吉姆·布里克曼合作，成立了一个名为 JBGL 的房地产股权基金，该基金开始收购廉价土地并向经验丰富但陷入困境的住宅建筑商提供贷款。房地产市场在 2013 年左右逐渐复苏，随后 JBGL 通过反向资本化于 2014 年上市，成为 Green Brick。</p>
<p>与许多住宅建筑商不同，Green Brick 拥有大量建设用地。截至 2024 年底，该公司拥有或控制超过 37,800 个地块。Green Brick 主要在德克萨斯州、佛罗里达州和乔治亚州等人口增长的州的有吸引力的住房市场中运营。</p>
<p>近年来，业绩相当强劲。在第四季度，Green Brick 创下了 1,019 个单位的记录。自 2020 年以来，收益以 39% 的复合年增长率增长，并持续产生高资产和股本回报。</p>
<p>该股票在过去五年中上涨超过 700%，目前的交易价格仅为未来收益的 7 倍。房地产市场总是面临不确定性，待定的关税可能导致某些成本和材料价格上涨，可能会影响业务。然而，考虑到公司的独特属性及其熟练的管理团队，Green Brick 无疑可以随着时间的推移继续上涨，并重新夺回 2024 年底的高点。</p>
<h2>CONSOL Energy -- 组合的 7.7%</h2>
<p>CONSOL Energy 是一家位于宾夕法尼亚州的煤炭生产商，拥有多个在北阿巴拉契亚盆地非常高产的矿业运营。该公司最显著的矿业运营是宾夕法尼亚矿业综合体，其中包括三座大型地下矿，年产煤炭约 2850 万吨。</p>
<p>去年，CONSOL 和 Arch Resources 宣布两家公司将进行平等合并，形成 <strong>Core Natural Resources</strong>(CNR -1.56%)，该交易于今年早些时候完成。Arch 还运营为钢铁行业生产煤炭的矿山。合并后的实体将拥有 11 座矿山，涵盖冶金煤和高热值热煤。冶金煤用于制造钢铁，而热煤用于发电。</p>
<p>Core Natural Resources 在美国以外的业务也相当可观。在 2024 年，该公司从中国和印度的客户那里产生了超过 10% 的收入。美国与中国之间的关税争端可能导致该股票在今年的剧烈抛售，因为中国对进口煤炭征收了 15% 的关税。今年股价下跌近 32%。</p>
<p>考虑到关税担忧和持续的煤炭转型，该公司无疑面临长期的逆风，可能会使投资者望而却步。但特朗普政府无疑不会优先考虑应对气候变化的举措，目前尚不清楚世界是否能够完全放弃煤炭发电。Core Natural Resources 在过去三年中持续盈利，当前的交易价格仅为未来收益的 8 倍。</p>
<h2>Brighthouse Financial -- 组合的 7%</h2>
<p>大型年金和人寿保险公司 <strong>Brighthouse Financial</strong>(BHF 1.63%) 今年表现良好，股价上涨约 9%。艾因霍恩可能认为这是一个潜在的收购目标。</p>
<p>在 2024 年，Brighthouse 在将其风险基础资本（RBC）比率提升到 400% 至 450% 范围内方面遇到了困难，这被认为是行业内大多数投资者希望看到的最低水平。RBC 比率本质上评估了承担保险公司业务风险所需的理论资本。</p>
<p>今年早些时候，媒体报道开始出现，暗示管理层正在寻求出售该业务或其部分业务。在 3 月中旬，<strong>Raymond James</strong> 的分析师将 Brighthouse 的评级上调为强烈买入，理由是通过创造性替代方案进行出售或部分出售可能会释放出显著的股东价值。与此同时，Raymond James 的分析师认为 Brighthouse 应该筹集资金，以增强现金流生成能力，这可能向潜在买家展示其部分实力。</p>
<p>显然，目前的许多论点都依赖于某种收购。这始终是一种风险策略，但如果成功，也可能带来显著收益。Brighthouse 可能是那种可以小规模投资但不需要过度投资的持仓。</p>

CEIX

GRBK

<p>亿万富翁大卫·艾因霍恩的对冲基金 Greenlight Capital（现为 DME Capital Management）在 2025 年第一季度的表现超过了标准普尔 500 指数，获得了 8.2% 的回报，而该指数下跌了 4.6%。艾因霍恩的主要持股包括 Green Brick Partners（占投资组合的 28%）、CONSOL Energy（占 7.7%）和 Brighthouse Financial（占 7%）。Green Brick 显示出强劲的增长，而 CONSOL 则面临关税和煤炭市场变化带来的挑战。Brighthouse 被视为潜在的收购目标，分析师在出售传闻中上调了其股票评级</p>

<p>It was a volatile first quarter for the broader benchmark <strong>S&amp;P 500</strong> index, which dealt with questions about high valuations and concerns about tariffs, although the first quarter, ending on March 31, came right before the big tariff-induced sell-off in April. In the first quarter, the S&amp;P 500 fell roughly 4.6%.</p>
<div class="lb-trans"><p>对于更广泛的基准 <strong>标准普尔 500</strong> 指数来说，第一季度是一个波动较大的时期，该指数面临着高估值和关税担忧的问题，尽管第一季度在 3 月 31 日结束，恰好是在 4 月大规模因关税引发的抛售之前。在第一季度，标准普尔 500 指数下跌了大约 4.6%。</p>
</div><p>Meanwhile, billionaire David Einhorn's hedge fund, Greenlight Capital, now known as DME Capital Management, generated an 8.2% return, according to Reuters. In a letter to shareholders viewed by Reuters, Einhorn said the fund turned bearish in February, concerned about the Trump administration's policies.</p>
<div class="lb-trans"><p>与此同时，亿万富翁大卫·艾因霍恩的对冲基金，Greenlight Capital（现称为 DME Capital Management），根据路透社的报道，产生了 8.2% 的回报。在路透社看到的一封致股东的信中，艾因霍恩表示，该基金在 2 月份转向看空，担心特朗普政府的政策。</p>
</div><p>Einhorn said Greenlight turned to gold in the quarter and also put several shorts on against undisclosed consumer companies. At the end of 2024, Einhorn's fund owned 36 stocks valued at close to $1.95 billion. Here were Greenlight's three largest holdings at the end of 2024.</p>
<div class="lb-trans"><p>艾因霍恩表示，Greenlight 在这一季度转向黄金，并对一些未披露的消费公司进行了多头投资。截至 2024 年底，艾因霍恩的基金持有 36 只股票，市值接近 19.5 亿美元。以下是 2024 年底 Greenlight 的三大持股。</p>
</div><h2>Green Brick Partners -- 28% of portfolio</h2>
<div class="lb-trans"><h2>Green Brick Partners -- 组合的 28%</h2>
</div><p>By far the fund's largest position, Einhorn actually helped found the homebuilder <strong>Green Brick Partners</strong>(GRBK -0.79%). Einhorn partnered with the experienced real estate investor Jim Brickman during the Great Recession and formed a real estate equity fund called JBGL, which began acquiring cheap land and lending to experienced but distressed homebuilders. The housing market eventually recovered around 2013, and then JBGL went public through a reverse capitalization in 2014 and became Green Brick.</p>
<div class="lb-trans"><p>毫无疑问，这是该基金最大的持仓，艾因霍恩实际上帮助创立了住宅建筑商 <strong>Green Brick Partners</strong>(GRBK -0.79%)。艾因霍恩在大衰退期间与经验丰富的房地产投资者吉姆·布里克曼合作，成立了一个名为 JBGL 的房地产股权基金，该基金开始收购廉价土地并向经验丰富但陷入困境的住宅建筑商提供贷款。房地产市场在 2013 年左右逐渐复苏，随后 JBGL 通过反向资本化于 2014 年上市，成为 Green Brick。</p>
</div><p>Unlike many homebuilders, Green Brick owns a lot of the land it builds on. At the end of 2024, the company owned or controlled over 37,800 lots. Green Brick largely operates in attractive housing markets in states with growing populations, such as Texas, Florida, and Georgia.</p>
<div class="lb-trans"><p>与许多住宅建筑商不同，Green Brick 拥有大量建设用地。截至 2024 年底，该公司拥有或控制超过 37,800 个地块。Green Brick 主要在德克萨斯州、佛罗里达州和乔治亚州等人口增长的州的有吸引力的住房市场中运营。</p>
</div><p>Performance has been quite strong in recent years. In the fourth quarter, Green Brick closed a record 1,019 units. Since 2020, earnings have grown at a compound annual growth rate of 39% and consistently generated high returns on assets and equity.</p>
<div class="lb-trans"><p>近年来，业绩相当强劲。在第四季度，Green Brick 创下了 1,019 个单位的记录。自 2020 年以来，收益以 39% 的复合年增长率增长，并持续产生高资产和股本回报。</p>
</div><p>The stock is up over 700% in the last five years and still trades at only 7 times forward earnings. The housing market always faces uncertainty, and pending tariffs could cause certain costs and material prices to rise, potentially impacting the business. However, given the unique attributes of the company and its skilled management team, Green Brick can certainly keep moving higher over time and reclaim the highs seen in late 2024.</p>
<div class="lb-trans"><p>该股票在过去五年中上涨超过 700%，目前的交易价格仅为未来收益的 7 倍。房地产市场总是面临不确定性，待定的关税可能导致某些成本和材料价格上涨，可能会影响业务。然而，考虑到公司的独特属性及其熟练的管理团队，Green Brick 无疑可以随着时间的推移继续上涨，并重新夺回 2024 年底的高点。</p>
</div><h2>CONSOL Energy -- 7.7% of portfolio</h2>
<div class="lb-trans"><h2>CONSOL Energy -- 组合的 7.7%</h2>
</div><p>CONSOL Energy is a Pennsylvania-based coal producer that owns several very productive mining operations in the Northern Appalachian Basin. The company's most prominent mining operation is the Pennsylvania Mining Complex, which comprises three large underground mines that can produce roughly 28.5 million tons of coal per year.</p>
<div class="lb-trans"><p>CONSOL Energy 是一家位于宾夕法尼亚州的煤炭生产商，拥有多个在北阿巴拉契亚盆地非常高产的矿业运营。该公司最显著的矿业运营是宾夕法尼亚矿业综合体，其中包括三座大型地下矿，年产煤炭约 2850 万吨。</p>
</div><p>Last year, CONSOL and Arch Resources announced the two companies would conduct a merger of equals to form <strong>Core Natural Resources</strong>(CNR -1.56%), a deal that closed earlier this year. Arch also runs mines that produce coal for the steel industry. The combined entity will own 11 mines, ranging from metallurgical to high-calorific-value thermal coals. Metallurgical coal is used to make steel, while thermal coal is used to create electricity.</p>
<div class="lb-trans"><p>去年，CONSOL 和 Arch Resources 宣布两家公司将进行平等合并，形成 <strong>Core Natural Resources</strong>(CNR -1.56%)，该交易于今年早些时候完成。Arch 还运营为钢铁行业生产煤炭的矿山。合并后的实体将拥有 11 座矿山，涵盖冶金煤和高热值热煤。冶金煤用于制造钢铁，而热煤用于发电。</p>
</div><p>Core Natural Resources does a good deal of business outside the U.S. In 2024, the company generated over 10% of revenue from customers in both China and India. The tariff saga between the U.S. and China has likely contributed to the stock's intense sell-off this year, as China has imposed 15% tariffs on coal imports into the country. Shares are down close to 32% this year.</p>
<div class="lb-trans"><p>Core Natural Resources 在美国以外的业务也相当可观。在 2024 年，该公司从中国和印度的客户那里产生了超过 10% 的收入。美国与中国之间的关税争端可能导致该股票在今年的剧烈抛售，因为中国对进口煤炭征收了 15% 的关税。今年股价下跌近 32%。</p>
</div><p>Given tariff concerns and the ongoing shift away from coal, the company certainly faces long-term headwinds that may keep investors away. But the Trump administration is undoubtedly not going to prioritize initiatives to combat climate change, and it's still unclear whether the world can completely abandon coal-powered energy altogether. Core Natural Resources has been consistently profitable over the last three years and trades at only 8 times forward earnings.</p>
<div class="lb-trans"><p>考虑到关税担忧和持续的煤炭转型，该公司无疑面临长期的逆风，可能会使投资者望而却步。但特朗普政府无疑不会优先考虑应对气候变化的举措，目前尚不清楚世界是否能够完全放弃煤炭发电。Core Natural Resources 在过去三年中持续盈利，当前的交易价格仅为未来收益的 8 倍。</p>
</div><h2>Brighthouse Financial -- 7% of portfolio</h2>
<div class="lb-trans"><h2>Brighthouse Financial -- 组合的 7%</h2>
</div><p>The large annuity and life insurance company <strong>Brighthouse Financial</strong>(BHF 1.63%) has held up well this year, with its stock up by about 9%. Einhorn may be thinking that this is a potential acquisition target.</p>
<div class="lb-trans"><p>大型年金和人寿保险公司 <strong>Brighthouse Financial</strong>(BHF 1.63%) 今年表现良好，股价上涨约 9%。艾因霍恩可能认为这是一个潜在的收购目标。</p>
</div><p>In 2024, Brighthouse struggled to get its risk-based capital (RBC) ratio into the 400% to 450% range, which is considered the minimum most investors like to see in the industry. The RBC ratio essentially evaluates the theoretical capital needed to take on the risk of an insurer's business.</p>
<div class="lb-trans"><p>在 2024 年，Brighthouse 在将其风险基础资本（RBC）比率提升到 400% 至 450% 范围内方面遇到了困难，这被认为是行业内大多数投资者希望看到的最低水平。RBC 比率本质上评估了承担保险公司业务风险所需的理论资本。</p>
</div><p>Earlier this year, media reports began to surface, suggesting management was looking to sell the business, or parts of it. In mid-March, analysts at <strong>Raymond James</strong> upgraded Brighthouse to a strong buy on the merits that a sale or partial sale through creative alternatives could unlock significant shareholder value. In the meantime, Raymond James analysts thought Brighthouse should raise capital to boost cash-flow-generating capabilities, which could demonstrate some of its strength to potential buyers.</p>
<div class="lb-trans"><p>今年早些时候，媒体报道开始出现，暗示管理层正在寻求出售该业务或其部分业务。在 3 月中旬，<strong>Raymond James</strong> 的分析师将 Brighthouse 的评级上调为强烈买入，理由是通过创造性替代方案进行出售或部分出售可能会释放出显著的股东价值。与此同时，Raymond James 的分析师认为 Brighthouse 应该筹集资金，以增强现金流生成能力，这可能向潜在买家展示其部分实力。</p>
</div><p>Obviously, a lot of the thesis at this point hinges on some kind of acquisition. This can always be a risky strategy, but it can also generate significant gains if successful. Brighthouse is probably one of those positions you can take a smaller position in but don't need to invest too heavily in.</p>
<div class="lb-trans"><p>显然，目前的许多论点都依赖于某种收购。这始终是一种风险策略，但如果成功，也可能带来显著收益。Brighthouse 可能是那种可以小规模投资但不需要过度投资的持仓。</p>
</div>

Billionaire David Einhorn's Hedge Fund Crushed the Stock Market in the First Quarter of 2025. Here Are His Top 3 Holdings.

亿万富翁大卫·艾因霍恩的对冲基金在 2025 年第一季度表现优异，击败了股市。以下是他持有的前三大股票