A billionaire investor dubbed 'the next Warren Buffett' bought into Google and Facebook last quarter
Klarman's Baupost Group acquired stakes in Google and Facebook - two fast-growing technology titans that Buffett has avoided so far - in the first quarter,Baupost bought just over 300,000 shares in Google-parent Alphabet, which were valued at almost $350 million on March 31. It also bought nearly two million Facebook shares, valued at more than $330 million.
The hedge fund ramped up several existing investments too. It doubled its stake in computing veteran HP to 20 million shares, worth almost $350 million at the end of March. It also boosted its position in e-commerce behemoth eBay by 60% to over 32 million shares - its largest holding by dollar value at $960 million.
On the other hand, Baupost exited several positions including pharmaceuticals giant Bristol Myers Squibb and hotel-and-casino group Eldorado Resorts. Moreover, it almost halved its stake in troubled energy titan PG&E.was a bearish bet against Elon Musk's electric-car maker.Overall, Baupost's stock portfolio shrunk in value by 26% to about $6.7 billion, in large part because the coronavirus pandemic hammered stock prices.
The hedge-fund manager's focus on investing in undervalued companies isn't the only reason he's viewed as Buffett's spiritual successor. When a college student asked the Berkshire boss in 1992 who might be the next Buffett, he swiftly replied"Seth Klarman,"Todd Ahlsten has dominated the market and his competitors for 2 decades. He lays out the 6 stock-picking decisions that reshaped his portfolio after the coronavirus meltdown.
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