Head-to-head comparison

Seth Klarman vs Stephen Mandel

Seth Klarman

Baupost Group

Q9/10

"Margin of safety. Cash is a position. Patience pays."

6 positionsSince 1982

Stephen Mandel

Lone Pine Capital

Q9/10

"Long-only growth at a reasonable price. Deep research. Tiger Cub."

5 positionsSince 1997

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Recent moves — Q2 2026

Latest quarter activity for each manager.

Seth Klarman

NCLHADD +113%
CMENEW
AXTANEW
PSNEW
GPCADD +89%
GDSADD +24%
AMZNADD +20%
GOOGADD +16%
WTWEXIT
PCVXEXIT
WCCREDUCE -54%
EXPREDUCE -41%
LBTYKREDUCE -36%
UNPREDUCE -23%
DNOWREDUCE -23%
QSRREDUCE -16%
TFXREDUCE -12%
COLDREDUCE -12%
AONREDUCE -11%

Stephen Mandel

CVNAADD +500%
NBISNEW
STXNEW
HDNEW
AMATNEW
LINNEW
STRLNEW
TTMINEW
ONONNEW
BTDRNEW
SHAZNEW
KGSNEW
IBKRNEW
SENEW
VADD +79%
MDLNADD +78%
PFGCADD +47%
USFDADD +29%
NUADD +24%
WULFADD +21%

+ 28 more moves this quarter (showing the 20 highest-conviction)

Data sourced from 13F filings with the SEC. Overlap in top positions is a concrete consensus signal, not investment advice.

Deep dive

Reading for your research

Optional background reading on interpreting company disclosures and investing methods. These books do not validate a signal or predict returns.

Amazon affiliate links — as an Amazon Associate, HoldLens earns from qualifying purchases and membership trials at no extra cost to you. These are books we genuinely recommend. Not investment advice; always do your own research.

Benjamin Graham

The Intelligent Investor

The foundational text. Buffett calls it 'by far the best book about investing ever written.'

See price on Amazon

Benjamin Graham & David Dodd

Security Analysis

The deep dive behind The Intelligent Investor — how to actually read a filing and value a business.

See price on Amazon

See the full investing reading list