It’s widely known in the mutual fund community that poor performing stocks which are heavily owned by institutional money managers can be targets of ”window dressing” at the end of a quarter.

Window dressing is a tactic where portfolio managers sell their worst performing stocks and buy more of their best performing stocks into the end of the quarter. When they report the quarter-end holdings of their portfolios, after a little window dressing, they tend to look a little smarter when they have a book of nicely performing stocks, after purging the weaker performers.

At, what’s most interesting about this practice to us is that it can create an opportunity for us to buy billionaire-owned stocks at a price cheaper than what the billionaire paid for his shares.

Below is a list of four of the highest conviction stocks of four of the top billionaire investors in the world. Each of the stocks listed got a little cheaper in the past couple of weeks, likely due to some mutual fund window dressing, along with a dose of some broad market risk aversion:

1) Qualcomm (QCOM) – Billionaire Barry Rosenstein’s activist hedge fund Jana Partners owns $2 billion worth of Qualcomm. It’s the fund’s largest holding. Jana paid around $66 to $68 for their QCOM shares. That’s about 10 % higher than what it is selling for today. Qualcomm dropped six straight days into the end of June, typical behavior of window dressing selling. Qualcomm now has 3.05% dividend yield and sells for just 14 times earnings with one of the best balance sheets of any S&P 500 company.

2) Monsanto (MON)- Billionaire Larry Robbins of Glenview Capital was named the number one hedge fund manager by Barron’s with a 57% annualized return over the past 3 years. Monsanto is Glenview Capital’s largest position, and the fund’s average cost for Monsanto is around $112 a share. That’s 5% higher than what Monsanto sells for today. Robbins stated at hedge fund conference that Monsanto could be worth $220, or a double from its price today.

3) Chesapeake Energy (CHK) – Billionaire Carl Icahn owns 11% of Chesapeake at $17 a share, and recently added to his stake in March at $14. Chesapeake has been hammered ever since. The stock is down 25% over the past month and 10% this week alone. CHK now has a 3.2% dividend yield and sells at just two-thirds of its $15.50 book value.

4) Micron Technology (MU) – Micron is David Einhorn’s second largest position in his hedge fund Greenlight Capital. Einhorn paid around $21 a share for his nearly $1 billion position. The stock now sells for $18.78 – about 11% cheaper than what Einhorn paid. MU sells for just 6 times earnings and 4 times cash flow. Micron looks like the classic window dressing stock as it dropped 22% over the past week., run by two veterans of the hedge fund industry, helps self-directed investors invest alongside the world’s best billionaire investors. By selecting the best ideas from the best billionaire investors and hedge funds, our exited stock investment recommendations have averaged a 27% gain since 2012.

How Predicted the Big Pop In Sarepta Therapeutics

The Carl Icahn Effect & How It Can Work For You

According to the Rob Copeland of the Wall Street Journal today, top hedge fund managers are beating the S&P by a huge margin this year.

The article notes that three billionaire hedge fund managers, David Tepper, Larry Robbins and John Paulson, are all up 10% or more after fees in 2015. That compares to a 3% return for the S&P 500.
Of that trio, Paulson is up an eye popping 19% year-to-date. That’s more than six times the return of the S&P 500. He’s done it by betting correctly on stocks like Time Warner Cable and Salix Pharmaceuticals, both of which were acquired for large premiums.

At we have been piggybacking the highest conviction stocks, ETFs and options of the world’s best billionaire hedge fund managers since 2012, and we’ve witnessed first-hand, the power of following the best ideas of the world’s greatest billionaire investors. Earlier this year, we followed Perceptive Advisors, a multi-billion dollar biotech specialist hedge fund, into Sarepta Therapeutics (SRPT). That stock is up 155% since early February.

Given the value of following the biggest and best, and given the hot hand that billionaires Tepper, Robbins and Paulson have had this year, let’s take a look at their most recent stocks picks:

1) Billionaire Larry Robbins of Glenview Capital has made huge returns on healthcare stocks this year, including a $200 million gain in one day when Humana announced that it was exploring a possible sale, and subsequently exploded higher in value. Robbins has two new healthcare picks, both of which he has said could double, Abbvie (ABBV) and Brookdale Senior Living (BKD).

2) Billionaire John Paulson, an M&A specialist with an incredible track record of buying stocks right before they get acquired, has initiated a new stake in AIG (AIG). He also recently added to his position in T-Mobile (TMUS), a stock that has constantly been rumored as a takeover target.

3) Billionaire David Tepper who recently made a bold bet on the broad stock market, buying a billion dollar worth of call options on the Nasdaq 100 (QQQ) and the S&P 500 (SPY), has added two new notable stocks to his portfolio recently, Micron Technology (MU) and Jet Blue Airways (JBLU).

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At, we’ve studied the track records of hundreds of billionaire investors and billion-dollar hedge funds. And one man stands above the rest, as the best investor of all-time.

I’m sure most would consider Warren Buffett to be the best investor ever. But the numbers tell a different story. In fact, the greatest investor of all-time is billionaire activist investor Carl Icahn.

Incredibly, both Icahn and Buffett have been building their respective investment empires for close to five decades. And more incredibly, they remain at the top of their profession.

Icahn has, unequivocally, shown superior skill as an investor.

Consider this: Icahn has returned 31% annualized since 1968. That would turn every $1,000 invested with Icahn into $325 million today – an incredible number. Buffett, on the other hand, returned 19.5% annualized during virtually the same time period. Buffett’s growth rate over that length of time is indeed amazing too. But due to the power of compounding, the wealth creation of Buffett, from pure investment returns, pales in comparison to that of Icahn. Icahn’s investment skill has created $65 to every $1 created by Buffett.

So how has Icahn been able to outperform Warren Buffett (and the broad stock market) by so much and for so long?

Of course, Icahn is a dogged shareholder activist and often an agitator of corporate management. Key to his playbook is using power and influence to control his own destiny on stocks he invests in.

When we look strictly across the stocks in his portfolio, without necessarily the story-lines, we can see some portfolio traits that have made Carl Icahn the world’s greatest investor.

Trait #1: The media, mutual funds, CNBC, finance books — they all say having a high win rate is paramount to good investing. They tell you that the most important thing is being right. Like many widely accepted adages, it happens to be dead wrong. Billionaire iconic hedge fund investor, George Soros, says “it’s not whether you’re right or wrong, but how much money you make when you’re right and how much money you lose when you’re wrong.”

Over the past 20 years, the stocks in Icahn’s portfolio have a win rate only a tad bit better than a coin toss. But he puts himself in position, so that when he wins, he has the chance to win big! This is the concept of asymmetrical risk to return, a concept often found in the wealth creation of billionaires. They like to invest in opportunities with limited risk and huge potential return.

Among Icahn’s stocks, his winners were almost twice that of his losers.

Trait #2: Icahn became rich by taking concentrated bets throughout his career. As Buffett has famously said, “you only need one or two great ideas a year to get rich.” This is exemplified in Icahn’s portfolio. His big win on Netflix garnered a 463% return in just 12 months, between 2012 and 2013.

Trait #3: Patience is king. You don’t have to go to Harvard or have a Goldman Sachs investing pedigree to have patience. And many times, that can be the difference between making money and losing money in investing. Icahn has an average holding period of over two years.

Trait #4: Risk! When you hunt for big returns, you must be willing to accept drawdowns and losers. Icahn has multiple stocks over the past 20 years that have been full losers (i.e. they went to zero). But when you have a portfolio full of stocks with big potential, in the end the big winners can more than pay for the losers.

With these key themes in his portfolio, Icahn has achieved the greatest track record of any investor alive, and a net worth in excess of $25 billion along the way. And he has done it with a portfolio of stocks that most investors would likely run away from.

Want to invest like the greatest investor of all-time? According to his most recent 13F filings, Icahn’s five biggest stock positions (aside from his holding company) are Apple (AAPL), CVR Energy (CVI), eBAY (EBAY), Federal Modul Holdings (FDML) and Hologic (HOLX)., run by two veterans of the hedge fund industry, helps self-directed investors invest alongside the world’s best billionaire investors. By selecting the best ideas from the best billionaire investors and hedge funds, our exited stock investment recommendations have averaged a 31% gain since 2012.

How Predicted the Big Pop In Sarepta Therapeutics

The Carl Icahn Effect & How It Can Work For You

Billionaire investor Carl Icahn made news again this week, with an open letter to Apple’s CEO, Tim Cook. As most know, the “Icahn Effect” has been a powerful one for Apple shareholders. Since he first announced a stake in Apple in August of 2013, the stock has more than doubled. In fact, each time Icahn publicly talks about Apple, the stock tends to go up.

But this time, instead of following Icahn into Apple, there is a another Icahn-owned stock that offers more upside. Plus, it comes with an added bonus: You can buy it at a cheaper price than what Icahn paid for his shares.

Icahn initiated a position in Manitowoc (symbol MTW) in late 2014 at $20.03 a share. He then added to his position in early 2015 at $20.69 a share. The stock now sells for $19.75. So the world’s best investor just did all the work for you. By his actions, he’s telling us that he thinks Manitowoc is cheap at $20.40. And that’s almost a $1 more than where the stock trades today.

Icahn owns almost 8% of Manitowoc now. And in February the company agreed to Icahn’s demand to separate its two businesses into two different companies, one for its crane business and the other for its food service business. According to analysts, this separation will create value for shareholders and could reprice the stock to $30 a share — or 50% return from its share price today. In addition to the potential revaluation of MTW shares from the split of its business lines, MTW is cheap on its current valuation. The stock trades at just 14 times forward earnings.

So today, you can get an edge on the world’s best investor by buying Manitowoc at a cheaper price than he did. And he is working for you, as a vocal shareholder, to unlock potentially 50% more value in the stock. Not a bad deal. helps average investors invest alongside Wall Street billionaires. By selecting the best ideas from the best billionaire investors and hedge funds, our exited stock investment recommendations have averaged a 31% gain since 2012, beating even Carl Icahn’s record for the same period.

How to Invest Alongside Billionaire Investors without Having a Billion Dollars

Five Stocks Billionaires Think Can Double In Price


This past Friday was the deadline for the biggest-most influential investors in the world to publicly disclose their first quarter portfolio holdings to the SEC.

At, this quarterly event is our bread and butter. We scour through hosts of filings to uncover the best ideas from the world’s best investors. We want to know what they like and how convicted they are in their opinions. High conviction typically equals a very large stake. And just like stakeholders in companies tend to make good employees, large shareholders in companies tend to make good investors. They tend to fight relentlessly to get what they want, and need, from management, to turn their investment into a profitable one.

For insight into some of the highest conviction individual stocks owned right now, by the most powerful investors in the world, see my piece from last week (here). Today, I want to talk about the massive positions that have been taken by billionaire investors in ETFs and Options. As some of these investors have become so large, and as the investing environment has become so dependent on the macro picture, we have found that more and more of the biggest investors in the world are utilizing ETFs and options, in addition to individual stocks.

With that, here are the five biggest ETF and/or option positions we found at the top of our billionaire investor and hedge fund list.

1) One of the biggest and boldest option trades of the first quarter was made by billionaire hedge fund manager David Tepper. Tepper has perhaps the best track record over the past 20 years, returning close to 40% annualized, before fees. According to his recent filing, he initiated a more than $1.3 billion call option on stocks, via both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ). The notional value of this option position represents about one third of Tepper’s equity assets under management. This is no surprise, given he recently said he thinks the S&P 500 is still cheap and should return 15% this year. That’s another 11% from current levels.

2) Billionaire hedge fund manager Stephen Mandel of Lone Pine Capital took a $2 billion bearish option position (puts) on the euro ETF (FXE). The European Central Bank is in the early innings of a massive QE campaign, which, as the ECB chief Mario Draghi has explicitly said, tends to result in a falling exchange rate.

3) Billionaire global macro hedge fund manager Louis Bacon of Moore Capital Management reported a $1 billion+ call option on the S&P 500 ETF (SPY). This is another example of a top billionaire hedge fund manager taking a levered bet that the stock market will resume climbing.

4) Billionaire John Paulson, who is having an excellent 2015, reported a $1.1 billion call option on gold through the SPDR Gold Shares ETF (GLD). Paulson has been a long-term bull on gold.

5) Hedge fund manager Michael Masters of The Marlin Fund, reported two huge option positions according to his SEC filing. Masters was recently named by Barron’s as one of the top three performing hedge funds over the past three years, returning 42% annualized. According to his recent SEC filing, The Marlin Fund has a nearly $600 million call option in Citi (C), and a $193 million call option on UPS (UPS). Masters is very bullish on stocks. He also had $105 million call option on the Nasdaq 100 ETF (QQQ). helps average investors invest alongside Wall Street billionaires. By selecting the best ideas from the best billionaire investors and hedge funds, our exited stock investment recommendations have averaged a 31% gain since 2012, beating even Carl Icahn’s record for the same period.

Last week a roster of the best and most influential investors in the world gave us a glimpse into their minds and their portfolios. Once a year, the heavy weights of the investing world converge on Lincoln Center in the Upper West side of New York City to give their money, their time and some of their best investment ideas, to raise money for pediatric cancer. The Sohn Investment Conference has raised more than $50 million since 1995. And it’s become an event that moves markets.

That was Monday. Later in the week, many of the same billionaire investors made their way West to Las Vegas for the seventh annual SALT Conference. The SALT Conference has become the Super Bowl week of the alternative investment world, headlined by virtually every big influential investor and many heavyweight politicos, including former Chairman of the Federal Reserve, Ben Bernanke.

Why do we care what these billionaire investors have to say?

Because they have the power to influence outcomes, which means their best ideas tend to be very profitable ideas. And with that, it tends to be quite lucrative to follow the lead of these investors. In fact, over the past year, three of the top billionaire investors in the world have said as much — either explicitly or implicitly telling us that investing alongside them is a good idea.

In August of last year, billionaire Bill Ackman said in his quarterly investor letter that “free riders” can follow him “with none of the costs or the illiquidity, and with all of the upside.”

That same month, billionaire Carl Icahn wrote a public essay, where he laid out the power of his “board effect” and how average investors could use it to their advantage. He said “if a person invested in each company on the date that the (Icahn) designee joined the Board and sold on the date that the Icahn designee left the Board they would have obtained an annualized return of 27%. “

Finally, this past week, billionaire Dan Loeb joined in, making the case for the value big influential investors offer to the average investor, saying they can “help power the powerless.”

At, following the best ideas from the world’s best billionaire investors is what we do. With that said, below are what we believe to be the five “best ideas” we heard last week from the world’s best billionaire investors:

1) Billionaire hedge fund manager Larry Robbins has returned 20% annualized (before fees) since 2000 vs. a 4.5% return for the S&P 500 during the same time period. Robbins talked up two stocks that he believes can double: Brookdale Senior Living (BKD) and Abbvie (ABBV). BKD is a play on the aging population of America. Robbins said “demographics are easier than macroeconomics, and the easiest thing to bet on is an aging population.” Brookdale is the largest nursing home company in the country. It owns the majority of its own real estate, or about $28 a share worth, according to Robbins. This means you are getting Brookdale’s business for just $7 a share. The other stock Robbins floated a potential double was Abbvie (ABBV). He said Abbvie is “trading relatively cheap” with a drug pipeline that is underappreciated and it’s difficult for competitors to make generic versions.

2) Billionaires Dan Loeb and Carl Icahn protégé, Keith Meister admitted to owning a combined $2.5 billion worth of YUM Brands (YUM). Loeb likes Yum as a cheap play on China, and Meister likes Yum as an activist play. He believes if Yum spins off its Chinese operations, the stock could be worth as much as $160 a share, or a 75% return from its share price today. Meister also said this was the biggest position his fund has ever taken in a stock.

3) Billionaire Barry Rosenstein of the $12 billion activist hedge fund Jana Partners said that it had taken a $2 billion stake in Qualcomm (QCOM). Rosenstein went further to say this was the biggest position his fund had ever taken. Rosenstein believes Qualcomm is undervalued and that the company needs to ramp up its stock buyback program as well as split off its chipset unit, either of which could drive the stock price dramatically higher.

4) Billionaire hedge fund manager David Tepper, who has returned around 40% before fees over the past 20 years, was very bullish on stocks, in general. Tepper said it’s hard enough to fight one Fed (the U.S. Federal Reserve) but to fight 4 Feds/central banks is impossible. Tepper believes the S&P 500 can return 15% this year. Tepper’s biggest position in his hedge fund is General Motors (GM). Tepper owns a billion dollars plus of GM and has successfully pushed for GM to buy back more than $10 billion of its own stock.

5) Noticeably absent at the two high profile investor conferences last week was billionaire Carl Icahn, arguably the best investor alive. Icahn could, however, be preparing to shock the investing world this week, on his own time. Icahn tweeted on April 28, that Apple (AAPL) is “still undervalued” and that we should expect another in-depth report from him on Apple “within two weeks.” Remember Icahn has said Apple is worth as much as $216 a share or a 76% return from its share price today. helps average investors invest alongside Wall Street billionaires. By selecting the best ideas from the best billionaire investors and hedge funds, our exited stock investment recommendations have averaged a 31% gain since 2012, beating even Carl Icahn’s record for the same period.


Over the past six months, energy prices have taken a dramatic fall. The price of oil traded as low as $42, nearly half of its value just last November. And natural gas dropped by almost 40%.

As such, stocks with high exposure to these key commodities, particularly producers, have been hammered.

But oil is on the rebound now, giving oil stocks a big bounce. And natural gas, looks like it might be next. So which stocks are best positioned to win from a bounce in natural gas?

First, there are a few interesting things to consider when speculating on a bounce in natural gas.

Natural gas currently trades just around $2.50. If we look back on the long term chart of natural gas, the time spent under $2.50 has historically been limited. Over the past 15-years, each of the four times the commodity spent time below $2.50, it followed with a rebound back above $6.

Also, with coal still representing the majority of fuel used to generate electricity, there are forthcoming new Environmental Protection Agency rules that will force power companies to switch from coal to natural gas as early as this summer, creating instant demand for natural gas.

Finally, perhaps the greatest energy trader of all-time, and self-made billionaire T. Boone Pickens, has recently said he thinks we will see $6 natural gas again.

If he’s right, and natural gas bounces back to levels last seen just over a year ago, many small and mid-cap natural gas stocks are in position to triple, by returning to levels these stocks traded when natural gas was last $6.

Below are five stocks that could triple if Pickens is right about natural gas:

1) Exco Resouces (XCO) – Billionaires Wilbur Ross, Howard Marks and Prem Watsa own more than 40% of this stock. When natural gas was last $6, XCO was trading at $6 or 215% higher than current levels.

2) SandRidge Energy (SD)- Billionaire hedge fund managers, Leon Cooperman and Prem Watsa own almost 17% of SandRidge. This stock traded above around $7 in April of 2014, when natural gas was $6. That’s 266% higher than its current share price today.

3) Stone Energy (SGY) – SGY was around $40, or 150% higher than current levels, last time natural gas was $6.

4) Halcyon Resources (HK) – If natural gas prices go back to $6, HK should be worth almost $4.50 a share. That’s a triple from its current price of $1.44.

5) Chesapeake Energy (CHK) – Billionaire Carl Icahn owns nearly 20% of Chesapeake, after buying more of the stock last month, when the stock dipped to $13 a share. Chesapeake is one of the biggest natural gas producers in the United States and therefore the purest play of any stock on rising natural gas prices. Chesapeake also has over $4 billion in cash, after selling assets late last year. Chesapeake could double on natural gas prices returning to $6. helps average investors invest alongside Wall Street billionaires. By selecting the best ideas from the best billionaire investors and hedge funds, our exited stock investment recommendations have averaged a 31% gain since 2012, beating even Carl Icahn’s record for the same period.


At we strive to curate the best ideas from the world’s best billionaire investors and hedge funds. Many of the richest investors primarily pursue situations where they believe they can influence change in a company, and subsequently create tremendous value for shareholders.

Below are five stocks owned by billionaire investors, each of which the investor involved has projected to double in price, or better:

1) Hertz (HTZ) – Billionaire Barry Rosenstein, head of the activist hedge fund Jana Partners, recently said at an investing conference that he believes Hertz shares could triple in price. Rosenstein said Hertz could buy back as much as 20 percent of its shares, which would double earnings per share and cause the stock to triple.

2) Monsanto (MON) – Billionaire Larry Robbins of the hedge fund Glenview Capital Management recently said Monsanto could be worth as much as $250 to $300 a share, which would mean a return of 100% to 150% from its share price today.

3) Navistar (NAV) – Billionaire money manager, Mario Gabelli recently said on CNBC that Navistar should double. He expects the truck maker’s business to improve as the economy improves. Billionaire Carl Icahn also owns a huge chunk of Navistar, almost 20% of the company.

4) Nuance (NUAN) – Icahn owns almost 19% of Nuance, and his son Brett Icahn is on the company’s board. The legendary billionaire activist investor tweeted that he believes Nuance, the creator of the Siri voice for Apple, could triple in price.

5) Platform Specialty Products Corporation (PAH) – Billionaire activist hedge fund manager, Bill Ackman, owns more than 22% of Platform Specialty Products – squarely in the driver’s seat. Recently, the CEO of Platform said in an interview that he believes PAH will sell for $200 a share one day. That would be more than a 600% return from its share price today. helps average investors invest alongside Wall Street billionaires. By selecting the best ideas from the best billionaire investors and hedge funds, our exited stock investment recommendations have averaged a 28% gain since 2012.


Stocks have been on a great run and with the European Central Bank and Bank of Japan pumping money into the global economy–picking up where the Fed left off–expect it to continue.

Given the low global inflationary environment and the ultra-easy global central bank activity, bond yields in the U.S. have remained subdued, despite the expectation that the Fed will be raising rates for the first time in nine years later this year. The 10-year note is yielding less than 1.9% this morning.

Meanwhile, we’re seeing a rare occurrence in stocks, and an extremely bullish one. For one of the few times in history, stock dividends are paying a yield greater than U.S. Treasurys. The yield on Dow stocks is 2.25% and the yield on S&P 500 stocks is 1.99%.
This positive yield differential for stocks has only happened five other times in history; each time stocks went up big one-month and three-months later.

If that’s not enough, April happens to be the single best month for Dow stocks over the past 50-years.
With this all in mind, here are a few ways to play it:

You could buy the Dow Jones Industrials Average ETF (DIA) or the three times leveraged Dow ETF (UDOW). Or, our favored way at is to invest alongside an influential investor that has huge skin in the game. This gives you an extra layer of protection, a fellow shareholder that has the power and influence to control his own destiny. With that, you could buy these four Dow component stocks, each controlled by one of the top billionaire investors in the world:

1) Apple: Billionaire activist legend Carl Icahnowns Apple. He says it’s worth $200, and he’s recently been adding to his position. Apple has multiple catalysts in April. The company is launching its watch. Apple reports earnings this month, where we could potentially see another stock buyback announcement and/or an increase its dividend.

2) Dupont: Billionaire activist investor Nelson Peltz has nearly 20% of his hedge fund’s assets in Dupont. He owns nearly 1.8% of the company and has asked Dupont to grant him and his team Board seats, as he wants DuPont broken up to unlock value.

3) Dow Chemical: Billionaire activist hedge fund manager Dan Loeb is also agitating for change at Dow. Loeb owns more than $1 billion of Dow shares and the company has just agreed to split off its chlorine business, a byproduct of Dan Loeb’s activist efforts.

4) Coke: Everyone knows Warren Buffett owns Coke. The interesting part is that Buffett has recently orchestrated a huge merger between two of the largest big-brand food companies, Heinz and Kraft. Kraft shareholders made a 35% premium on their shares overnight. Applying the same takeover multiple to Coke, Coke could be worth as much 40% on a private equity buyout. helps average investors invest alongside Wall Street billionaires. By selecting the best ideas from the best billionaire investors and hedge funds, our exited stock investment recommendations have averaged a 31% gain since 2012, beating even the great Carl Icahn’s record for the same period.


Billionaire investor, Bill Ackman, CEO of Pershing Square Capital Management, has one of the best investing track records in the world.
When you add back fees, Ackman has returned 1,199% since starting his fund in 2004. That compares to 119% in the S&P 500 for the same period. That’s ten times better than the S&P 500.

His short position on Herbalife has been very well documented. In his interview with Bloomberg on Thursday, he said “it will” go to zero, and he confidently said his fund is “very short.” This comes after the stock has halved since July of last year.

A billionaire face-off on Herbalife started early 2013, following a presentation by Ackman at the Ira Sohn investment conference in New York, where he made the case for his Herbalife short. It included the accusation that Herbalife was running a ponzi-scheme. At that time, the stock was trading the mid $30s. Months later, billionaires Dan Loeb and Carl Icahn both took shots at Ackman’s thesis, and took long positions in the stock, attempting to squeeze Ackman. It worked, for a while. The stock ultimately ran up to $81 in January of 2014.

Ackman says they “bought a lot of put options” on that run up, “in the $70s and $80s.” Now HLF shares are trading back in the $30s, and Ackman says it’s a race to the bottom. He thinks the stock will either hit zero or the government will step in before that, and shut them down.

At this point, Ackman’s campaign against Herbalife is looking quite good.

Love him or hate him, Ackman is one of the best performing investors on the planet, and for average investors, his portfolio might be one of the easiest to replicate. We know about his Herbalife position. Here’s a look at the seven publicly reported core holdings of Ackman’s $18+ billion Pershing Square fund, as of its recent SEC disclosures. These are positions where Pershing owns more than 5% of a company:

Allergan AGN NaN% (AGN) – AGN represents 34% of his portfolio. He has a $6 billion stake in the company.

Air Products & Chemicals APD +0.72% (APD) – APD represents 17% of his portfolio. He has a $3.1 billion stake.

Canadian Pacific Rail (CP) – CP represents a 14% of his portfolio. He has a $2.6 billion stake.

Burger King Worldwide, Inc. (BKW) – BKW represents 8.5% of his portfolio. He has a stake worth $1.1 billion.

Platform Specialty Products Corp (PAH) – PAH represents 5% of his portfolio. He has a stake worth about $940 million.

The Howard Hughes Corporation (HHC) – HHC represents 3% of his portfolio. He has a stake of $510 million.

Zoetis Inc. (ZTS) – ZTS is a relatively new addition to his portfolio. According Pershing’s recent 13d filing, it has a stake representing about 10% of the Pershing portfolio, or a position valued at about $1.8 billion.

Ackman’s Pershing Square fund also holds small stakes in Fannie and Freddie Mac, as well as at least two undisclosed small positions. But Ackman has more than 75% of his fund’s money in just four stocks – long positions. That shows extraordinary conviction, and it also means he can’t afford to lose. That conviction and confidence is present only because he has the ability to gain control of, and influence on, the companies he invests in. helps average investors invest alongside Wall Street billionaires. By selecting the best ideas from the best billionaire investors and hedge funds, our exited stock investment recommendations have averaged a 31% gain since 2012.