The S&P 500 and the Nasdaq Composite have plunged into a bear market this year. That downturn was triggered by economic uncertainty. Runaway inflation and rising interest rates have scared some investors away from the stock market, but some of the wealthiest hedge fund managers on Wall Street have treated the downturn as a buying opportunity.

Since the beginning of the year, billionaire Ken Fisher of Fisher Asset Management more than doubled his stake in Zoom Video Communications (NASDAQ: ZM). Meanwhile, billionaire Louis Bacon of Moore Capital Management started a position in Paycom Software (NYSE: PAYC) in the second quarter, then more than doubled the size of that position in the third quarter.

For context, Zoom and Paycom have seen their share prices plunge 43% and 87%, respectively. Is it time to buy these growth stocks?

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Source Fool.com