15 Best Stocks to Buy According to Billionaire Ray Dalio

9. Booking Holdings Inc. (NASDAQ:BKNG)

Bridgewater Associates’ Stake: $431 Million

Booking Holdings Inc. (NASDAQ:BKNG) has been a major long-term bet of Bridgewater Associates since the middle of 2018. Back then, the position the fund held in the firm consisted of around 81,000 shares. However, this holding was sold off in the next few months. A new position was opened in 2021. Dalio gradually built up this stake, increasing it from 31,000 shares in 2021 to over 2 million shares at the end of the fourth quarter of 2025. The fund has made purchases of the stock in each of the last six quarters, with the major increase coming in the first quarter of 2025 during which the position was improved by over 100%.

Booking Holdings Inc. (NASDAQ:BKNG) is of interest to elite investors for several reasons, one of them being the 25-for-1 stock split scheduled for April 6, 2026. One important note for investors here is that although a split does not change fundamentals, hedge funds view it as a liquidity catalyst. It makes the stock more accessible to retail investors and improves options market liquidity, often leading to a valuation re-rating as the buyer pool expands. Hedge funds are also bullish on a shift by the firm toward the Merchant Model (where Booking processes the payment) over the traditional Agency model. This allows the company to hold onto cash longer and offer more integrated services. This transition helped drive a 16% year-over-year revenue increase to $6.35 billion in the most recent quarter, with an impressive net margin of 20%.