NEW YORK (TheStreet) -- George Soros made a major statement in August when a regulatory filing revealed that he had allocated 16% of his portfolio to S&P ETF puts in the second quarter, a position valued at $2.2 billion. In other words, he was making a massive bet against the market.
And Soros wasn't the only Wall Street magnate getting defensive earlier in the year. In May, David Tepper urged caution, telling CNBC, "It's nervous time." A month prior, David Einhorn warned of a "second tech bubble in 15 years."
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But lately it seems that there's been a bit of a turnaround among billionaires as to where the market is headed.
Jorge Lemann, like Soros, made a big play against the market in the second quarter of the year. The Brazilian billionaire revealed a significant put position in the SPDR S&P 500 ETF (SPY) comprising nearly 6% of his equity portfolio. He disclosed a call position in the same exchange-traded fund. But given its 4.5% allocation in his fund, it seems he was was leaning more bear than bull.
In the third quarter, Lemann took an entirely bullish turn. His put position is no longer and his call position, albeit downsized, remains. He has initiated 200,000-share SPY stake, which as of the end of the third quarter is valued at $39.4 million.
Soros continues to bet against the S&P, though his put position was reduced to a 12% allocation in the third quarter.
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Nearly 90% of Ray Dalio's Bridgewater Associates fund is comprised of a handful of ETFs. Beyond his S&P put, international-leaning George Soros' top three stock holdings are based abroad -- YPF (YPF) , Alibaba (BABA) and Teva Pharmaceuticals (TEVA) .