The billionaire hedge fund manager picked up $125 million worth of Amazon shares in the second quarter.
Baupost Group's Seth Klarman picked up a few stocks last quarter during the market rally, including tech giant Amazon and discount retailer Dollar General . The billionaire hedge fund manager bought $125 million worth of Amazon shares in the second quarter when the e-commerce juggernaut rallied more than 26%. Klarman has traded in and out of Amazon in the past year. He also bought $41 million worth of Dollar General , as well as $36 million of Union Pacific shares last quarter.
Klarman follows Benjamin Graham's investing style, buying out-of-favor and undervalued assets to ensure a margin of safety in case things go bad. He started at Baupost in 1982 , when the firm had just $27 million in assets. It scored a 20% average annualized return for the next few decades. He posted his best year in 2017, with a 52% return, buying distressed debt and mortgage securities that had bottomed.
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