2 Innovative Growth Stocks That Billionaires Are Buying in a Bear Market
In March, the tech-heavy Nasdaq Composite dropped into a bear market as stocks sold off in response to high inflation and rising rates. The losses accelerated in the second quarter, with the Nasdaq trading 31% off its high by the end of June. But certain billionaire money managers saw that as a buying opportunity.
Ken Fisher of Fisher Asset Management added to his position in PayPal Holdings (NASDAQ: PYPL) in the second quarter. Likewise, Jim Simons of Renaissance Technologies added to his position in Arista Networks (NYSE: ANET). Of course, the Nasdaq has recouped some of its losses since the end of June, but PayPal and Arista stocks are still trading down 76% and 36%, respectively.
Here's why both stocks are worth buying today.
Source Fool.com
