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Reversals · when smart money changes its mind

Who changed their mind?

Across HoldLens’s 8-quarter archive, 243 reversals are comebacks — the manager exited the name and then opened a fresh position later. 915 are whipsaws — the thesis broke within a few quarters of the entry.

Dataroma doesn’t mark either. HoldLens keeps the action history, so a manager walking BACK an exit is visible as what it is: the second-hardest decision in professional investing, after the first entry. Comebacks are rare and loud.

243
Comebacks (exit → new)
915
Whipsaws (new → exit)
1158
Total reversals
Comebacks · second bite

They sold it. Then they bought it back.

The rarest pattern. An experienced manager returning to a name they already walked away from is admitting the first exit was wrong — or spotting a setup that matured. Either way, it’s a conviction signal.

#1
Stephen Mandel· Lone Pine Capitalq9
6Q gap·−8
BKNG logoBKNG
BOOKING HOLDINGS INC
exit· Q4 2024· 0.0% booknew· Q2 2025· 2.5% bookexit· Q2 2026· 0.0% book
#2
Howard Marks· Oaktree Capitalq9
6Q gap·+26
BABA logoBABA
ALIBABA GROUP HOLDING LTD
exit· Q4 2024· 0.0% booknew· Q2 2025· 0.1% bookexit· Q3 2025· 0.0% booknew· Q2 2026· 0.0% book
#3
Joel Greenblatt· Gotham Asset Managementq8
6Q gap·−8
IMVT logoIMVT
IMMUNOVANT INC
exit· Q4 2024· 0.0% booknew· Q2 2026· 0.0% book
#4
Joel Greenblatt· Gotham Asset Managementq8
6Q gap·−7
NIO logoNIO
NIO INC
exit· Q4 2024· 0.0% booknew· Q2 2026· 0.0% book
#5
Joel Greenblatt· Gotham Asset Managementq8
6Q gap·−5
SMHI logoSMHI
SEACOR MARINE HLDGS INC
exit· Q4 2024· 0.0% booknew· Q2 2026· 0.0% book
#6
Joel Greenblatt· Gotham Asset Managementq8
6Q gap·−7
TAL logoTAL
TAL EDUCATION GROUP
exit· Q4 2024· 0.0% booknew· Q1 2025· 0.0% bookexit· Q3 2025· 0.0% booknew· Q2 2026· 0.0% book
#7
Joel Greenblatt· Gotham Asset Managementq8
6Q gap·−6
PKST logoPKST
PEAKSTONE REALTY TRUST
exit· Q4 2024· 0.0% booknew· Q2 2025· 0.0% bookexit· Q2 2026· 0.0% book
#8
Andreas Halvorsen· Viking Global Investorsq8
6Q gap·−21
AAPL logoAAPL
APPLE INC
exit· Q4 2024· 0.0% booknew· Q1 2026· 2.6% bookexit· Q2 2026· 0.0% book
#9
Polen Capital· Polen Capital Managementq8
6Q gap·−1
BIL logoBIL
SPDR SER TR
exit· Q4 2024· 0.0% booknew· Q1 2025· 0.0% bookexit· Q2 2025· 0.0% booknew· Q1 2026· 0.0% bookexit· Q2 2026· 0.0% book
#10
Glenn Greenberg· Brave Warrior Advisorsq7
6Q gap·−9
TXN logoTXN
TEXAS INSTRS INC
exit· Q4 2024· 0.0% booknew· Q2 2025· 0.0% bookexit· Q3 2025· 0.0% booknew· Q2 2026· 0.0% book
#11
Glenn Greenberg· Brave Warrior Advisorsq7
6Q gap·−8
APO logoAPO
APOLLO GLOBAL MGMT INC
exit· Q4 2024· 0.0% booknew· Q1 2026· 0.0% bookexit· Q2 2026· 0.0% book
#12
Stephen Mandel· Lone Pine Capitalq9
5Q gap·+2
BTDR logoBTDR
BITDEER TECHNOLOGIES GROUP
exit· Q1 2025· 0.0% booknew· Q2 2026· 0.7% book
#13
Stephen Mandel· Lone Pine Capitalq9
5Q gap·−5
SPOT logoSPOT
SPOTIFY TECHNOLOGY S A
exit· Q1 2025· 0.0% booknew· Q4 2025· 0.1% bookexit· Q2 2026· 0.0% book
#14
Stanley Druckenmiller· Duquesne Family Officeq9
5Q gap·−6
PANW logoPANW
Palo Alto Networks Inc
exit· Q1 2025· 0.0% booknew· Q2 2026· 0.8% book
#15
Seth Klarman· Baupost Groupq9
5Q gap·−10
FIS logoFIS
FIDELITY NATL INFORMATION SV
exit· Q4 2024· 0.0% booknew· Q1 2025· 7.5% bookexit· Q3 2025· 0.0% booknew· Q4 2025· 5.7% bookexit· Q1 2026· 0.0% book
#16
Howard Marks· Oaktree Capitalq9
5Q gap·+8
YPF logoYPF
YPF SA
exit· Q4 2024· 0.0% booknew· Q2 2025· 0.2% bookexit· Q3 2025· 0.0% booknew· Q1 2026· 0.7% book
#17
Joel Greenblatt· Gotham Asset Managementq8
5Q gap·−9
STAA logoSTAA
STAAR SURGICAL CO
exit· Q1 2025· 0.0% booknew· Q3 2025· 0.0% bookexit· Q1 2026· 0.0% booknew· Q2 2026· 0.0% book
#18
Joel Greenblatt· Gotham Asset Managementq8
5Q gap·+4
MAMA logoMAMA
MAMAS CREATIONS INC
exit· Q1 2025· 0.0% booknew· Q1 2026· 0.0% bookexit· Q2 2026· 0.0% book
#19
Andreas Halvorsen· Viking Global Investorsq8
5Q gap·−27
GOOGL logoGOOGL
ALPHABET INC
exit· Q1 2025· 0.0% booknew· Q4 2025· 2.2% bookexit· Q2 2026· 0.0% book
#20
Polen Capital· Polen Capital Managementq8
5Q gap·−5
CPA logoCPA
COPA HOLDINGS SA
exit· Q1 2025· 0.0% booknew· Q2 2026· 0.0% book
#21
Polen Capital· Polen Capital Managementq8
5Q gap·−7
ETSY logoETSY
ETSY INC
exit· Q1 2025· 0.0% booknew· Q2 2026· 0.0% book
#22
Tom Slater· Baillie Gifford (Long Term Global Growth)q8
5Q gap·−23
AMD logoAMD
Advanced Micro Devices Inc
exit· Q1 2025· 0.0% booknew· Q2 2026· 0.0% book
#23
Tom Slater· Baillie Gifford (Long Term Global Growth)q8
5Q gap·+1
INTC logoINTC
Intel Corporation
exit· Q4 2024· 0.0% booknew· Q1 2026· 0.0% book
#24
Michael Burry· Scion Asset Managementq7
5Q gap·0
BRKR logoBRKR
BRUKER CORP
exit· Q1 2024· 0.0% booknew· Q4 2024· 5.7% bookexit· Q1 2025· 0.0% booknew· Q2 2025· 1.8% book
#25
Stephen Mandel· Lone Pine Capitalq9
4Q gap·−7
HUT logoHUT
HUT 8 CORP
exit· Q1 2025· 0.0% booknew· Q1 2026· 2.3% book
#26
Stephen Mandel· Lone Pine Capitalq9
4Q gap·+1
WULF logoWULF
TERAWULF INC
exit· Q1 2025· 0.0% booknew· Q1 2026· 2.3% book
#27
Stanley Druckenmiller· Duquesne Family Officeq9
4Q gap·+5
ARM logoARM
Arm Holdings Plc
exit· Q1 2025· 0.0% booknew· Q3 2025· 3.2% bookexit· Q4 2025· 0.0% booknew· Q1 2026· 0.5% book
#28
Howard Marks· Oaktree Capitalq9
4Q gap·−2
PBR logoPBR
PETROLEO BRASILEIRO SA
exit· Q2 2025· 0.0% booknew· Q1 2026· 2.0% bookexit· Q2 2026· 0.0% book
#29
Howard Marks· Oaktree Capitalq9
4Q gap·−22
INFY logoINFY
INFOSYS LTD
exit· Q1 2025· 0.0% booknew· Q4 2025· 0.3% bookexit· Q1 2026· 0.0% book
#30
Howard Marks· Oaktree Capitalq9
4Q gap·−16
LYV logoLYV
LIVE NATION ENTERTAINMENT INC
exit· Q4 2024· 0.0% booknew· Q4 2025· 0.1% book
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Whipsaws · thesis broke

They bought it. Then they walked.

Every professional investor gets these occasionally. The thesis didn’t pan out and the discipline to cut the position is the job. Worth reading as a reminder that even the best superinvestors change their minds.

#ManagerTickerEnteredExitedHeld
1Warren Buffett
q10 · Berkshire Hathaway
DPZQ3 2024Q1 20266Q
2Warren Buffett
q10 · Berkshire Hathaway
POOLQ3 2024Q1 20266Q
3Warren Buffett
q10 · Berkshire Hathaway
STZQ4 2024Q2 20266Q
4Stephen Mandel
q9 · Lone Pine Capital
COFQ4 2024Q2 20266Q
5Stanley Druckenmiller
q9 · Duquesne Family Office
COHRQ4 2024Q2 20266Q
6Stanley Druckenmiller
q9 · Duquesne Family Office
MSFTQ1 2024Q3 20256Q
7Stanley Druckenmiller
q9 · Duquesne Family Office
GOOGLQ4 2024Q2 20266Q
8Stanley Druckenmiller
q9 · Duquesne Family Office
DALQ4 2024Q2 20266Q
9Stanley Druckenmiller
q9 · Duquesne Family Office
TSLAQ4 2024Q2 20266Q
10Stanley Druckenmiller
q9 · Duquesne Family Office
LLYQ4 2024Q2 20266Q
11Stanley Druckenmiller
q9 · Duquesne Family Office
MUQ4 2024Q2 20266Q
12David Tepper
q9 · Appaloosa Management
GLWQ4 2024Q2 20266Q
13François Rochon
q9 · Giverny Capital
BIRKQ4 2024Q2 20266Q
14Joel Greenblatt
q8 · Gotham Asset Management
PFFAQ4 2024Q2 20266Q
15Joel Greenblatt
q8 · Gotham Asset Management
HAPNQ4 2024Q2 20266Q
16Joel Greenblatt
q8 · Gotham Asset Management
EWCZQ4 2024Q2 20266Q
17Joel Greenblatt
q8 · Gotham Asset Management
PPTAQ4 2024Q2 20266Q
18Joel Greenblatt
q8 · Gotham Asset Management
STKLQ4 2024Q2 20266Q
19Joel Greenblatt
q8 · Gotham Asset Management
TRVIQ4 2024Q2 20266Q
20Joel Greenblatt
q8 · Gotham Asset Management
WIXQ4 2024Q2 20266Q
21Andreas Halvorsen
q8 · Viking Global Investors
APTVQ4 2024Q2 20266Q
22Andreas Halvorsen
q8 · Viking Global Investors
QCOMQ4 2024Q2 20266Q
23Andreas Halvorsen
q8 · Viking Global Investors
LULUQ4 2024Q2 20266Q
24Andreas Halvorsen
q8 · Viking Global Investors
TWLOQ4 2024Q2 20266Q
25Chase Coleman
q8 · Tiger Global Management
ZSQ4 2024Q2 20266Q
26Chase Coleman
q8 · Tiger Global Management
CSGPQ4 2024Q2 20266Q
27Polen Capital
q8 · Polen Capital Management
PQ4 2024Q2 20266Q
28Polen Capital
q8 · Polen Capital Management
WSCQ4 2024Q2 20266Q
29Glenn Greenberg
q7 · Brave Warrior Advisors
ICLRQ4 2024Q2 20266Q
30Stanley Druckenmiller
q9 · Duquesne Family Office
CCCQ1 2025Q2 20265Q
31Stanley Druckenmiller
q9 · Duquesne Family Office
TWLOQ1 2025Q2 20265Q
32Stanley Druckenmiller
q9 · Duquesne Family Office
AALQ4 2024Q1 20265Q
33Howard Marks
q9 · Oaktree Capital
NOKQ1 2025Q2 20265Q
34Howard Marks
q9 · Oaktree Capital
UBERQ4 2024Q1 20265Q
35Howard Marks
q9 · Oaktree Capital
EXEELQ4 2024Q1 20265Q
36David Tepper
q9 · Appaloosa Management
AAPLQ1 2025Q2 20265Q
37David Tepper
q9 · Appaloosa Management
AVGOQ1 2025Q2 20265Q
38David Tepper
q9 · Appaloosa Management
LHXQ1 2025Q2 20265Q
39David Tepper
q9 · Appaloosa Management
DBQ1 2025Q2 20265Q
40François Rochon
q9 · Giverny Capital
ISRGQ4 2024Q1 20265Q
41Terry Smith
q9 · Fundsmith
GGGQ4 2024Q1 20265Q
42Dev Kantesaria
q9 · Valley Forge Capital
MSCIQ4 2024Q1 20265Q
43Dev Kantesaria
q9 · Valley Forge Capital
EFXQ4 2024Q1 20265Q
44Joel Greenblatt
q8 · Gotham Asset Management
AGNTQ1 2025Q2 20265Q
45Joel Greenblatt
q8 · Gotham Asset Management
BSVNQ1 2025Q2 20265Q
46Joel Greenblatt
q8 · Gotham Asset Management
INMDQ1 2025Q2 20265Q
47Joel Greenblatt
q8 · Gotham Asset Management
RUMQ1 2025Q2 20265Q
48Joel Greenblatt
q8 · Gotham Asset Management
FUNQ1 2025Q2 20265Q
49Joel Greenblatt
q8 · Gotham Asset Management
SKINQ1 2025Q2 20265Q
50Joel Greenblatt
q8 · Gotham Asset Management
NICEQ1 2025Q2 20265Q
51Joel Greenblatt
q8 · Gotham Asset Management
ARAYQ4 2024Q1 20265Q
52Joel Greenblatt
q8 · Gotham Asset Management
AXGNQ4 2024Q1 20265Q
53Joel Greenblatt
q8 · Gotham Asset Management
CALYQ4 2024Q1 20265Q
54Joel Greenblatt
q8 · Gotham Asset Management
CLBTQ4 2024Q1 20265Q
55Joel Greenblatt
q8 · Gotham Asset Management
GPGIQ4 2024Q1 20265Q
56Joel Greenblatt
q8 · Gotham Asset Management
HTHQ4 2024Q1 20265Q
57Joel Greenblatt
q8 · Gotham Asset Management
IRTCQ4 2024Q1 20265Q
58Joel Greenblatt
q8 · Gotham Asset Management
MAGNQ4 2024Q1 20265Q
59Joel Greenblatt
q8 · Gotham Asset Management
SGRYQ4 2024Q1 20265Q
60Joel Greenblatt
q8 · Gotham Asset Management
GPMTQ4 2024Q1 20265Q
61Andreas Halvorsen
q8 · Viking Global Investors
RACEQ1 2025Q2 20265Q
62Andreas Halvorsen
q8 · Viking Global Investors
DBQ1 2025Q2 20265Q
63Andreas Halvorsen
q8 · Viking Global Investors
AJGQ1 2025Q2 20265Q
64Andreas Halvorsen
q8 · Viking Global Investors
ROSTQ4 2024Q1 20265Q
65Andreas Halvorsen
q8 · Viking Global Investors
UNHQ4 2024Q1 20265Q
66Lee Ainslie
q8 · Maverick Capital
METAQ1 2025Q2 20265Q
67Lee Ainslie
q8 · Maverick Capital
NVDAQ1 2025Q2 20265Q
68Lee Ainslie
q8 · Maverick Capital
SNQ1 2025Q2 20265Q
69Lee Ainslie
q8 · Maverick Capital
TMOQ4 2024Q1 20265Q
70Chase Coleman
q8 · Tiger Global Management
APPQ1 2025Q2 20265Q
71Chase Coleman
q8 · Tiger Global Management
ZQ1 2025Q2 20265Q
72Chase Coleman
q8 · Tiger Global Management
VEEVQ4 2024Q1 20265Q
73Polen Capital
q8 · Polen Capital Management
FNQ4 2024Q1 20265Q
74Polen Capital
q8 · Polen Capital Management
MNDYQ4 2024Q1 20265Q
75Tom Slater
q8 · Baillie Gifford (Long Term Global Growth)
SNPSQ1 2025Q2 20265Q
How reversals are detected

new/exit action sequence, same manager × ticker

  • 1. Action filter. Only new and exit actions. Adds and trims don’t count — a true reversal is going to zero and back.
  • 2. Comeback. The first event is an exit and a later event is a new. The manager sold it completely, then later opened a fresh position in the same name. Rarest pattern in the archive.
  • 3. Whipsaw. The first event is a new and a later event is an exit. The manager opened the position and then walked within the 8-quarter window.
  • 4. Gap quarters. Distance between the first and last event in the sequence. Larger gap = more distance between the two decisions.

The archive only covers 8 quarters — reversals that span longer windows are not visible yet. As more quarters land, the comeback count will grow.

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Not investment advice. Reversal detection is limited by archive coverage. Methodology.

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
More by topic:Foundations