📊 Michael Burry's Stock Portfolio

1) David Tepper's Stock Portfolio 2) Warren Buffett’s Stock Portfolio 3) John Armitage’s Stock Portfolio and more!

Author

Carbon Finance
February 17, 2025

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Happy Monday!

Hope you all had a great weekend—especially those who got a well-earned extra day off.

This week, Jerome Powell made it clear he's in no rush to cut rates, and it’s easy to see why.

  • CPI came in hotter than expected for both headline and core inflation, signaling price pressures remain sticky.

Now, the reality of higher for longer is setting in.

Meanwhile, last Friday marked the 13F deadline, where billionaires and money managers with $100M+ in AUM disclosed their latest holdings.

  • These filings give us a rare glimpse into their biggest moves and portfolio changes.

Below, I’ll be breaking down five key portfolios—plus my quick thoughts on their most notable trades.

Some key data bites from this week that you should know:

In today’s newsletter:

  • 🇹🇳 David Tepper’s Stock Portfolio

  • ⛔ Guy Spier’s Stock Portfolio

  • 💰 John Armitage’s Stock Portfolio

  • 🐐 Warren Buffett’s Stock Portfolio

  • 💄 Michael Burry’s Stock Portfolio

Let’s jump right in.

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  • Buys: $GLW

  • Adds: $VST, $ASML, $NRG, $EXE, $JD, $LRCX, $KWEB, $BABA, $BEKE, $MU, $FXI, $NVDA, $BIDU, $UBER, $AMD, $CZR, $PDD

  • Reduced: $INTC, $EQT, $AR, $LVS, $WYNN, $TSM, $ET, $META, $AMZN, $LYFT, $ORCL, $FDX, $GOOG

  • Sold: $ADBE

*Notable Changes:

David Tepper was fairly active in Q4, making a series of notable moves.

He recently declared he was going all-in on China, and he backed it up.

  • Alibaba, already his top position at 16% of his portfolio, was increased by another 18%.

  • Tepper also added to his stakes in Pinduoduo, JD, Baidu, and the iShares China Large Cap ETF.

His biggest portfolio shift?

  • Doubling down on Vistra Corp, increasing his stake by 113%, now making up 5.76% of his holdings.

On the flip side, he completely exited Adobe and trimmed his positions in Amazon, Meta, and Oracle.

  • Buys: N/A

  • Adds: N/A

  • Reduced: N/A

  • Sold: N/A

*Notable Changes:

If you’re unfamiliar with Guy Spier, he’s a well-known value investor—best known for bidding $650K alongside Mohnish Pabrai in 2008 for a charity lunch with Warren Buffett.

  • And he’s a true Buffett disciple, with nearly 30% of his portfolio invested in Berkshire Hathaway’s Class A and B shares.

One thing stands out from his Q4 activity: nothing changed.

  • No buys, no sells, no trims. Spier is letting his winners run, staying true to Buffett’s long-term philosophy.

  • Buys: $COF, $CME, $LLY, $LAD, $ICE, $LPLA, $HDB, $HHH

  • Adds: $IBN, $ACGL, $GE, $FLUT, $MSFT, $PGR

  • Reduced: $BKNG, $MLM, $FCNCA, $GOOG, $IBKR, $MA, $RNR, $V, $META, $AMZN, $GEHC, $CP, $FI, $ERJ, $CRH, $ARMK

  • Sold: $SN, $CB, $AAPL, $VRTX, $FSLR, $HLT, $GEV, $UBER

*Notable Changes:

Unlike Guy Spier, billionaire John Armitage was busy in Q4, making over 35 different trades.

What stood out?

  • He slashed his Alphabet stake by 55% and cut First Citizens Bancshares by 59%.

  • He also completely exited Uber and GE Vernova.

On the buy side, Armitage made some notable additions, picking up Capital One, CME Group, and Eli Lilly—a broad mix across different industries.

  • Buys: $STZ

  • Adds: $DPZ, $POOL, $SIRI, $VRSN, $OXY

  • Reduced: $C, $NU, $CHTR, $COF, $BAC, $FWONK, $TMUS, $LPX

  • Sold: $ULTA, $SPY, $VOO

*Notable Changes:

In Q4, Buffett’s biggest trims were in Bank of America and Citigroup, cutting them by 15% and 74%, respectively.

He also fully exited his positions in SPY and VOO, two ETFs tracking the S&P 500, as well as Ulta Beauty, which he had already slashed by 96% in Q3 after entering in Q2.

  • However, these moves had a minimal impact on the overall portfolio.

One notable addition?

  • A new $1.2B stake in Constellation Brands, though it now makes up just 0.47% of Berkshire’s holdings.

And for Apple bulls, good news—Buffett didn’t sell a single share in Q4, breaking a streak of four straight quarters of trimming.

For smaller positions, it’s likely that Berkshire’s other money managers, Todd Combs or Ted Weschler, made the trades, but there’s no direct insight into who executed them.

  • Buys: $EL, $PDD, $HCA, $BRKR, $VFC, $MAGN, $OSCR, $GOOS

  • Adds: $ACIC

  • Reduced: $JD, $BABA, $MOH

  • Sold: $FOUR, $OLPX, $REAL

*Notable Changes:

Few investors capture headlines like Michael Burry, known for his bearish stances and contrarian bets.

One example?

  • Burry took a swing at EstĂ©e Lauder, a stock that’s plummeted over 80% since its December 2021 peak.

  • The cosmetics giant now makes up 9.7% of his portfolio.

Another interesting move—he bought Pinduoduo, now 9.39% of his portfolio, while trimming his stakes in Alibaba and JD.

  • Even after the reductions, Chinese equities still make up 53% of his total holdings, demonstrating he still appears bullish on China.

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đŸ™…â€â™‚ïž DeepSeek Disputed. Google’s AI Chief said DeepSeek’s cost claims are exaggerated and misleading - BB

🚕 Lyft’s Leap. Lyft is planning to launch fully autonomous robotaxis as soon as 2026 - TC

đŸ€ Apple x Alibaba. Apple has partnered with Alibaba to bring Apple Intelligence to iPhone users in China - TI

đŸ’Ÿ Breaking Away. OpenAI is planning to reduce its reliance on Nvidia and develop its own in-house AI silicon chip - R

đŸ€– Quantum Alpha. A hedge fund startup has outperformed the market in its first six months after replacing analysts with AI - BB

💾 Debt Reckoning. Ray Dalio warned the Trump administration that failing to slash U.S. debt could trigger an economic heart attack - CNBC

Courtesy of our paid partner, EarningsHub.

Notable Companies Reporting Earnings Week of February 17th, 2025:

I use EarningsHub to track earnings, estimates, and receive AI summaries of investor calls.

If you’d like an all-in-one earnings tool and see all other companies reporting, I definitely recommend you check it out!

Major Trades Published 2/10 - 2/14. Trades may be those of family members. [Source: 2iQ]

Buys

  • Michael McCaul (R)

    • Company: Humana ($HUM)

      • Amount Purchased: $115K - $300K

    • Company: CVS Health ($CVS)

      • Amount Purchased: $100K - $250K

    • Company: Arthur J. Gallager & Co ($AJG)

      • Amount Purchased: $100K - $250K

    • Company: Genuine Parts Co ($GPC)

      • Amount Purchased: $100K - $250K

Sells

  • Michael McCaul (R)

    • Company: Fidelity National Information Services ($FIS)

      • Amount Sold: $250K - $500K

    • Company: Apple ($AAPL)

      • Amount Sold: $165K - $400K

    • Company: Adobe ($ADBE)

      • Amount Sold: $100K - $250K

    • Company: Beacon Roofing Supply ($BECN)

      • Amount Sold: $100K - $250K

  • Tony Wied (R)

    • Company: Smartsheet ($SMAR)

      • Amount Sold: $100K - $250K

Major Trades Published 2/10 - 2/14

Buys

  • TKO Group Holdings ($TKO)

    • Insider: Ariel Emanuel (CEO)

      • # of Shares Purchased: 390,471

      • $ Amount: $68,128,471

      • SEC Forms: [1]

  • Sionna Therapeutics ($SION)

    • Insider: Peter Thompson (Director)

      • # of Shares Purchased: 550,000

      • $ Amount: $9,900,000

      • SEC Forms: [1]

  • CompoSecure ($CMPO)

    • Insider: John Cote (Director)

      • # of Shares Purchased: 646,893

      • $ Amount: $9,986,150

      • SEC Forms: [1]

    • Insider: Thomas Knott (Director)

      • # of Shares Purchased: 646,893

      • $ Amount: $9,986,150

      • SEC Forms: [1]

Sells

  • Doximity ($DOCS)

    • Insider: Jeffrey Tagney (CEO)

      • # of Shares Sold: 1,003,891

      • $ Amount: $75,693,686

      • SEC Forms: [1]

  • The Trade Desk ($TTD)

    • Insider: Jeffrey Green (President and CEO)

      • # of Shares Sold: 400,000

      • $ Amount: $48,271,897

      • SEC Forms: [1]

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