Thursday, September 16, 2010

Soros Makes Big Addition to Massey Energy Position

George Soros is a legendary investor so its natural a good sign when somebody like him buys into a stock in your portfolio in a big way. During Q2, Soros Management Fund bought 1.7M shares of Massey Energy (MEE) for a total position of 2.2M shares.

Anybody following this blog knows that MEE hit our radar after its huge drop following the mine explosion in April. See Buy the Other Disaster Stock for more details. MEE remains a very cheap stock having recovered very little from that post explosion drop so far.

According to Tickerspy.com Soros Fund Management was busy buying the following stocks in Q2. Looks like a big focus on material and ag stocks:

Soros Fund Management was adding to positions in agriculture giant Monsanto Company (NYSE: MON - News) and energy plays InterOil Corporation (NYSE: IOC - News) and Massey Energy Company (NYSE: MEE - News). The firm also hiked its bet on consumer technology giant Apple (NASDAQ: AAPL - News) and pharmacy CVS Caremark (NYSE: CVS - News).

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