In this article, we will take a look at the 10 Best Stocks To Invest In According to Billionaires.
Billionaires and top hedge fund managers typically dominate the stock market, focusing on leading companies with strong track records and exceptional performance. They usually don’t waste time with underperformers—they target the market’s elite.
The Stock Market Rally
Before diving into the top stock picks among billionaires, reviewing how the market has performed so far this year is essential. On September 18, the Federal Reserve cut its policy rate by 50 basis points, lowering it to 4.75%–5.00% from 5.25%–5.50%. This move fueled a market rally, pushing stocks to a new intraday record high, and marking the 39th all-time high of 2024—the first since mid-July. Minneapolis Fed president Neel Kashkari acknowledged that while the rate cut was unusual historically, shifting the policy focus from controlling high inflation to addressing a weakening labor market was necessary. Here are some comments:
“Right now, we still have a strong, healthy labor market. But I want to keep it a strong, healthy labor market, and a lot of the recent inflation data is coming in looking very positive that we’re on our way back to 2%. So I don’t think you’re going to find anybody at the Federal Reserve who declares mission accomplished, but we are paying attention to what risks are most likely to materialize in the near future.”
Market expectations point to an equal probability of the Federal Open Market Committee (FOMC) cutting rates by either a quarter- or half-percentage point at its November meeting, with a higher chance of the larger reduction in December. Overall, markets are signaling the Fed’s intent to bring rates to a “neutral” level that neither stimulates nor restricts economic growth.
What the Top Dogs of Wall Street are Saying About the Market
For nearly two years, bulls have dominated Wall Street, driven by a resilient U.S. economy and growing enthusiasm around artificial intelligence (AI). This momentum has propelled the Dow Jones Industrial Average, the S&P 500, and the tech-heavy Nasdaq Composite to multiple record highs in 2024. Despite the surge, not everyone seems hopeful about the market, with some of the most influential billionaire investors, including Warren Buffett of Berkshire Hathaway, signaling caution. Buffett, known for his long-term optimism, has been a net seller of stocks for seven straight quarters.
On the other hand, billionaire investor Ray Dalio recently raised concerns about the “enormous amount of debt” burdening the U.S. economy. He cautions that neither former President Donald Trump nor Vice President Kamala Harris is likely to focus on addressing debt sustainability in the upcoming presidential election, suggesting that the pressure from the $35.3 trillion national debt will persist, regardless of the election outcome.
With that, let’s take a look at the 10 Best Stocks To Invest In According to Billionaires.
A portfolio manager holding a laptop and looking over a stock market ticker.
Our Methodology
In this article, we analyzed Insider Monkey’s exclusive database of billionaire stock holdings to select the 10 stocks with the highest number of billionaire investors. These billionaires are founders or managers of some of the world’s leading hedge funds and companies.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
10 Best Stocks To Invest In According to Billionaires
10. Thermo Fisher Scientific Inc. (NYSE:TMO)
Number of Billionaire Investors: 23
Thermo Fisher Scientific Inc. (NYSE:TMO) is a leading American biotech and life sciences company, providing a wide array of products and services. Since its formation, Thermo Fisher Scientific Inc. (NYSE:TMO) has experienced substantial growth, driven primarily by a series of strategic acquisitions, including the likes of Life Technologies and Affymetrix. Notable billionaires with stakes in TMO include Ken Fisher, Ken Griffin, and Israel Englander.
In Q2 2024, the company reported $10.5 billion in revenue, reflecting a slight 1.3% decline year-over-year, though it still surpassed analysts’ expectations by $23.4 million. Thermo Fisher’s operating cash flow increased to $1.96 billion from $1.54 billion in the previous year, and free cash flow rose to $1.7 billion, up from $1.26 billion.
On September 20, Morgan Stanley raised the TMO stock’s price target to $680 from $655, maintaining an Overweight rating. The analyst highlighted the company’s consistent long-term growth outlook and reiterated 2024 guidance, which provides confidence in its sector performance through 2025.
As of Q2 2024, Thermo Fisher Scientific Inc. (NYSE:TMO) was held in 108 hedge fund portfolios, down slightly from 110 in the previous quarter, with stakes valued at over $8.56 billion. Ken Fisher’s Fisher Asset Management remained the company’s largest shareholder in the period. Overall, 23 billionaires held stakes in the biotech company.
Polen Focus Growth Strategy stated the following regarding Thermo Fisher Scientific Inc. (NYSE:TMO) in its first quarter 2024 investor letter:
“We increased our positions in Thermo Fisher Scientific Inc. (NYSE:TMO), Visa, Zoetis, Nike, and Abbott Labs. Each of these companies is durable and available at attractive valuations, in our view, for the growth we see ahead. In fact, in the case of ThermoFisher, Nike, and Abbott Labs, we expect accelerating earnings growth in the back half of 2024 after more difficult earnings growth periods pass for each of these companies. ThermoFisher and Abbott will finally wind down most of their COVID-19 testing and vaccine-related efforts due to a lack of demand, so these should no longer be revenue growth headwinds.”
9. Mastercard Incorporated (NYSE:MA)
Number of Billionaire Investors: 23
Mastercard Incorporated (NYSE:MA) is a global leader in payment technology, serving a broad spectrum of clients, including consumers, small and medium businesses, government agencies, large enterprises, banks, and credit unions.
The company recently announced a quarterly cash dividend of $0.66 per share, marking a notable development for shareholders. In addition, Mastercard Incorporated (NYSE:MA) made a strategic move by acquiring Recorded Future, a global leader in threat intelligence, for $2.65 billion. With Recorded Future generating over $300 million in revenue, this acquisition is expected to boost Mastercard’s growth and broaden its service offerings. Following this announcement, Baird reaffirmed its Outperform rating for MA and maintained a price target of $545.
The payments giant also posted strong second-quarter financial results, with net revenues climbing 13% and adjusted earnings surging 24%. This growth was fueled by increased consumer spending, cross-border transaction volumes, and expansion in value-added services.
According to Insider Monkey’s database, 23 billionaires hold stakes in Mastercard Incorporated (NYSE:MA), including prominent investors like Ken Fisher and Warren Buffett.
Here’s what L1 Capital International Fund mentioned about Mastercard Incorporated (NYSE:MA) in its Q2 2024 investor letter:
“The share prices of Mastercard Incorporated (NYSE:MA) and Visa, both long term Fund investments, have both drifted down over recent months. There have been no dramatic developments, but there has been a general slight softening in the rate of growth of consumer spending in the U.S. and globally, a court decision rejecting Mastercard and Visa’s proposed settlement of a long-lasting dispute with U.S. merchants as well as other modest adverse regulatory developments. We continue to view Mastercard and Visa as two of the highest quality businesses in the world, and both are well placed to continue to deliver attractive, risk adjusted returns to shareholders over time.”
8. Salesforce, Inc. (NYSE:CRM)
Number of Billionaire Investors: 23
Salesforce, Inc. (NYSE:CRM), a leading IT company based in San Francisco, specializes in Customer Relationship Management (CRM) technology. The company’s flagship AI offering, Data Cloud, leverages 8 trillion data points to enhance CRM, delivering smarter insights and improved client interactions.
On September 20, BofA Securities reaffirmed its Buy rating on Salesforce, Inc. (NYSE:CRM) with a price target of $325. This followed the company’s Dreamforce conference, where the IT leader introduced Agentforce, formerly known as Einstein Copilot, a key addition to its AI suite. This new autonomous agent strengthens Salesforce’s AI capabilities, working alongside tools like Data Cloud and Agent Builder for data management and custom agent development.
Salesforce, Inc. (NYSE:CRM) reported strong second-quarter results, with earnings per share at $2.56, exceeding the consensus estimate of $2.36. The company also posted an 8% increase in sales, driven by a 9% growth in subscription and support revenues. Additionally, Salesforce, Inc. (NYSE:CRM)has agreed to acquire Own Company, a data protection and management solutions provider, for $1.9 billion in cash.
At the close of the second quarter of 2024, 23 billionaire investors held stakes in Salesforce Inc. (NYSE:CRM), with a combined total value of $6.2 billion.
Ithaka US Growth Strategy stated the following regarding Salesforce, Inc. (NYSE:CRM) in its Q2 2024 investor letter:
“Salesforce, Inc. (NYSE:CRM) is the largest pure-play cloud software company, holding a leading market share in customer relationship management applications and a top-five market share position in the company’s other clouds (Marketing, Service, Platform, Analytics, Integration, and Commerce). The company’s software subscription term-license model differs from the traditional perpetual-license software model in two respects: (1) the software is hosted on centralized servers and delivered over the internet, as opposed to traditional enterprise software that is loaded directly onto customers’ hard drives or servers; and (2) the revenue model is subscription-based, typically charging monthly fees per user as opposed to charging one-time licensing fees. The stock’s weak relative performance followed its fiscal first quarter earnings announcement, where the company missed top-line and cRPO (current remaining performance obligations) estimates while also issuing weak forward guidance.”
7. Visa Inc. (NYSE:V)
Number of Billionaire Investors: 23
Visa Inc. (NYSE:V), a global leader in digital payments, facilitates transactions across more than 200 markets. Connecting 4 billion account holders with over 130 million merchants and 14,500 financial institutions, Visa Inc. (NYSE:V) plays a crucial role in powering the global economy.
For the third fiscal quarter of 2024, Visa Inc. (NYSE:V) reported adjusted earnings per share of $2.42, up from $2.16 in the previous year, with payment volumes increasing by 7%. The company reaffirmed its full-year 2024 outlook, expecting low double-digit revenue growth and a low-teens EPS increase. In addition, the company’s service revenue rose 8% to $4 billion, while data processing revenue and international transaction revenue climbed 9% to $4.5 billion and $3.2 billion, respectively. Additionally, other revenue surged 31% year-over-year.
Compass Point recently initiated coverage on Visa Inc. (NYSE:V) with a Buy rating and a price target of $319, suggesting an 18.5% potential upside from its current price and an estimated total return of about 20%. The firm’s optimism is driven by Visa’s value-added services, with Compass Point projecting long-term net revenue growth of 15% as more customers adopt these offerings.
By the end of Q2 2024, 23 billionaires held stakes in Visa Inc. (NYSE:V), with Chris Hohn being the largest shareholder, holding stakes valued at $4.4 billion.
Wedgewood Partners stated the following regarding Visa Inc. (NYSE:V) in its Q2 2024 investor letter:
“Visa Inc. (NYSE:V) detracted from performance despite healthy corporate results. The company grew earnings per share +12% as payment volume growth was up +8% and cross-border payment grew +16%, adjusted for currency. There are over 4.4 billion Visa debit and credit cards in circulation generating over $15 trillion in volume over the past 12 months. There is another estimated $10 trillion in cash and check volume, globally, which we think Visa can continue to move over to its electronic payment rails. In addition, the company has spent the past several years extending its payment capabilities into new flows of commerce, particularly for business-to-business transactions. This is another, extremely large (+$200 trillion) long-term growth opportunity for Visa that we believe investors are ignoring.”
6. Danaher Corporation (NYSE:DHR)
Number of Billionaire Investors: 25
Danaher Corporation (NYSE:DHR) is a global leader in science and technology, specializing in Biotechnology, Life Sciences, and Diagnostics. The company provides bioprocessing technologies, lab equipment, and diagnostic tools to improve human health.
On September 6, TD Cowen reiterated its Buy rating on Danaher Corporation (NYSE:DHR), setting a price target of $310. This came after an investor day focused on diagnostics, where the company highlighted a strategic shift towards platform-level innovation rather than an Operating Company (OpCo) approach.
Danaher Corporation (NYSE:DHR) reaffirmed its financial guidance for Q3 and the full year of 2024, despite projecting a slight year-over-year decline in non-GAAP core revenue. In Q2, the company exceeded expectations with $5.7 billion in revenue, driven by strategic acquisitions and its focus on biotech and life sciences. Additionally, Cepheid’s 4-in-1 diagnostic tests for COVID-19, Flu A and B, and RSV are expected to boost future revenue.
According to Insider Monkey, 25 billionaires, including Ken Fisher and Israel Englander, held stakes in Danaher Corporation (NYSE:DHR).
RGA Investment Advisors stated the following regarding Danaher Corporation (NYSE:DHR) in its first quarter 2024 investor letter:
“In our Q3 2023 commentary, we featured a section on our investment in Danaher Corporation (NYSE:DHR) entitled “Purity in the Crown Jewel of Bioprocessing.” Specifically, we were speaking to Cytiva, Danaher’s bioprocessing business formed by the merger of Pall Corp and GE’s bioprocessing division. We will not repeat the features that attract us to bioprocessing in general, nor the elements of timeliness, though we will emphasize that our confidence in timeliness has actually increased since writing that piece. While Danaher has performed admirably ever since, its peer Sartorius, which was referenced by labeling bioprocessing “an oligopolistic market, with a small number of critical players and extremely high barriers to entry.”
5. NVIDIA Corporation (NASDAQ:NVDA)
Number of Billionaire Investors: 29
NVIDIA Corporation (NASDAQ:NVDA) is a top choice for investors looking to capitalize on the rapidly growing artificial intelligence sector. The company provides advanced graphics computing and networking solutions, and strong demand for its GPUs, particularly in gaming and AI models, has driven NVIDIA Corporation (NASDAQ:NVDA) to a trillion-dollar valuation.
NVIDIA’s impressive rally continues to heavily influence the S&P 500, raising concerns that a downturn in the chipmaker’s fortunes could impact broader market performance. The stock’s 140% increase in 2024 alone has contributed to about a quarter of the S&P 500’s 17% gain this year.
At NVIDIA’s GPU Technology Conference in March 2024, CEO Jensen Huang estimated annual spending on data center infrastructure at $250 billion, which could total between $1 trillion and $2 trillion over the next decade if investment trends persist.
According to Insider Monkey, 29 billionaires held stakes in NVIDIA Corporation (NASDAQ:NVDA) at the end of Q2 2024, with notable investors including Rajiv Jain, Ken Fisher, Israel Englander, and Ken Griffin.
Ithaka US Growth Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2024 investor letter:
“NVIDIA Corporation (NASDAQ:NVDA) is the market leader in visual computing through the production of high-performance graphics processing units (GPUs). The company targets four large and growing markets: Gaming, Professional Visualization, Data Center, and Automotive. NVIDIA’s products have the potential to lead and disrupt some of the most exciting areas of computing, including: data center acceleration, artifi cial intelligence (AI), machine learning, and autonomous driving. The reason for the stock’s appreciation in the quarter was twofold: First, the stock benefi ted from tremendous excitement surrounding the further development of generative AI and the likelihood this would necessitate the purchase of a large number of Nvidia’s products far into the future; Second, Nvidia posted another strong beat[1]and-raise quarter, where the company upped its F2Q25 revenue guidance above Street estimates, showcasing its dominant position in the buildout of today’s accelerated computing infrastructure.”
4. Meta Platforms Inc (NASDAQ:META)
Number of Billionaire Investors: 32
Meta Platforms, Inc. (NASDAQ:META) is a leading tech company known for its popular products like Facebook, Instagram, and WhatsApp. In addition to social media, it is a leader in AR/VR technology.
On September 23, Roth Capital expressed a positive outlook on Meta Platforms, Inc. (NASDAQ:META), citing strong growth in the company’s cost per thousand impressions (CPMs). Data from advertising agencies shows Meta’s CPM growth accelerating from 27% year-over-year in Q1 to 36% YoY in Q2, with Q3-to-date figures reflecting a 40% YoY increase. This consistent rise in CPMs, climbing from $5.62 in Q1 to $6.94 in Q3, signals robust demand for advertising on the company’s platforms.
Additionally, BofA Securities maintained its Buy rating, expecting Meta Platforms Inc. (NASDAQ:META) to launch new AI chat options and features for WhatsApp and Messenger. The firm also anticipates updates on Llama, Meta’s open-source language model, at an upcoming developer event. Additionally, Meta Platforms Inc. (NASDAQ:META) ended the second quarter with a strong cash position, holding $58.1 billion in cash, cash equivalents, and marketable securities. The company’s free cash flow for the quarter reached $10.9 billion, easily covering the $1.3 billion in dividends distributed.
According to Insider Monkey, 32 billionaires held stakes in Meta Platforms Inc. (NASDAQ:META) as of the most recent quarter.
Rowan Street Capital mentioned Meta Platforms, Inc. (NASDAQ:META) in its second-quarter 2024 investor letter:
“We are pleased to report that Meta Platforms, Inc. (NASDAQ:META), our largest position in the fund, has delivered a remarkable performance, +450% since our November 2022 note. Our investment in Meta dates back to 2018, with an average cost basis of approximately $172 per share. Today, the stock trades around $535, reflecting a 3x return over the six-year holding period, equating to a 20% annualized return.
We would like to remind you that achieving these types of returns is never a straight path. From time to time, we might experience volatility — that’s simply part of the investment journey. In fact, wealth creation and volatility go hand in hand. There’s no escaping it; it’s the “price of admission” the market demands. If you take a look at the chart below, you’ll notice the drawdowns META stock has faced over the years, with 2022 standing out as a particularly challenging period, where the stock saw a 75% drop…” (Click here to read the full text).
3. Amazon.com Inc. (NASDAQ:AMZN)
Number of Billionaire Investors: 33
Amazon.com Inc. (NASDAQ:AMZN) is a tech giant specializing in e-commerce, online retail, streaming, and cloud services. The company is also advancing in the AI space, partnering with startups like Anthropic and securing deals with the U.S. government to test new AI models.
Evercore ISI recently raised its price target for Amazon.com Inc. (NASDAQ:AMZN) shares from $225 to $240, maintaining an Outperform rating. This new target is based on a 35x multiple of projected 2026 earnings per share of around $7.00 and a 25x multiple of expected 2026 free cash flow of approximately $100 billion. The tech giant is focusing on monetizing its content through advertising, with CEO Andy Jassy highlighting the ad business, now at a $50 billion revenue run rate, during the Q2 earnings call—second only to Amazon Web Services (AWS). Evercore ISI also estimates Amazon Prime Video (APV) could contribute $1.8 billion to $3.3 billion in operating income by 2025, potentially boosting total 2024 operating income by 3% to 5%.
As of the second quarter of 2024, 33 billionaires in Insider Monkey’s database held stakes in Amazon.com Inc. (NASDAQ:AMZN).
Diamond Hill Select Strategy stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its Q2 2024 investor letter:
“Among our top individual contributors in Q2 were Amazon.com, Inc. (NASDAQ:AMZN), Texas Instruments and Mr. Cooper Group. Internet retail and cloud infrastructure company Amazon is benefiting from strong profitability, particularly in its Amazon Web Services (AWS) business. Shares also received a boost amid growing optimism around the demand for AWS as Amazon customers’ investments in generative AI projects continue growing.”
2. Alphabet Inc. (NASDAQ:GOOGL)
Number of Billionaire Investors: 34
Alphabet Inc. (NASDAQ:GOOGL) is a tech giant operating through segments including Google Services, Google Cloud, and Other Bets. The company offers a wide range of products, including ads, Android, Chrome, Search, and YouTube, and continues to dominate the search market while integrating artificial intelligence to enhance user experiences.
Evercore ISI recently revised its price target for Alphabet Inc. (NASDAQ:GOOGL), lowering it from $225 to $200, but maintained its Outperform rating. The revision is linked to concerns about the ongoing Department of Justice antitrust trials and potential remedies that could see Google lose 20% to 50%+ of its U.S. search market share. However, Evercore ISI believes the impact on Alphabet’s earnings per share would be minimal, with a potential market share loss of 60% only affecting EPS by a single-digit percentage, thanks to savings on Traffic Acquisition Costs.
In the second quarter, Alphabet Inc. (NASDAQ:GOOGL) reported a 14% increase in total revenue, reaching $84.74 billion. YouTube generated $8.7 billion in advertising revenue, up 13% year-over-year, while Google Cloud saw a 29% jump in revenue, surpassing $10 billion. With a solid balance sheet and strong free cash flow, Alphabet Inc. (NASDAQ:GOOGL) has initiated dividend payments, confirming a $0.20 dividend with a 0.49% yield as of September 23.
As of the end of Q2 2024, 34 billionaires tracked by Insider Monkey held stakes in Alphabet Inc. (NASDAQ:GOOGL), with a combined value of $13.4 billion.
Patient Capital Opportunity Equity Strategy stated the following regarding Alphabet Inc. (NASDAQ:GOOGL) in its Q2 2024 investor letter:
“Alphabet Inc. (NASDAQ:GOOGL) was a top contributor in the second quarter, finally catching up to its peers in the Magnificent 7. The company gained 20.8% in the period following strong first quarter earnings, a new $70B repurchase program (3% of shares outstanding) and the initiation of a cash dividend ($0.20 per share; 0.42% yield). We continue to believe the market underappreciates Google’s exposure to AI with its Gemini model being integrated into search results, YouTube advertising and its cloud offering. We continue to think that the cloud players will be the AI winners in the long-term, with Google being well positioned to take advantage. While the company trades at 24x 2024 earnings, if you remove the money-losing and under-earning businesses, you realize that you are paying below a market multiple for the core Google business. We do not believe there are many other AI winners trading at such an attractive multiple.”
1. Microsoft Corporation (NASDAQ:MSFT)
Number of Billionaire Investors: 34
Microsoft Corporation (NASDAQ:MSFT) is a tech giant renowned for its popular software offerings, including Windows and Office, as well as being a key player in cloud computing through Microsoft Azure. Additionally, the tech giant has invested billions in OpenAI, the creator of ChatGPT, and has integrated AI across many of its products.
In fiscal Q4 2024, Microsoft Corporation (NASDAQ:MSFT) reported $64.7 billion in revenue, a 15% increase year-over-year. Net income rose 10% YoY to $22 billion. A major driver of this growth is Microsoft Azure, which has benefitted from AI integrations. With a 31% market share, Azure is poised to generate substantial value amid strong demand for cloud solutions.
Mizuho recently reiterated its positive outlook on Microsoft Corporation (NASDAQ:MSFT), maintaining an Outperform rating and a price target of $480. The endorsement followed Microsoft’s announcement of a new $60 billion share buyback program, matching the previous plan set three years ago. The company also raised its quarterly dividend by nearly 11%, continuing a six-year trend of dividend growth.
Microsoft Corporation (NASDAQ:MSFT) tops the list of the 10 best stocks to buy, with 34 billionaires holding stakes in the company as of the June 2024 quarter.
Alger Spectra Fund stated the following regarding Microsoft Corporation (NASDAQ:MSFT) in its Q2 2024 investor letter:
“Microsoft Corporation (NASDAQ:MSFT) is a beneficiary of corporate America’s transformative digitization. The company operates through three segments: Productivity and Business Processes (Office, LinkedIn, and Dynamics), Intelligent Cloud (Server Products and Cloud Services, Azure, and Enterprise Services), and More Personal Computing (Windows, Devices, Gaming, and Search). During the quarter, shares contributed to performance after the company reported strong fiscal third quarter results, underscoring its leadership position in the cloud and highlighted its role as a primary facilitator and beneficiary of AI adoption. Company revenue growth, operating margin, and earnings growth surpassed consensus expectations. The utility scale Azure cloud business grew 31% in constant currency of which 7% was AI related versus 3% two quarters ago. Further, management noted most of the AI revenue continues to stem from inference rather than training indicating high quality AI applications by Microsoft’s clients. Management also indicated that the significant cost-cutting programs in corporate America are done, suggesting that the cost optimization headwinds previously impacting Azure’s growth are over. Separately, management provided color on their new AI-productivity tool, Copilot, noting that approximately 60% of Fortune 500 companies are already using Copilot, and that the quarter witnessed a 50% increase in Copilot assistance integration within Teams. We continue to believe that Microsoft has the potential to hold a leading position in AI, given its innovative approach and demonstrated high unit volume growth opportunity.”
While the best stocks according to billionaires are companies with solid potential, we at Insider Monkey believe that there are under-the-radar AI stocks trading at highly discounted valuations that hold greater promise for anyone looking to diversify their portfolio. If you are looking for an AI stock that is more promising than MSFT, check out our report about the cheapest AI stock.
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