Billionaire David Einhorn’s Big Moves: Apple Inc. (AAPL), Aetna Inc. (AET), Marvell Technology Group Ltd. (MRVL)

Google Inc (NASDAQ:GOOG) and Vodafone Group Plc (ADR) (NASDAQ:VOD) were two other stocks Einhorn added to his portfolio last quarter. One of Google’s under-appreciated opportunities lies in its YouTube platform. Alexa ranks the video website as the third most popular website in the world, while Google itself ranks at the number one site. Alas, Google has yet to figure out how to successfully monetize the video-site giant, leaving lots of room for revenue growth.

In 2012, Google generated 62% of revenue from owned websites (i.e. search), which has been Google’s staple over the past few years, helping drive revenue growth at a compounded annual growth rate of 18% over the last five years.

I think Google will continue to dominant the search game, currently owning over 65% of the market share for U.S. searches, but I also believe that YouTube and its recent Motorola acquisition will become a bigger part of revenues in the future.

Einhorn’s other major addition, Vodafone, is the European mobile communications company paying a dividend yield of 5.5%. Vodafone has over 80% of its sales exposed to the rapidly growing smartphone market, and the company is looking to the emerging markets for more growth. Most notably, Vodafone now has an agreement that will expand its presence beyond Europe to the Middle East and North Africa.

Now, as far as the value that Einhorn sees in Vodafone, it has a lot to do with the fact that he believes that Verizon Communications derives almost all of its value from its 55% stake in Verizon Wireless, but the market is only attributing around a few billion dollars in value to Vodafone’s 45% interest in Verizon Wireless (see why Vodafone is below fair value).

Einhorn still loves Apple Inc. (NASDAQ:AAPL), and recently touted his iPrefs as a way for the company to unlock shareholder value, including putting to use its $137 billion cash position. Meanwhile, the billionaire fund manager also snatched up more shares of search giant Google, which holds a dominant position in both search and mobile operating systems (with Android). Other notable Einhorn faves include Marvell and Aetna, both of which should perform well over the interim. Lastly, Einhorn added Vodafone to his portfolio based on the fact that the market appears to be steeply undervaluing the company’s 45% ownership of Verizon Wireless.

The article Billionaire David Einhorn’s Big Moves originally appeared on Fool.com and is written by Marshall Hargrave.

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