Billionaire investors are backing up their trucks and loading up on these stocks.
Fortunes, they say, are made in bear markets. Of course, they're made in bull markets too. The difference is that many investors don't recognize the opportunities that major pullbacks provide.
But amid the current bear market, which stocks are the most attractive? Here are three that the world's smartest investors are buying hand over fist right now.
1. Occidental Petroleum
Warren Buffett certainly deserves a spot high on the list of the most successful investors of all time. The Oracle of Omaha loves to buy stocks during times of uncertainty. He has famously recommended: “Be fearful when others are greedy and greedy when others are fearful.”
Buffett has arguably been more greedy lately with Occidental Petroleum (OXY 0.28%) than any other stock. He and his investment managers have scooped up millions of shares of the energy company for Berkshire Hathaway‘s (BRK.A 0.88%) (BRK.B 0.92%) portfolio. The conglomerate's stake in it now totals close to $9.5 billion.
Occidental has been a huge winner so far this year with the stock more than doubling. However, its price has fallen in recent weeks in anticipation that oil prices could decline.
However, Buffett is clearly betting that oil prices will remain high. In addition to Occidental Petroleum, Berkshire Hathaway also owns a huge position in Chevron. That stake ranks as its fourth-largest stock holding.
This is normally locked behind a $3,497 paywall… but today all you need is $1!
Some of the best research offered at InvestorPlace is typically locked behind paywalls of up to $3,497…
And people happily pay that because of the quality of research put out.
In fact, over 200,000 Wall Street insiders, billionaires, CEOs and individuals have paid them $103 MILLION to get their hands on their investing expertise.
And it's not surprising why… Their research has recently shown readers opportunities to cash in on gains as high as 834%… 1,315%…. and even 1,601%!
But today…
My colleagues and I are launching a project unlike anything we've ever done in the 45-year history of the firm.
Because now, you can bypass the $3,497 paywall and tap into some of the highest-caliber research offered…
All for just $1. Click here to get the full details now!
2. Amazon.com
Berkshire Hathaway also owns shares of Amazon.com (AMZN 0.00%). But while Buffett and his team haven't added to their position in the e-commerce and cloud leader lately, another billionaire investor has. David Tepper led his hedge fund, Appaloosa Management, to increase its stake in Amazon by 21% in the first quarter.
Amazon now stands as Appaloosa's second-biggest holding, making up more than 11% of its total portfolio. Tepper definitely likes tech stocks. Alphabet is the hedge fund's top stock.
It's not all that surprising that Appaloosa boosted its stake in Amazon. The stock has fallen more than 30% year to date. While the overall market decline weighed on Amazon, it also faces some company-specific headwinds, including excess capacity.
However, its long-term prospects remain very good. The company should still have plenty of room to grow in its core e-commerce market. Amazon Web Services continues to deliver strong growth. New markets including healthcare also present solid opportunities for it.
3. Incyte
Siblings Julian and Felix Baker aren't nearly as well-known as Buffett or Tepper. However, they're billionaire investors with around $25.7 billion in assets under management with their hedge fund, Baker Bros. Advisors.
The Baker brothers are especially bullish about Incyte (INCY -0.55%) right now. They added 2.5 million shares of the biotech in the first quarter, and it's now Baker Bros. Advisors' second-largest holding.
What makes the Bakers such big fans of Incyte? For one thing, the company's products continue to sell well. Incyte's total revenue jumped by 20% year over year in Q1, led by sales of its blood cancer drug, Jakafi. Autoimmune disease drug Olumiant is also gaining momentum.
Incyte has newer products with strong prospects as well. Sales of blood cancer drug Pemazyre rose 34% year over year in Q1. Atopic dermatitis drug Opzelura is off to a good start after the FDA approved it for sale in the U.S. last year.
The Bakers also probably still view Incyte's valuation as quite attractive, especially in light of its growth prospects. The stock's price-to-earnings-to-growth (PEG) ratio is a super-low 0.66.
Read Next: Apple to shock world with one last tech marvel from Steve Jobs?
Before Steve Jobs died…
He actually left behind one more radical idea for Apple.
An idea so big and so novel, it could completely change the way we see Apple as a company forever.
For over 7 months, my team and I have been piecing together the breadcrumbs… clues left in plain sight…
And our research indicates that this last technological marvel from the mind of Steve Jobs…
Could be 10X bigger than the iPad… the MacBook… and the iPhone… COMBINED.
In fact, it stands at the center of an emerging industry Bloomberg forecasts will grow as much as 19,254% in the coming years!
Early investors could make a fortune if they know where to position themselves…
And I've discovered a potential backdoor Apple play my research shows could 40X your money once this device goes live…
The best part is all you need is $5 to position yourself TODAY!
