Greg Alexander

Conifer Management's $520M portfolio is among the most concentrated in the super-investor universe — just 6 positions with top-5 at 96.5% — and this quarter Greenberg leaned further in. GPI (Group 1 Automotive) surged to 47.7% of the book (+32.8% add), an extraordinary single-stock concentration that reflects deep conviction in auto dealership resilience and possible M&A optionality. LAD (Lithia Motors), a near-peer, was trimmed nearly in half (-47%) to 10.1%, suggesting a deliberate rotation within the auto dealer space rather than sector exit — Conifer is making a relative value call favoring GPI over LAD. The new initiation in MONDAY COM LTD (monday.com) at 5.3% is the only real diversification move and stands out as an outlier in an otherwise value-oriented, financial/auto-heavy book. EQH (Equitable Holdings) holds steady at 29.8%, anchoring the financial services sleeve. Watch whether GPI concentration continues to climb past 50% or whether profit-taking begins — at current levels, a single earnings miss could be portfolio-defining.