The Nasdaq Composite index fell into a bear market this year as investor sentiment deteriorated, in part, on concerns about inflation and fears of a recession. During that upheaval, shares of Airbnb (NASDAQ: ABNB) and Costco Wholesale (NASDAQ: COST) dropped 60% and 25%, respectively. Some billionaire hedge fund managers have treated that drop as a buying opportunity.

Since the beginning of the year, Jim Simons of Renaissance Technologies has doubled his stake in Airbnb and quadrupled his stake in Costco. Meanwhile, David Siegel of Two Sigma Advisors doubled his position in Airbnb, and David Shaw of D. E. Shaw & Co. tripled his position in Costco.

Is it time to buy these two growth stocks?

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Source Fool.com