NEW YORK (TheStreet) -- There are stocks billionaires like, and then there are those they love. And they demonstrate their affections by investing millions -- and billions -- of dollars in them.
The top holdings of billionaire hedge fund magnates like Carl Icahn, Bill Ackman and Warren Buffett tell a lot about the investors themselves. Signaling their most significant conviction picks in the equity markets, the investments can provide insights into the strategies and perceptions of each. They are also often the source of some pretty interesting backstories.
So where are billionaires placing the biggest of their big bets, and what are the narratives behind them?
Here is the look at the favorite stocks of 20 of Wall Street's best and just how much they've invested in each.
1. Warren Buffett -- Wells Fargo, $25.6 Billion
Warren Buffett's love affair with Wells Fargo (WFC) stretches across decades. In his 1990 letter to Berkshire Hathaway (BRK.A) (BRK.B) shareholders, the Oracle of Omaha revealed his firm had increased its ownership in Wells Fargo to just under 10% -- the most it was allowed to own without the approval of the Federal Reserve. He called WFC "a superbly-managed, high-return banking operation."
Twenty-five years later, Buffett continues betting on Wells Fargo. In fact, in the first quarter of 2015, he upped his stake in the firm for the first time in nearly two years. Warren Buffett and Berkshire Hathaway today own 9.5% of all of Wells Fargo's outstanding shares.