<p>對於更廣泛的基準 <strong>標準普爾 500</strong> 指數來説，第一季度是一個波動較大的時期，該指數面臨着高估值和關税擔憂的問題，儘管第一季度在 3 月 31 日結束，恰好是在 4 月大規模因關税引發的拋售之前。在第一季度，標準普爾 500 指數下跌了大約 4.6%。</p>
<p>與此同時，億萬富翁大衞·艾因霍恩的對沖基金，Greenlight Capital（現稱為 DME Capital Management），根據路透社的報道，產生了 8.2% 的回報。在路透社看到的一封致股東的信中，艾因霍恩表示，該基金在 2 月份轉向看空，擔心特朗普政府的政策。</p>
<p>艾因霍恩表示，Greenlight 在這一季度轉向黃金，並對一些未披露的消費公司進行了多頭投資。截至 2024 年底，艾因霍恩的基金持有 36 只股票，市值接近 19.5 億美元。以下是 2024 年底 Greenlight 的三大持股。</p>
<h2>Green Brick Partners -- 組合的 28%</h2>
<p>毫無疑問，這是該基金最大的持倉，艾因霍恩實際上幫助創立了住宅建築商 <strong>Green Brick Partners</strong>(GRBK -0.79%)。艾因霍恩在大衰退期間與經驗豐富的房地產投資者吉姆·布里克曼合作，成立了一個名為 JBGL 的房地產股權基金，該基金開始收購廉價土地並向經驗豐富但陷入困境的住宅建築商提供貸款。房地產市場在 2013 年左右逐漸復甦，隨後 JBGL 通過反向資本化於 2014 年上市，成為 Green Brick。</p>
<p>與許多住宅建築商不同，Green Brick 擁有大量建設用地。截至 2024 年底，該公司擁有或控制超過 37,800 個地塊。Green Brick 主要在德克薩斯州、佛羅里達州和喬治亞州等人口增長的州的有吸引力的住房市場中運營。</p>
<p>近年來，業績相當強勁。在第四季度，Green Brick 創下了 1,019 個單位的記錄。自 2020 年以來，收益以 39% 的複合年增長率增長，並持續產生高資產和股本回報。</p>
<p>該股票在過去五年中上漲超過 700%，目前的交易價格僅為未來收益的 7 倍。房地產市場總是面臨不確定性，待定的關税可能導致某些成本和材料價格上漲，可能會影響業務。然而，考慮到公司的獨特屬性及其熟練的管理團隊，Green Brick 無疑可以隨着時間的推移繼續上漲，並重新奪回 2024 年底的高點。</p>
<h2>CONSOL Energy -- 組合的 7.7%</h2>
<p>CONSOL Energy 是一家位於賓夕法尼亞州的煤炭生產商，擁有多個在北阿巴拉契亞盆地非常高產的礦業運營。該公司最顯著的礦業運營是賓夕法尼亞礦業綜合體，其中包括三座大型地下礦，年產煤炭約 2850 萬噸。</p>
<p>去年，CONSOL 和 Arch Resources 宣佈兩家公司將進行平等合併，形成 <strong>Core Natural Resources</strong>(CNR -1.56%)，該交易於今年早些時候完成。Arch 還運營為鋼鐵行業生產煤炭的礦山。合併後的實體將擁有 11 座礦山，涵蓋冶金煤和高熱值熱煤。冶金煤用於製造鋼鐵，而熱煤用於發電。</p>
<p>Core Natural Resources 在美國以外的業務也相當可觀。在 2024 年，該公司從中國和印度的客户那裏產生了超過 10% 的收入。美國與中國之間的關税爭端可能導致該股票在今年的劇烈拋售，因為中國對進口煤炭徵收了 15% 的關税。今年股價下跌近 32%。</p>
<p>考慮到關税擔憂和持續的煤炭轉型，該公司無疑面臨長期的逆風，可能會使投資者望而卻步。但特朗普政府無疑不會優先考慮應對氣候變化的舉措，目前尚不清楚世界是否能夠完全放棄煤炭發電。Core Natural Resources 在過去三年中持續盈利，當前的交易價格僅為未來收益的 8 倍。</p>
<h2>Brighthouse Financial -- 組合的 7%</h2>
<p>大型年金和人壽保險公司 <strong>Brighthouse Financial</strong>(BHF 1.63%) 今年表現良好，股價上漲約 9%。艾因霍恩可能認為這是一個潛在的收購目標。</p>
<p>在 2024 年，Brighthouse 在將其風險基礎資本（RBC）比率提升到 400% 至 450% 範圍內方面遇到了困難，這被認為是行業內大多數投資者希望看到的最低水平。RBC 比率本質上評估了承擔保險公司業務風險所需的理論資本。</p>
<p>今年早些時候，媒體報道開始出現，暗示管理層正在尋求出售該業務或其部分業務。在 3 月中旬，<strong>Raymond James</strong> 的分析師將 Brighthouse 的評級上調為強烈買入，理由是通過創造性替代方案進行出售或部分出售可能會釋放出顯著的股東價值。與此同時，Raymond James 的分析師認為 Brighthouse 應該籌集資金，以增強現金流生成能力，這可能向潛在買家展示其部分實力。</p>
<p>顯然，目前的許多論點都依賴於某種收購。這始終是一種風險策略，但如果成功，也可能帶來顯著收益。Brighthouse 可能是那種可以小規模投資但不需要過度投資的持倉。</p>

CEIX

GRBK

<p>億萬富翁大衞·艾因霍恩的對沖基金 Greenlight Capital（現為 DME Capital Management）在 2025 年第一季度的表現超過了標準普爾 500 指數，獲得了 8.2% 的回報，而該指數下跌了 4.6%。艾因霍恩的主要持股包括 Green Brick Partners（佔投資組合的 28%）、CONSOL Energy（佔 7.7%）和 Brighthouse Financial（佔 7%）。Green Brick 顯示出強勁的增長，而 CONSOL 則面臨關税和煤炭市場變化帶來的挑戰。Brighthouse 被視為潛在的收購目標，分析師在出售傳聞中上調了其股票評級</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>對於更廣泛的基準 <strong>標準普爾 500</strong> 指數來説，第一季度是一個波動較大的時期，該指數面臨着高估值和關税擔憂的問題，儘管第一季度在 3 月 31 日結束，恰好是在 4 月大規模因關税引發的拋售之前。在第一季度，標準普爾 500 指數下跌了大約 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>與此同時，億萬富翁大衞·艾因霍恩的對沖基金，Greenlight Capital（現稱為 DME Capital Management），根據路透社的報道，產生了 8.2% 的回報。在路透社看到的一封致股東的信中，艾因霍恩表示，該基金在 2 月份轉向看空，擔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 在這一季度轉向黃金，並對一些未披露的消費公司進行了多頭投資。截至 2024 年底，艾因霍恩的基金持有 36 只股票，市值接近 19.5 億美元。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 -- 組合的 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>毫無疑問，這是該基金最大的持倉，艾因霍恩實際上幫助創立了住宅建築商 <strong>Green Brick Partners</strong>(GRBK -0.79%)。艾因霍恩在大衰退期間與經驗豐富的房地產投資者吉姆·布里克曼合作，成立了一個名為 JBGL 的房地產股權基金，該基金開始收購廉價土地並向經驗豐富但陷入困境的住宅建築商提供貸款。房地產市場在 2013 年左右逐漸復甦，隨後 JBGL 通過反向資本化於 2014 年上市，成為 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>與許多住宅建築商不同，Green Brick 擁有大量建設用地。截至 2024 年底，該公司擁有或控制超過 37,800 個地塊。Green Brick 主要在德克薩斯州、佛羅里達州和喬治亞州等人口增長的州的有吸引力的住房市場中運營。</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>近年來，業績相當強勁。在第四季度，Green Brick 創下了 1,019 個單位的記錄。自 2020 年以來，收益以 39% 的複合年增長率增長，並持續產生高資產和股本回報。</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>該股票在過去五年中上漲超過 700%，目前的交易價格僅為未來收益的 7 倍。房地產市場總是面臨不確定性，待定的關税可能導致某些成本和材料價格上漲，可能會影響業務。然而，考慮到公司的獨特屬性及其熟練的管理團隊，Green Brick 無疑可以隨着時間的推移繼續上漲，並重新奪回 2024 年底的高點。</p>
</div><h2>CONSOL Energy -- 7.7% of portfolio</h2>
<div class="lb-trans"><h2>CONSOL Energy -- 組合的 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 是一家位於賓夕法尼亞州的煤炭生產商，擁有多個在北阿巴拉契亞盆地非常高產的礦業運營。該公司最顯著的礦業運營是賓夕法尼亞礦業綜合體，其中包括三座大型地下礦，年產煤炭約 2850 萬噸。</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 宣佈兩家公司將進行平等合併，形成 <strong>Core Natural Resources</strong>(CNR -1.56%)，該交易於今年早些時候完成。Arch 還運營為鋼鐵行業生產煤炭的礦山。合併後的實體將擁有 11 座礦山，涵蓋冶金煤和高熱值熱煤。冶金煤用於製造鋼鐵，而熱煤用於發電。</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 在美國以外的業務也相當可觀。在 2024 年，該公司從中國和印度的客户那裏產生了超過 10% 的收入。美國與中國之間的關税爭端可能導致該股票在今年的劇烈拋售，因為中國對進口煤炭徵收了 15% 的關税。今年股價下跌近 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>考慮到關税擔憂和持續的煤炭轉型，該公司無疑面臨長期的逆風，可能會使投資者望而卻步。但特朗普政府無疑不會優先考慮應對氣候變化的舉措，目前尚不清楚世界是否能夠完全放棄煤炭發電。Core Natural Resources 在過去三年中持續盈利，當前的交易價格僅為未來收益的 8 倍。</p>
</div><h2>Brighthouse Financial -- 7% of portfolio</h2>
<div class="lb-trans"><h2>Brighthouse Financial -- 組合的 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>大型年金和人壽保險公司 <strong>Brighthouse Financial</strong>(BHF 1.63%) 今年表現良好，股價上漲約 9%。艾因霍恩可能認為這是一個潛在的收購目標。</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 在將其風險基礎資本（RBC）比率提升到 400% 至 450% 範圍內方面遇到了困難，這被認為是行業內大多數投資者希望看到的最低水平。RBC 比率本質上評估了承擔保險公司業務風險所需的理論資本。</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>今年早些時候，媒體報道開始出現，暗示管理層正在尋求出售該業務或其部分業務。在 3 月中旬，<strong>Raymond James</strong> 的分析師將 Brighthouse 的評級上調為強烈買入，理由是通過創造性替代方案進行出售或部分出售可能會釋放出顯著的股東價值。與此同時，Raymond James 的分析師認為 Brighthouse 應該籌集資金，以增強現金流生成能力，這可能向潛在買家展示其部分實力。</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>顯然，目前的許多論點都依賴於某種收購。這始終是一種風險策略，但如果成功，也可能帶來顯著收益。Brighthouse 可能是那種可以小規模投資但不需要過度投資的持倉。</p>
</div>

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

億萬富翁大衞·艾因霍恩的對沖基金在 2025 年第一季度表現優異，擊敗了股市。以下是他持有的前三大股票