5 Best Stocks to Buy in 2024 According to Billionaire D.E. Shaw

4. Amazon.com, Inc. (NASDAQ:AMZN)

Value of D.E. Shaw’s 13F Position: $909 million

Number of Hedge Fund Shareholders: 289

Billionaire D.E. Shaw increased his stake in Amazon.com, Inc. (NASDAQ:AMZN) by 117% in the third quarter to capitalize on the upward trend. Because of strong financial growth, shares of the online retailer have increased by nearly 80% in the last year. The company exceeded revenue and earnings expectations in the third quarter, and the company expects fourth-quarter operating income to be in the $7 billion to $11 billion range. Sales are expected to range between $160 billion and $167 billion.

White Brook Capital Partners, an investment management firm, highlighted its confidence in Amazon in its third-quarter investor letter. Here is what the firm stated:

“The magnificent seven, that underpin the S&P 500 performance, which includes Amazon.com, Inc. (NASDAQ:AMZN), now comprise almost 30% of the market capitalization of the S&P500. At least three of the seven stocks have heightened downside risk and suffer from already high penetration, weakening end markets, competitive risk, and lofty valuation. They have been remarkably resilient to increased interest rates and the potential for slowing growth.”