2 FAANG Stocks Billionaires Are Buying Hand Over Fist in a Nasdaq Bear Market
This year has been tough for investors, to put it mildly. The Nasdaq Composite nosedived into the worst bear market of the decade, and the tech-heavy index is currently 30% off its high. But some billionaire hedge fund managers bought stocks throughout the downturn.
For instance, Steven Cohen of Point72 Asset Management aggressively scooped up shares of Amazon (NASDAQ: AMZN), growing his position 14-fold since the end of 2021. Amazon is now his 11th-largest holding out of more than 1,300 stocks. Meanwhile, Chris Hohn of TCI Fund Management is investing hand over fist in Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), increasing his position 19-fold since the end of 2021. Alphabet is now his largest holding, and it accounts for more than 23% of his portfolio.
Those large purchases suggest a high degree of confidence. Is it time to buy these two FAANG stocks?
Source Fool.com
