The S 500 (SNPINDEX: ^GSPC) has rebounded sharply from its bear market lows as concerns about runaway inflation and rising interest rates have been tempered by signs of economic resilience. This includes better-than-expected earnings in the first and second quarters. Indeed, the S 500 is now just 9% from a record high, putting the index on the brink of a new bull market.

That is particularly momentous because the S 500 returned an average of 136% during the last 14 bull markets, according to Putnam Investments, and many stocks will undoubtedly soar during the next one. Investors wondering how to capitalize on that upswing should look for trends in the quarterly Form 13Fs filed by Wall Street billionaires. Those forms detail the stocks held by institutions with at least $100 million in assets under management.  

According to the latest round of Form 13Fs, some wealthy hedge fund managers purchased shares of Amazon (NASDAQ: AMZN) and Mastercard (NYSE: MA) during the second quarter. That's noteworthy because both stocks also appear in Warren Buffett's portfolio through Berkshire Hathaway.

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Source Fool.com