A quick look at institutional buying in June has shown that “sell in May and go away” may not apply to you… #-ad_banner-#At least, not if your net worth is in the 10 figures. While many funds pull away from the markets during the summer lull (as my colleague David Sterman outlined in May), a subset of billionaires has continued to build new or existing positions in stocks surrounding the red-hot energy sector — and big ones, at that. Billionaire fund managers Leon Cooperman, Barry Rosenstein and Mario Gabelli have been putting their buying power to work in… Read More
A quick look at institutional buying in June has shown that “sell in May and go away” may not apply to you… #-ad_banner-#At least, not if your net worth is in the 10 figures. While many funds pull away from the markets during the summer lull (as my colleague David Sterman outlined in May), a subset of billionaires has continued to build new or existing positions in stocks surrounding the red-hot energy sector — and big ones, at that. Billionaire fund managers Leon Cooperman, Barry Rosenstein and Mario Gabelli have been putting their buying power to work in the past few weeks, according to 13G and 13D filings submitted to the SEC in June. The regulator requires these documents to be submitted when an investment firm has acquired greater than 5% of a stock’s outstanding shares, which is considered significant ownership in the SEC’s eyes. These gurus have histories of successful stock-picking and have now focused their buying on companies with strong ties to the commodity sector. Let’s take a closer look at the stocks they’re targeting. Nordic American Offshore (NYSE: NAO ) Last week, Cooperman of Omega Advisors said he had acquired about 4.9 million shares… Read More