2 Growth Stocks Billionaires Are Buying Hand Over Fist in a Nasdaq Bear Market
The Nasdaq Composite declined for three consecutive quarters, and the tech-heavy index currently sits 31% off its high, well beyond the threshold for a bear market. Some of the world's wealthiest investors treated that downturn as a buying opportunity.
In the third quarter, billionaire hedge-fund manager Ron Baron of Bamco added to his position in Tesla (NASDAQ: TSLA), which now represents 15% of his portfolio. Similarly, Philippe Laffont of Coatue Management more than tripled his stake in PayPal Holdings (NASDAQ: PYPL), which now represents almost 5% of his portfolio.
Clearly, Baron and Laffont have high convictions in Tesla and PayPal, respectively. Is it time to buy these growth stocks?
Source Fool.com
