<p>著名的 “空头大空头” 投资者迈克尔·伯里透露，他个人持有房地美（FNMA）和房利美（FMCC）的重要股份，预计在潜在重新上市中将获得显著收益。伯里在 Substack 上分享了一篇详细的 6000 字文章，阐述了他在首次公开募股（IPO）前持有这些股票的理由。在他的文章发布后，FNMA 的股价上涨了近 2%，而 FMCC 的股价上涨了 2.4%。</p>
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<p>他强调，这些政府赞助实体（GSE）的重新上市 “几乎就在眼前”，尽管仍然存在某些政治和监管障碍。伯里还指出，白宫在将房地美和房利美重新带入公共市场之前必须采取几个步骤。</p>
<h2><strong>伯里看好房地美和房利美</strong></h2>
<p>伯里指出，在唐纳德·特朗普去年当选总统后，他对房地美和房利美的看法变得乐观，认为当前政府对它们的重新上市更加有利。他考虑了政治环境以及在出售期间和之后这些股票的估值。</p>
<p>伯里还推测，伯克希尔·哈撒韦（<strong>BRK.A</strong>）（<strong>BRK.B</strong>）可能会成为这两家美国住房金融巨头首次公开募股的主要买家。他指出，房地美和房利美对美国住房市场至关重要，拥有或支持约 62% 的美国抵押贷款，并支持大约 70% 的标准银行贷款。</p>
<p>伯里指出，IPO 定价将是决定公司内在价值的关键因素，并表示他将在定价细节变得更加清晰时重新评估自己的看法。他估计 IPO 价格可能约为账面价值的 1 倍到 1.25 倍，股票在上市后的一到两年内可能以类似的倍数交易。</p>
<h2><strong>成功 IPO 的要求</strong></h2>
<p>为了成功公开发行 FNMA 和 FMCC，伯里列出了这些必要的监管步骤：</p>
<ul>
<li>放宽资本要求</li>
<li>将部分优先股转换为普通股</li>
<li>减少政府在公司的股份</li>
</ul>
<p>伯里强调，减少政府股份是最关键的一步，如果没有这一点，股票可能会 “毫无价值”。他总结道，这两家公司在 IPO 之前面临着 “一次最终陡峭、曲折和艰难的攀登”。</p>
<h2><strong>房地美和房利美的股权结构</strong></h2>
<p>政府通过财政部拥有购买房地美和房利美近 80% 普通股的认股权证，以及约 1900 亿美元的高级优先股。财政部还有权以非常低的价格购买最多 72 亿股额外股票。</p>
<p>优先级次之的是价值约 350 亿美元的次级优先股，主要由资本集团和约翰·保尔森的保尔森公司等机构投资者持有。</p>
<p>在最低层次的是普通股股东，Pershing Square 的比尔·阿克曼是最大的个人投资者，合计持有这两家公司约 20 亿美元的股份。次级优先股和普通股股东的结果在很大程度上将取决于与政府达成的任何协议。</p>
<h2><strong>您应该购买 FNMA 和 FMCC 股票吗？</strong></h2>
<p>房地美和房利美的股票在场外交易（OTC）市场交易，该市场以显著的价格波动而闻名，因其在 2008 年金融危机后的政府保管。到 2024 年，它们的普通股总数约为 18 亿股。</p>
<p>以下是 FNMA 和 FMCC 股票在 TipRanks 股票比较工具上的表现：</p>

房地美

房利美

<p>迈克尔·布里（Michael Burry），因其 “空头大鳄” 投资而闻名，持有房地美（Fannie Mae）和房利美（Freddie Mac）的重大股份，期待从它们潜在的首次公开募股（IPO）中获利。他在 Substack 上分享了他的见解，指出了政治和监管障碍。布里在特朗普当选后转向看涨，认为政府的立场有利。他推测伯克希尔·哈撒韦（Berkshire Hathaway）可能会投资于此次 IPO。布里概述了成功 IPO 所需的步骤，强调减少政府持股的重要性。财政部持有大量的认股权证和股份，这影响了股东的结果。房地美和房利美的股票在场外交易（OTC），以其波动性而闻名</p>

<p>Famed &#34;Big Short&#34; investor Michael Burry revealed that he personally holds a significant stake in both Fannie Mae (FNMA) and Freddie Mac (FMCC), anticipating a notable upside from a potential relisting. Burry shared a detailed 6,000-word post on Substack outlining his rationale for holding these shares ahead of their initial public offerings (IPOs). Following his post, FNMA shares rose almost 2%, while FMCC shares jumped 2.4%.</p>
<div class="lb-trans"><p>著名的 “空头大空头” 投资者迈克尔·伯里透露，他个人持有房地美（FNMA）和房利美（FMCC）的重要股份，预计在潜在重新上市中将获得显著收益。伯里在 Substack 上分享了一篇详细的 6000 字文章，阐述了他在首次公开募股（IPO）前持有这些股票的理由。在他的文章发布后，FNMA 的股价上涨了近 2%，而 FMCC 的股价上涨了 2.4%。</p>
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<div class="lb-trans"><h3>TipRanks 网络星期一促销</h3>
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<div class="lb-trans"><ul>
<li>享受 TipRanks Premium 60% 的折扣，获取数据支持的洞察和研究工具，让您自信投资。</li>
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</div><p>He emphasized that a relisting of these government-sponsored entities (GSEs) is &#34;nearly upon us,&#34; although certain political and regulatory hurdles remain. Burry also highlighted several steps the White House must take before bringing Fannie and Freddie back into the public market.</p>
<div class="lb-trans"><p>他强调，这些政府赞助实体（GSE）的重新上市 “几乎就在眼前”，尽管仍然存在某些政治和监管障碍。伯里还指出，白宫在将房地美和房利美重新带入公共市场之前必须采取几个步骤。</p>
</div><h2><strong>Burry Turns Bullish on Fannie and Freddie</strong></h2>
<div class="lb-trans"><h2><strong>伯里看好房地美和房利美</strong></h2>
</div><p>Burry noted that he turned bullish on Fannie and Freddie after Donald Trump was elected as president last year, viewing the current government as more favorable to their relisting. He considered the political landscape and how the shares might be valued during and after a sale.</p>
<div class="lb-trans"><p>伯里指出，在唐纳德·特朗普去年当选总统后，他对房地美和房利美的看法变得乐观，认为当前政府对它们的重新上市更加有利。他考虑了政治环境以及在出售期间和之后这些股票的估值。</p>
</div><p>Burry also speculated that Berkshire Hathaway ( <strong>BRK.A</strong>) ( <strong>BRK.B</strong>) could become a major buyer in any IPO for these two U.S. housing finance giants. He noted that Fannie and Freddie remain crucial to the U.S. housing market, owning or backing about 62% of all U.S. mortgages and supporting roughly 70% of standard bank loans.</p>
<div class="lb-trans"><p>伯里还推测，伯克希尔·哈撒韦（<strong>BRK.A</strong>）（<strong>BRK.B</strong>）可能会成为这两家美国住房金融巨头首次公开募股的主要买家。他指出，房地美和房利美对美国住房市场至关重要，拥有或支持约 62% 的美国抵押贷款，并支持大约 70% 的标准银行贷款。</p>
</div><p>Burry pointed out that the IPO pricing will be a key factor in determining the companies' intrinsic value and said he would reassess his views as pricing details become clearer. He estimates the IPO price could be about 1x to 1.25x the book value, with shares potentially trading at a similar multiple one to two years post-listing.</p>
<div class="lb-trans"><p>伯里指出，IPO 定价将是决定公司内在价值的关键因素，并表示他将在定价细节变得更加清晰时重新评估自己的看法。他估计 IPO 价格可能约为账面价值的 1 倍到 1.25 倍，股票在上市后的一到两年内可能以类似的倍数交易。</p>
</div><h2><strong>Requirements for a Successful IPO</strong></h2>
<div class="lb-trans"><h2><strong>成功 IPO 的要求</strong></h2>
</div><p>For a successful public offering of FNMA and FMCC, Burry outlined these regulatory steps as necessary:</p>
<div class="lb-trans"><p>为了成功公开发行 FNMA 和 FMCC，伯里列出了这些必要的监管步骤：</p>
</div><ul>
<li>Easing their capital requirements</li>
<li>Converting a portion of preferred shares into common stock</li>
<li>Reducing the government's stake in the companies</li>
</ul>
<div class="lb-trans"><ul>
<li>放宽资本要求</li>
<li>将部分优先股转换为普通股</li>
<li>减少政府在公司的股份</li>
</ul>
</div><p>Burry emphasized that reducing the government's stake is the most critical step, and without it, the shares could be &#34;worthless.&#34; He concluded that both companies face a &#34;final steep, windy, and rocky climb&#34; ahead of the IPO.</p>
<div class="lb-trans"><p>伯里强调，减少政府股份是最关键的一步，如果没有这一点，股票可能会 “毫无价值”。他总结道，这两家公司在 IPO 之前面临着 “一次最终陡峭、曲折和艰难的攀登”。</p>
</div><h2><strong>Ownership Structure of Fannie and Freddie</strong></h2>
<div class="lb-trans"><h2><strong>房地美和房利美的股权结构</strong></h2>
</div><p>The government, through the Treasury, owns warrants to buy nearly 80% of the common stock of Fannie and Freddie, along with about $190 billion in senior preferred shares. The Treasury Department also has the right to purchase up to 7.2 billion additional shares at a very low price.</p>
<div class="lb-trans"><p>政府通过财政部拥有购买房地美和房利美近 80% 普通股的认股权证，以及约 1900 亿美元的高级优先股。财政部还有权以非常低的价格购买最多 72 亿股额外股票。</p>
</div><p>Next in priority are junior preferred shares worth about $35 billion, held mostly by institutional investors such as Capital Group and John Paulson's Paulson &amp; Co.</p>
<div class="lb-trans"><p>优先级次之的是价值约 350 亿美元的次级优先股，主要由资本集团和约翰·保尔森的保尔森公司等机构投资者持有。</p>
</div><p>At the lowest tier are common stockholders, with Pershing Square's Bill Ackman the largest individual investor, holding roughly $2 billion combined in both companies. The outcomes for junior preferred and common shareholders will depend largely on any agreement reached with the government.</p>
<div class="lb-trans"><p>在最低层次的是普通股股东，Pershing Square 的比尔·阿克曼是最大的个人投资者，合计持有这两家公司约 20 亿美元的股份。次级优先股和普通股股东的结果在很大程度上将取决于与政府达成的任何协议。</p>
</div><h2><strong>Should You Buy FNMA and FMCC Stocks?</strong></h2>
<div class="lb-trans"><h2><strong>您应该购买 FNMA 和 FMCC 股票吗？</strong></h2>
</div><p>Fannie and Freddie shares trade over the counter (OTC), a market known for significant price volatility, following their government conservatorship after the 2008 financial crisis. Together, they had approximately 1.8 billion common shares outstanding as of 2024.</p>
<div class="lb-trans"><p>房地美和房利美的股票在场外交易（OTC）市场交易，该市场以显著的价格波动而闻名，因其在 2008 年金融危机后的政府保管。到 2024 年，它们的普通股总数约为 18 亿股。</p>
</div><p>Here's how FNMA and FMCC stocks perform on the TipRanks Stock Comparison Tool:</p>
<div class="lb-trans"><p>以下是 FNMA 和 FMCC 股票在 TipRanks 股票比较工具上的表现：</p>
</div>

Michael Burry 拥有房利美和房地美的 “大量” 股份，准备迎接潜在的 IPO