NEW YORK ( TheStreet) -- Want to invest like Warren Buffett, trade like George Soros? Look no further than their latest quarterly disclosures.

Of course, these disclosures come 45 days following the end of the quarter and represent only a partial picture of these secretive traders' actual investments. But, in a volatile market that swings against you at every turn, it helps to know in which direction the smart money is headed.
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Buy and hold investors may want to follow Buffett's picks, while traders want to know where a big fish like Soros has been swimming. Those looking to go contrarian might wish to follow Paulson's buys and sells, while performance chasers might hope to duplicate Tepper's success.

Here is a roundup of the changes your favorite market heavyweights have made to their portfolios lately based off their most recent regulatory filings.

Warren Buffett

Notable Buys: Bank of New York Mellon ( BK). Buffett also stepped up exposure to Wells Fargo ( WFC) and Johnson & Johnson ( JNJ).

Notable Sells: Home Depot ( HD), Iron Mountain ( IRM), CarMax ( KMX), Republic Services ( RSG) and NRG Energy ( NRG). Stakes in Nike ( NKE), Comcast ( CMCSA), Procter & Gamble ( PG), Fiserv ( FISV) and Moody's ( MCO) were reduced.

Top Five Equity Holdings: Coca Cola ( KO), Wells Fargo, American Express ( AXP), Procter & Gamble ( PG) and Kraft Foods ( KFT)

Legendary investor Warren Buffett's Berkshire Hathaway ( BRK-A) added Bank of New York Mellon to its portfolio in the third quarter, a stock that has generated buzz as a likely acquisition target for larger banks.

Notably, Berkshire appears to have sold more shares than it bought in the third quarter. Reports suggest that many of those holdings were picks of Lou Simpson, Berkshire's other investment manager, who will retire this year. There has also been speculation that Berkshire is raising money for a big buy, so investors will have their eyes peeled.
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In October, Buffett announced the appointment of Todd Combs , a little-known hedge fund manager, to help run a significant portion of the investment portfolio at Berkshire Hathaway. Combs has been heading Castle Point Equity, a Greenwich, Conn.-based hedge fund with total assets under management of about $280 million, much smaller than Berkshire's nearly $50 billion portfolio.

George Soros

Notable Buys: iShares Gold Trust ( IAU), Centurylink ( CTL), Dendreon ( DNDN), Dow Chemicals ( DOW) and Coach ( COH).

Notable Sells: Cobalt Energy ( CIE), Best Buy ( BBY), AMR ( AMR), International Paper ( IP), PowerShares DB US Dollar Index ( UUP), Gold Fields ( GFI).

Top Five Equity Holdings: SPDR Gold Trust ( GLD), Monsanto ( MON), Interoil ( IOC), Plains Exploration and Production ( PXP) and Novagold Resources ( NG)

Ever since he called gold the "ultimate bubble" earlier this year, investors have been waiting for Soros to burst it for them by selling out his large stake in the largest gold exchange traded fund SPDR Gold Trust ( GLD).

While Soros Fund Management has been paring exposure to SPDR Gold, it has added rival gold ETF iShares Gold Trust ( IAU) to its holdings. Clearly Soros still likes gold .

Of course, it is worth noting that the billionaire investor claims he is not actively involved in running Soros Fund Management, so it is possible that his fund's holdings do not really reflect his own views.
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The fund stepped up exposure to healthcare and solar stocks in the third quarter. Dendreon was its most notable addition.

John Paulson

Notable Buys: Anadarko Petroleum ( APC), McAfee ( MFE), Aon ( AON), Genzyme ( GENZ), Liberty Media ( LINTA), Potash ( POT).

Notable Sells: Goldman Sachs ( GS), Sprint Nextel ( S), Exxon Mobil ( XOM), Devon Energy ( DVN) and Schlumberger ( SLB).

Top Five Equity Holdings: SPDR Gold Trust ( GLD), Anglogold Ashanti ( AU), Citigroup ( C), Bank of America ( BAC) and Hartford Financial ( HIG).

John Paulson's Paulson & Co has had a testing time in 2010, which has proved to be a rough one for the hedge fund industry.

The hedge fund titan became famous for his $15 billion bet against sub-prime mortgages in 2007. In 2008, he made money shorting bank stocks and in 2009, he switched sides, making large bets on the nation's big banks, scooping them up at low valuations.

The relative underperformance of big banks through much of 2010 had reportedly weakened his fund's returns. But the gold and equities rally in September and October helped bring his fund back into the black . Advantage Plus, his flagship fund, rose 2.55% in October and is up 2.54% for the year, according to a Reuters report. The fund's gold-denominated share class was up 4.7%.
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Paulson moved to cut back his exposure to big bank stocks during the third quarter. He exited Goldman Sachs ( GS), selling 1.1 million shares held at the end of the second quarter. On the flip side, the giant hedge fund acquired shares of Memphis-based regional bank First Horizon ( FHN) and shares of San Juan, Puerto Rico-based Popular ( BPOP). It also acquired 24.5 million shares of the insurer CNO Financial Group ( CNO).

Carl Icahn

Notable Buys: Mattel ( MAT), Masco ( MAS), Dynegy ( DYN), Commercial Metals ( CMC) and Cadence Design ( CDNS).

Notable Sells: Blockbuster ( BLOAQ.PK), Wendy's/Arby's ( WEN), Smith & Wesson ( SWHC), Ensco ( ESV), Micros ( MCRS), Yahoo! ( YHOO) and Anadarko Petroleum ( APC).

Top Five Equity Holdings: Motorola ( MOT), Genzyme ( GENZ), Biogen ( BIIB), Chesapeake ( CHK) and Lions Gate Entertainment ( LGF).

When Carl Icahn buys a significant stake in a company, you know big change is around the corner. The activist investor is legendary for his role in staging outright takeovers, waging proxy wars to replace management and calling for corporate restructuring to create value.

Icahn is waging an ongoing battle against Blackstone's ( BLK) bid for energy company Dynegy ( DYN), arguing that the $4.50 a share offer price undervalued the target. Blackstone raised its offer price to $5 per share, ahead of a crucial shareholder vote on the deal on November 17. The vote was then delayed to Nov. 23, to give shareholders more time to evaluate the deal. Ultimately, Dynegy failed to garner enough support for the Blackstone takeover and scrapped the bid. It is now evaluating other options.
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Icahn holds a less than 12% stake in studio Lionsgate ( LGF) and has been attempting to acquire the studio . Icahn also owns debt in Metro-Goldwyn Mayer and initially supported a bid by Lionsgate to take over the beleaguered studio, but in the end backed a bid by rival Spy Glass Entertainment.

Lionsgate sued Icahn alleging that he interfered with Lions Gate's efforts to merge with MGM until he was able to obtain a large portion of MGM's debt and thus profit from a combination, the Associated Press said.

Irrespective of his success, Icahn sure knows how to up the ante in a takeover battle.

David Tepper

Notable Buys: Hewlett Packard ( HPQ), Cisco ( CSCO), Semiconductor HOLDRS ( SMH), International Paper ( IP), Medtronic ( MDT), Applied Materials ( AMAT), United Health Group ( UNH) and Wellpoint ( WLP).

Notable Sells: PNC Financial Services ( PNC), Officemax ( OMX), YRC Worldwide ( YRCW), Tesoro ( TSO), Valero ( VLO) and Sunoco ( SUN).

Top Five Equity Holdings: Wells Fargo ( WFC), Pfizer ( PFE) Bank of America ( BAC), Citigroup ( C), and Hewlett Packard ( HPQ).

David Tepper set markets on fire in September, sparking what came to be known as the "Tepper rally", when he said that stocks had no way to go but up as the Federal Reserve would without a doubt launch another round of quantitative easing.

His bet on the central bank's move certainly paid off. According to the New York Times' DealBook, Appaloosa Investment, his flagship fund, gained 5% in October and is up 21% year to date, a period that has seen over 400 hedge funds close shop.

It would be interesting to see if Tepper's picks in tech, especially Cisco after it crashed 16% two weeks ago following a weaker than expected guidance, will pay off.
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-- Written by Shanthi Bharatwaj in New York.

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