The New York Stock Exchange building is seen adorned with banners on September 19, 2014 as Chinese giant Alibaba makes its Wall Street debut.As stocks recovered from a beating in the second quarter, Lone Pine Capital saw an opportunity and made new investments that would pay off as the U.S. economy began to reopen.
The Greenwich, Connecticut-based hedge fund, founded by famed stock picker Stephen Mandel, made a couple smaller bets on a pair of financial companies and took a far larger stake in a travel website. The fund also exited several positions including Alibaba, a notable departure considering the Chinese e-commerce giant was the fund's largest holding at the end of the first quarter per government filings.
Mandel, no longer actively involved in the fund's day-to-day investments, started Lone Pine in the 1990s after a stint as senior managing director at Julian Robertson's Tiger Management.
Pro Wait Ron Insana on CNBC now.... wait, he is still looking to wait to buy. Market looks over extended. He has been waiting since April 2020