Billionaires were buying Upstart and 2 other growth stocks that are at more than 80% off
The markets are perhaps even more uncertain than last quarter. So despite the massive declines that accompany growth stocks, there is buying by billionaires who see opportunity in these growth stocks. All 3 stocks can now be bought at big discounts, so the question is whether the billionaires have already hit the bottom or have hit the wrong one altogether. Which companies are they?
I'm basing this on the 13F report that all institutional investment managers who have more than $100 million under management are required to file. The most recent report was for the second quarter of this year, so we can look together at how this bet on risky growth stocks has paid off so far.
1. Shopify $SHOP
Jamie Simons of Renaissence Technologies opened a position in Shopify, buying around 14 million shares. Shopify hit its high of $176 per share last November, only to see the e-commerce retailer's share price fall…