Super Investors Are Buying These Compounding Machines

Welcome back everyone. Today on the Joseph Carlson show, we're going to be taking a look at the most recent updates from the super investors. Now, what is a super investor? If you're new to this

super investor? If you're new to this series, you may be asking that question.

Well, a super investor, a good comparison I'd make is it's like if you're looking at a sport, you're looking at the best player of that sport. For example, in golf, we just

sport. For example, in golf, we just recently saw Scotty Shuffler win another tournament and he sunk a 35- ft chip.

That's not something that most people do, especially in tournament settings on the 17th hole. He's really good. He's

like Tiger Woods. He's he's super good at golf. There's other people like

at golf. There's other people like Bryson Dashambo that are really good.

Well, people that are really good at sports, we like to look at what they do.

How do they swing? What clubs do they use? We try to look at their strategies

use? We try to look at their strategies to better inform our decisions. And we

can do the same thing here with super investors. Super investors not only

investors. Super investors not only manage a lot of money, but they spend all of their time and attention on investing, looking at stocks, looking at great opportunities. Many of them are

great opportunities. Many of them are not only great investors themselves, but they have great research teams to help dig up opportunities in the market. And

from that, we can learn a little bit. We

can see what they're investing in, which companies are they buying, what are they selling overall, what are the themes of the type of companies being bought today. So, we can take a look and try to

today. So, we can take a look and try to learn and give context to what they're doing. And that's what we do in this

doing. And that's what we do in this series. Now the slate that we have today

series. Now the slate that we have today is stacked. We have Warren Buffett, we

is stacked. We have Warren Buffett, we have Bill Aman, we have DevCantes with Valley Forge Capital, we have investors like Chris Hone, Altter Rock Partners.

These are very high quality growth investors. We have so many others. We

investors. We have so many others. We

have Michael Bur, Terry Smith, Pat Dorsey, Value Act Capital, and we have Chase Goldman with Tiger Global Management. So we have all these

Management. So we have all these investors. They're all buying and

investors. They're all buying and selling stocks, many of the same ones that we are. and I'm excited to look through them. Now, let's go ahead and

through them. Now, let's go ahead and start off and we'll kick things off with the big guy himself, the number one in the world, the best investor of all time, Warren Buffett. Now, Buffett's in an interesting position because he has a

mix of wholly owned companies that makes up the huge majority of his portfolio, and then he has this portfolio that's like on the side, which is companies that they don't own outright, but it's ones that are publicly traded that they

have an investment in. Now, again, the majority of what Buffett does is manage the wholly owned companies. For example,

if we look at Berkshire Hathway today, it's over a trillion dollar market cap.

When we look at just the public portfolio, it's a quart trillion. So

around a quarter of the value is in these publicly traded companies. And

then these percentages here, like the 22% into Apple, that represents of this quarter of the portfolio. So this isn't

22% of all that Bergkshire manages. This

is just 22% of this quarter trillion, not the entire company. Now, I want to make that clear because that means that these bets are a little bit smaller than they appear when we look at the percentages. But just because they're

percentages. But just because they're smaller bets doesn't mean that Buffett's careless with them or he takes on greater risk. Now, when we look at the

greater risk. Now, when we look at the latest trades here, Buffett and team did a couple of things. And I say and team because I don't think it's only Buffett making these moves anymore. He's taking

more of a back seat, but the investing philosophy overall is remaining relatively the same. Valueoriented

investing. What they did was they further reduced their stake in Apple. I

believe this is simply because Apple is such a huge position. The growth has slowed down. There's more challenges and

slowed down. There's more challenges and hurdles with Apple. They did so well. It

was such a great investment that they can now roll those gains into other companies that are better opportunities.

The biggest and most notable buy in the portfolio is UNH, United Health Group.

Buffett bought into this company that many retail investors had already been in and this was a huge bullish catalyst for the stock. The stock rallied around 12% on the day that we had news that

Buffett team bought into United Health Group. And when we look at United Health

Group. And when we look at United Health Group, the last price reported was $311.

So Buffett bought this much higher than it traded down to. It traded down into the low 200s. And so there's a chance that he actually could own more today that will be represented in the next 13F filing. In fact, I think there's a good

filing. In fact, I think there's a good chance that they continue to buy as this one continued to plummet. Now, what do I think of this spy, the United Health Group stock? Well, I actually shared my

Group stock? Well, I actually shared my thoughts in a video before it became news that Buffett owned the company.

Now, in this episode, I go over the case for United Health Group stock and why I believe it was a buy. And this was also right at the price that Warren Buffett last was reported buying it. I want to just highlight just like a 30- secondond

clip of this to show you my thoughts at the time. This dip in and of itself is

the time. This dip in and of itself is temporary by nature. I view the stock as meaningfully undervalued today and I think that investors that buy into it will likely do well over the next couple

of years. It's not one that I'm

of years. It's not one that I'm personally attracted to qualitatively. I

try to avoid insurance companies in general, but I don't blame any investor jumping into this one. Now, now I'm not going to restate the entire thesis on United Health Group. If you want to look at that episode, I go over it in depth.

But basically, they underpriced a lot of their policies. They went for huge

their policies. They went for huge volume growth and number of members.

They tried to win market share. And then

all these people that they gained market share from that they sold these underpriced medical coverage to overutilize their coverage based on their estimates costing United Health Group a bunch of money. So earnings per

share guidance has plummeted. The stock

is making less money today, but over time the mistakes that they've made in pricing should roll over. It's a lagging effect. So this could take years, but

effect. So this could take years, but over time their earnings should go back up to where they previously were. If the

stock price follows, that means that you get a nice healthy dip and a good return over the next few years. So I find this buy into United Health Group as a very fitting one for Bergkshire. They know

insurance companies. They like deep value plays. This one seems to fit

value plays. This one seems to fit really well and overall I like it. I

think it's a great buy for the Bergkshire portfolio. And I don't say

Bergkshire portfolio. And I don't say that for every company that they buy.

Remember that Bergkshire also bought Ally Financial. I didn't like that one.

Ally Financial. I didn't like that one.

They bought Paramount. I didn't like that one. Uh there's a few other ones

that one. Uh there's a few other ones that I've I've had mixed feelings about, but United Health Group is one that I think will turn out well for them. I

think it's going to be a win. Next up,

we have Bill Aman with Persing Square Capital. We just got their report in.

Capital. We just got their report in.

Now, if we look at the changes that Bill Aman decided to make, there's some very interesting ones here. What you'll see highlighted is that they sold Canadian Pacific and they purchased a lot of Amazon and even more Google. Now, a lot

of people said that this was a big change. They reported on this like it

change. They reported on this like it just happened this last quarter. But

Bill Aman is one of the few hedge fund managers that is actually pretty communicative on Twitter. Sometimes he

shares his portfolio changes ahead of when it's required. And in fact, he's already shared all of these changes on social media. So they shouldn't have

social media. So they shouldn't have necessarily been a surprise on this 13F.

We have here May 24th, 2025. Billionaire

Bill Aman bets big on the battered e-commerce giant. Now that's Amazon

e-commerce giant. Now that's Amazon there. and he bought that Amazon

there. and he bought that Amazon position at a time where if you look at the price now and we look at the time he bought it, he's up around 15% already.

So, Bill Aman's feeling really good about his Amazon purchase already. He's

already in the green. It's a great holding so far, and I think he's going to want to hold this one for the long term. Now, when we look at the Amazon

term. Now, when we look at the Amazon edition, I just want to take a better look at this one. I'm a little bit biased here because I love Amazon. I

think it's one of the best companies in the world. I've talked about it for

the world. I've talked about it for years. I've made it a centerpiece of my

years. I've made it a centerpiece of my portfolio. If we look at my portfolio,

portfolio. If we look at my portfolio, this is what it looks like. This is the Story Fund, the smaller of the two portfolios. And this portfolio has

portfolios. And this portfolio has reached all-time highs and gains. So, we

hit another landmark here. It's up

around 20% year-to date. When I look at my positions here, we only have six of them. Amazon is around 35% of the entire

them. Amazon is around 35% of the entire portfolio in the story fund. It's a

$140,000 position. 46,000 of that being gains. So, this is one that's already

gains. So, this is one that's already done pretty well. I like my performance in Amazon, but I think there's more to run. I think this one has a lot more to

run. I think this one has a lot more to go. A lot of people may look at Amazon

go. A lot of people may look at Amazon and see that it's at 230. You know, it's had a lot of momentum over the past couple of months, but I still see this one as just such a massive winner over

the next 10 years in artificial intelligence, in robotics, in online retail, in grocery delivery, in logistics, in cloud hosting, in Project

Kyper with satellite internet. They have

so many different growth avenues, so many different levers they can pull, and they're continuing to grow revenue at a brisk pace. I just really like where

brisk pace. I just really like where Amazon is today. And Amazon is going to be a theme throughout these super investors. We're highlighting it here

investors. We're highlighting it here that Bill Aman is one of the first ones to have bought it last quarter, but he's not the only one. It's one of the most popular buy amongst super investors over the past quarter. And I think that makes

sense. Amazon again has so many good

sense. Amazon again has so many good things going for it. One of those things that they just recently announced is grocery. Grocery delivery was one of the

grocery. Grocery delivery was one of the weaknesses of Amazon. It was a huge advantage of Walmart. They have all their grocery stores everywhere. People

can get on the Walmart Plus app and order groceries. When they're on the

order groceries. When they're on the Walmart Plus app, they're going to order more stuff from the online store, making it compete directly with Amazon. But

now, reportedly, Amazon's going to try to take back market share in grocery.

Here's Mark Mahaney, an analyst that I really like, talking about the grocery delivery.

Well, it's a low price, low margin sector to begin with. Amazon's been

trying to make inroads into groceries for quite some time. Um, guess what?

They actually have made inroads. Last

year, they did about 100 billion in groceries and household essentials. What

you buy in kind of the middle of the uh of the grocery store and the middle of the supermarket. What they've done here

the supermarket. What they've done here is they've given themselves a chance to turbocharge that growth. Um, and it's come because of this same day delivery service that a lot of households in this country and outside of the US have

really come to appreciate. The ability

to buy something and get it delivered same day. And now they got this really

same day. And now they got this really interesting cross-ell opportunity. So,

you just bought a a book or a garden hose. You're going to have it delivered

hose. You're going to have it delivered this evening while you're checking out.

Do you want to throw in some bananas? Do

you want to throw in some fruit? Do you

want to throw in some fish or meat for the night and and for the meal that evening? And I just think it's they sort

evening? And I just think it's they sort of tip the scale a little bit here. And

by the way, you don't have to pay excess uh delivery fees. By the way, there's not tipping as there's the case with um an Instacart. And I think this this

an Instacart. And I think this this could actually be really kind of an interesting Trojan horse for Amazon to take that 100 billion, go to two to 300 billion. They only have 5% of this

billion. They only have 5% of this market. They should be a lot bigger.

market. They should be a lot bigger.

This may be what gets them there.

Amazon's already in a great position to convert a lot of their existing customers into their grocery delivery business. And they're expanding the

business. And they're expanding the amount of cities that they're offering this to by nearly double. It's like

2,000 cities by the end of this year. So

they're rapidly growing how fast they're doing this. So that's just one more

doing this. So that's just one more reason out of many reasons. So many

reasons I could go over of why I like this company and I think it's overall a great addition to the Bill Aman portfolio. When we look at the rest of

portfolio. When we look at the rest of his portfolio, this is where it stands.

At the top of the portfolio, we have Uber and Brookfield. Both of these companies making up roughly 20% positions. So, they're massive

positions. So, they're massive positions. I like both of them. I both

positions. I like both of them. I both

think they're very high quality, free cash flow generative companies. I've

been bullish on Uber for some time now.

Brookfield Corp. I also think is great.

the ones that I think are questionable as Restaurant Brands International and Herz, those lower the overall quality of the portfolio, I think he'd probably do better just putting that money into his bigger positions. Now, overall, if we

bigger positions. Now, overall, if we were to take all of Bill Aman's positions and have their waiting and look at their year-to-day performance, the overall aggregate performance of his portfolio is around plus 13%. So, great

performance so far, a super investor doing really well. Another one that I really love looking at, which is one of my favorite super investors, comes from Valley Forge Capital Management, which is Dev Canasaria. He's great, and he

started this hedge fund about a decade ago, or a little bit over a decade ago, and he grew it from just a couple hundred,000, like $300,000 to $4.5 billion. He has very similar investing

billion. He has very similar investing thoughts and philosophy to me. So, I

love learning from his his interviews and his portfolio, but I don't match everything that he does. for example, he sold out of Amazon and that's a company I'm super bullish on. He said that he was very concerned about Google. That's

a company that I'm not as concerned about. So, we have some differences for

about. So, we have some differences for sure. He's not someone that's going to

sure. He's not someone that's going to invest in Costco or Netflix, but we also have a lot of similarities and we have a love for these very highquality companies. Now, DevCantasaria has not

companies. Now, DevCantasaria has not had as fortunate of performance this year. He went into the year owning an

year. He went into the year owning an enormous amount of FICO, having this be 31% of the portfolio. It was even a greater percentage before last quarter because it's dropped substantially. If

you were to take the same waitings of these companies, the same positions, and look at the year-to-ate performance, he's down around 4%, 3% this year. Now,

it's not an official number. That's just

an estimate based on the waitings, but overall it doesn't look good. The

market's gone up substantially this year. he's down this year. That's

year. he's down this year. That's

something that does happen even with great investors. Now, the notable thing

great investors. Now, the notable thing about this is if we look at the trades, let's go ahead and take a look at all the activity that he does during a time period where his portfolio is going

down. This is what he did. He did one

down. This is what he did. He did one trade which is trimming his into it position, the best performing one in his portfolio by 0.59%. Now, we can only guess of why he's trimming into it

because he's only spoken very positively about this company in the past. But if I were to be forced to guess and try to jump into his thoughts, the reason why he's trimmed into it in the past three quarters consistently, I believe it's

because it's just the best performing position. The valuation has gone up a

position. The valuation has gone up a lot and if he needs to raise any cash for people withdrawing some money or to move around some positions, he might just take it out of in it. The other

thought process here is that in it is really his only software company and he's expressed a little bit of concern about software. So other than trimming

about software. So other than trimming his into a position by 11%, he's kept everything else the exact same. No

buying or selling any of his positions.

He's even held on to FICO as it's gone through a dramatic drop. Remember that

if we look at FICO, this is a company that used to trade above $2,100 per share. You can see that it reached an

share. You can see that it reached an all-time high earlier this year, $2,200.

Now, it dropped down numerous times because of lots of developments with their regulatory environment, with scrutiny on the company, with backlash over their pricing metrics, and with the government trying to create a more

competitive environment by allowing Vantage Score. So, there is a competitor

Vantage Score. So, there is a competitor to FICO, but so far outside of the government regulation, there's no real evidence that FICO's losing market share. This just opens the environment

share. This just opens the environment that opens the optionality for more competition. So, some investors are a

competition. So, some investors are a bit concerned about that. the sentiment

has turned far worse for this company.

The fact that he has not sold any FICO shows that he still believes in the company. He's not concerned about it. If

company. He's not concerned about it. If

he saw that the fundamentals were deteriorating, if he saw that the future looks really bleak for FICO, he would sell the company. He would completely ditch it, take his gains, which he's still in the green on the company, and

put it into these other compounding machines. Now, you may also ask, well,

machines. Now, you may also ask, well, it's true that he hasn't sold it, but why hasn't he bought more, Joseph? Why

doesn't he just buy more and more FICO as it goes down 30% plus? That's a good argument, but the problem is he remains almost fully invested all the time. He

says that he holds less than 1% cash. He

said this many times in the past. So Dev

Canasaria simply has no extra money to buy FICO. Unless he's getting new

buy FICO. Unless he's getting new inflows from investors, which probably isn't happening if he has negative year-to-day performance, he's not going to have any extra money to buy FICO when

he's already 99% plus invested, unless he sold other positions to buy FICO. And

that's not something that he typically does. Right now, he's sticking to a

does. Right now, he's sticking to a strategy that served him well, which is to simply hold through times of uncertainty. Now, moving on, we get to

uncertainty. Now, moving on, we get to another super high-quality investor that takes a slightly different approach, which is Chris Hone. He manages TCI Investments which is massive 50 plus

billion dollars. TCI is truly a

billion dollars. TCI is truly a staggering hedge fund at this point. Now

he's been highlighted before again and again as having some of the best performance of any hedge fund in good years and bad years and he does that by piling in to the most highquality

indestructible wide moat monopolistic companies that you can come up with.

When we look at his overall portfolio, you have railroads, you have Google, you have Moody's, you have Visa, you have Microsoft, you have GE Aerospace, which the more I learn about that company, the more I appreciate how difficult it is to

replicate. GE Aerospace, the company

replicate. GE Aerospace, the company that I'd most associate it with in terms of complexity, in terms of technological supremacy, is kind of like an ASML. They

create stuff that's so difficult to replicate that most companies don't even want to venture into it. So that's what GE Aerospace is actually doing. Now to

put this in perspective, his portfolio is so good, it's so strong that he considers, he said this himself, that Google is probably his most risky position. Now, I'll mention if you have

position. Now, I'll mention if you have a portfolio where Google's your highest risk position, come on, you have a strong portfolio. That's at a point

strong portfolio. That's at a point where uh everything looks pretty good if Google is your highest risk position.

Google, the company that owns global treasures like Google Cloud and YouTube and Whimo and has a thriving search business and has AI models and distribution. This company is what he

distribution. This company is what he considers his highest risk position.

Other than that, these ones are just insanely bulletproof companies. In fact,

all he did this last quarter, and this seems a little unfair because of how little he did, and this is what makes him such a good investor, is not doing a lot. Just making really good judgments,

lot. Just making really good judgments, really good decisions, but very few decisions. He slightly trimmed Canadian

decisions. He slightly trimmed Canadian National Railway and Canadian Pacific.

So he's trimming the railroads a little bit, buying more S&P Global and Visa. He

reduced Google slightly, 32% of the portfolio. He added a little bit to

portfolio. He added a little bit to Microsoft, a little bit to Moody's, and reduced his largest position, a tiny smidg, 003%. Chris Hone is once again

smidg, 003%. Chris Hone is once again just crushing it by doing nothing. His

portfolio performance this year on a weighted average is around 24%. So, it's

crushing the QQQ, crushing the S&P 500.

He is making boatloads of money for his investors while doing nothing. While

sitting on his hands, looking at his portfolio, deciding that it's great. It

doesn't need many changes, so he's going to keep it basically the same. Next up,

we have Altter Rock Partners with Mark Massie. They're up around 13% on the

Massie. They're up around 13% on the year, so pretty good performance. The

portfolio's $5.5 billion, so this is another huge hedge fund. When we look at the overall portfolio, very few holdings, only nine, and one of them is a 02% position, which I don't really

count as a real holding. That's just

like a watcher position. When we look at their portfolio, it has a very similar vibe. We have Google, we have FICO, we

vibe. We have Google, we have FICO, we have Visa, Mastercard, Moody's, Microsoft, and we have Amazon, and Transdime. So, that's the largest

Transdime. So, that's the largest position. That's the one that's a little

position. That's the one that's a little bit of an outlier. They've owned that one for some time. But we look at the biggest trades and there's some interesting trades going on here with

the Altar Rock team. They sold a lot of Google. I think they got a little a

Google. I think they got a little a little frightened to be honest. During

this time period, Q2, Google got a little uncertain. We had the people from

little uncertain. We had the people from Apple, Safari testifying that Google searches were going down the drain, that AI was impacting them. Google came out and said that's not the case. People are

just interacting with the devices in a different way. They're using the Google

different way. They're using the Google app. they're not using all of it through

app. they're not using all of it through Safari. Uh over time, it looked more

Safari. Uh over time, it looked more like the Google management were right.

It's growing organically over time.

Search continues to grow. So, this

wasn't necessarily the best sell. In

fact, Google's gone up a lot over the past couple of months. So, this wasn't a great sell, but it looks like they got a little bit nervous about Google, which is understandable. And what they did was

is understandable. And what they did was a trade that I actually don't mind. They

took it out of Google and put it into Amazon. The nice thing about people that

Amazon. The nice thing about people that got scared of Google is that Google was undervalued at the same time that Amazon was undervalued. So, you could swap from

was undervalued. So, you could swap from one to the other and still make money on the recovery. And that's what they did.

the recovery. And that's what they did.

They bought a lot of Amazon, increased the position by 20%, 4.3% of the portfolio. Overall, I like the trades

portfolio. Overall, I like the trades here. I think the Altar Rock did a good

here. I think the Altar Rock did a good job. I don't necessarily agree with the

job. I don't necessarily agree with the Google sell, but putting that into Amazon is not such a bad move. Now, next

up, we have Michael Bur, the big short investor, which is always an interesting one because he's kind of all over the place. He's always making trades. He's

place. He's always making trades. He's

always buying a lot and selling a lot.

And this time, it made a lot of headlines because he matched the energy of Warren Buffett and Bergkshire Team.

He bought United Health Group. If you

look at it right here, the top buy is UNH and this is call options. So, a lot of what he does is in options. This is

around 18% of the overall portfolio. So,

we have the Bergkshire team and we have Michael Bur both buying United Health Group. And I see why Michael Bur is a

Group. And I see why Michael Bur is a value investor. He doesn't care about

value investor. He doesn't care about sentiment. He doesn't care about what

sentiment. He doesn't care about what you or I think about the stock. He cares

about the numbers. So, when he sees a company that has a huge moat, that has millions of customers go way down in valuation, uh, sometimes that's going to attract them. We have a few other ones

attract them. We have a few other ones here. We have another healthcare

here. We have another healthcare company, ticker ren. We have Lululemon, that's another one that he has a big call option on. We have a Meta. Then we

have Estee Lauder. We have JD. We have

Alibaba. Then we have some ASML. ASML is

not one that I expected to see show up, but there it is. And we have VFC. So,

he's okay going into any category, any type of company, whether or not it's retail, clothing, healthcare, whether or not it's Chinese retailers, he doesn't

care. He buys what he thinks is value

care. He buys what he thinks is value and he changes his portfolio all the time to buy what he believes is the best value at any given time. Now, it's

impossible for me to track Michael Bur's performance because he changes around his portfolio so frequently. Next up, we have Terry Smith. He manages $23 billion, of course, with FundSmith, and he's had some struggles over the past

year or so with the dollar going down that's hurt the relative performance of his portfolio. Now, when we look at the

his portfolio. Now, when we look at the trades that he's doing, one of the companies that he continually buys more of. He over doubled his position in this

of. He over doubled his position in this company is into it. Outside of in it, he's reduced or either sold a lot of companies. Brown Foreman is one that he

companies. Brown Foreman is one that he completely exited. Then he reduced

completely exited. Then he reduced Philip Morris, Meta, Microsoft, and Striker. These are all companies that I

Striker. These are all companies that I think he still thinks these ones are good companies, but he's probably having to reduce them because of redemptions.

My guess is that he's getting redemptions. Some investors are pulling

redemptions. Some investors are pulling their money out for any given reason. He

needs to raise some cash. So, he's

reducing these holdings across the board. You get more insight or at least

board. You get more insight or at least more signal from the companies that he's buying. Terry Smith has gone through a

buying. Terry Smith has gone through a recent string of underperformance, but we'll see how 2025 wraps up. I think

overall there's still a chance that he can recover. Now, moving on, we get to

can recover. Now, moving on, we get to another super investor, Pat Dorsey here.

Pat Dorsey is an investor that I've been increasingly impressed with his stock choice over the past couple of years. He

liked Harry Smith went through a string of underperformance. I think poor stock

of underperformance. I think poor stock picking and then he he improved things.

They got a lot better. Leading with

Meta. This is a company that he bought when it was way down and it really helped recover a lot of the losses from previously poorly picked stocks. So Meta

has been a massive winner. Now if we look at his most recent buys, there's also a couple that I really like. For

example, we'll organize these by the biggest ones. We have Anovvice Corp.

biggest ones. We have Anovvice Corp.

This is one that I'm not familiar with, but if we look at Qualram, we learned that Enovas Corp is an orthopedic company offering surgical solutions. So,

it's in the medical field and it's down big. He's buying this company as a value

big. He's buying this company as a value play. It's already down 33% this year.

play. It's already down 33% this year.

So, obviously, he has some research on it. And this would be one that I'd have

it. And this would be one that I'd have to look into, try to figure out what he sees in the company to see if it's an interesting investing thesis. The other

one that he sold, and I think that this is a good sell, is PayPal. PayPal is a decent company. I don't think there's

decent company. I don't think there's anything too wrong with it, but it's a very generic payment company that has enormous amounts of competitors. Think

of all the different ways that you can pay for things. PayPal's kind of in the middle of it. And unlike Visa, Mastercard, it doesn't have that sizable of a network that has those type of margins. So, it's not the same category

margins. So, it's not the same category as a Visa or Mastercard. It's a payment solution that's competing with the likes of Toast, with Square, with Clover, with all these different forms of paying.

PayPal is always having to invest and compete with them. He sold out of Sprouto, which I also think is good, and he bought into ASML. He doubled his position into ASML, putting it up to a

10% waiting. So, this is now a huge

10% waiting. So, this is now a huge position in his portfolio, the same size of Google or roughly AutoZone, one of these midsize positions. And I think it's a great buy. It's a strong company

with a wide mo at a 5-year low valuation. Another one that he added to

valuation. Another one that he added to is Booking Holdings, another company in my portfolio. I think that the demise of

my portfolio. I think that the demise of Booking Holdings because of AI agents is way overstated. Booking Holdings has so

way overstated. Booking Holdings has so much demand and they're highly profitable. They haven't shown any

profitable. They haven't shown any weakness with AI. I like all of the trades that I've seen from Pat Dorsey so far. Now, moving on, we get to Value Act

far. Now, moving on, we get to Value Act Capital. This is another one that has a

Capital. This is another one that has a fairly concentrated portfolio. The most

notable thing about this one is if we look at the activity over the past quarter, we see the common thread here.

Another massive addition to Amazon. And

they were confident in this decision.

They moved 13% of their portfolio into Amazon. So immediately bumped it up to

Amazon. So immediately bumped it up to the top holding by a large margin. They

sold off a lot of other companies. They

trimmed a lot to make this change.

Finally, we get to Tiger Global with Chase Coleman. This is an aggressive

Chase Coleman. This is an aggressive tech focused fund. Chase Coleman has been doing this for a long period of time and he has one of these portfolios that's heavily weighted towards high growth tech companies. We have Meta,

Microsoft CLTD Amazon Google Nvidia uh, Take 2 Interactive, which I think is an interesting one. We have Grand Theft Auto coming out sometime in the future and on and on. You have a lot of other

names that I really like. Spotify, you

know, TSM. These are great companies.

Reddit is another one that I think is great. So, I like the portfolio overall,

great. So, I like the portfolio overall, but what I want to highlight is another another thread, another theme that we're seeing here across a lot of growth investors. Amazon is the big one that

investors. Amazon is the big one that they added to in Q2. Now, we don't know exactly when they added to it, but they're likely heavily in the green from this addition. We see it reflected in

this addition. We see it reflected in their trading that these investors have a lot of confidence in Amazon over the past three months, making it a bigger position. Many of them their largest

position. Many of them their largest position, many of them like a 15% position. And I think that they're all

position. And I think that they're all going to do really well if they stick with it. Now, some of them may sell out

with it. Now, some of them may sell out of Amazon. They do a lot of trading. So,

of Amazon. They do a lot of trading. So,

if it hits a price point of like 240, some of them might take gains, but I still believe that Amazon has a lot of room to run. These other companies, again, in this portfolio, I think are great overall. I really like the Tiger

great overall. I really like the Tiger Global portfolio. In fact, I think it's

Global portfolio. In fact, I think it's better today than it has been in recent years. That's going to be it for this

years. That's going to be it for this episode. Hope you enjoyed.

episode. Hope you enjoyed.