August 27, 2008

What They're Buying

"Some exceptional businesses are clearly available at spectacular prices," says Mohnish Pabrai. Among stocks attracting avid SuperInvestor buying attention last quarter: Microsoft, UnitedHealth and American Express.

	Table:		Down But Hardly Out

	Table:		Biggest New Bets

What They're Selling

While SuperInvestors appeared far more likely last quarter to sell relative winners in their portfolios – such as Oracle, Qualcomm, SAIC and Covidien – they did unload one likely portfolio bomb in student-lender SLM.

	Table:		Letting Losers Ride

	Table:		Selling Out

What They Own

While largely maintaining such core positions as WellPoint, American Tower and First American, SuperInvestors doubled down on an eclectic array of their existing holdings during the quarter. PDL BioPharma anyone?

	Table:		Core of the Matter

	Table:		In Search of the Bottom

Stock Spotlight

Investors who mine spin-offs for opportunity lament that the trade has become crowded. That didn't keep multiple SuperInvestors from buying up shares last quarter in Dr Pepper Snapple Group.

Companies in this Issue

A – E

AK Steel, Alcoa, America Movil, American Express, American Tower, Anadarko Petroleum, Apache, Apple, Archer Daniels Midland, BHP Billiton, Berkshire Hathaway, Cisco Systems, Covidien, Cypress Semiconductor, DaVita, Dr Pepper Snapple, EchoStar, Entergy, eBay

F – J

Fannie Mae, First American, Focus Media, Genentech, Google, Ingersoll-Rand, International Rectifier

K – O

Macrovision, Marriott, McGraw-Hill, Medco Health, Microsoft, Moody’s, Motorola, NRG Energy, National City, Nokia, Oracle

P – T

PDL BioPharma, PHH, Plains Exploration, Qualcomm, Quest Diagnostics, SAIC, SLM, SP Acquisition, Sears, Smith International, Talisman Energy, Target, Teekay, Teradata

U – Z

UltraShort QQQ ProShares, United Parcel Service, UnitedHealth, Wachovia, WellPoint, Wyeth, Yahoo, Zimmer