This billionaire copy-traded Warren Buffet and Cathie Wood — Here’s why
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Billionaire Israel Englander, founder of Millennium Management, has significantly increased his stake in Nu Holdings (NYSE: NU), a move that aligns with the investment strategies of Warren Buffett and Cathie Wood. These high-profile investors, each known for distinct approaches, have found common ground in Nu Holdings, a digital bank making waves in Latin America. Nu stock year-to-date price chart. Source: Finbold Nu Holdings, a Sao Paulo-based Brazillian neobank, has seen its stock surge by 73% in 2024, currently trading at $14.34. Nu Holdings: A disruptor in digital banking Nu’s appeal to investors lies in its groundbreaking approach to banking in historically underserved markets. Operating as a fully digital bank, Nu has streamlined financial services in Brazil, Colombia, and Mexico—regions long dominated by traditional banking behemoths. With over 104.5 million customers, Nu has captured a significant market share, particularly in Brazil, where it serves more than half of the adult population. This remarkable growth is attributed to Nu’s intuitive platform and its ability to outpace legacy banks through technological innovation and cost efficiency. By eliminating physical branches and leveraging technology, Nu has achieved operational excellence, translating into impressive financial results. In Q2 2024, the company reported a 65% year-over-year revenue increase and a 30% rise in average revenue per active customer. “Our customer base grew to 105 million customers. The recent launch of checking accounts in Mexico and Colombia has ushered deposits of US$ 3.3 billion and US$ 220 million in those countries, respectively, and fuels our growth expectations in those operations.” – the bank said Why Englander, Buffett, and Wood are betting big Warren Buffett, through Berkshire Hathaway (NYSE: BRK.A), was an early believer in Nu. Buffett purchased his stake in the company for almost $750 million in 2021, around its initial public offering (IPO) phase. Today, Berkshire holds 107…
Filed under: News - @ November 3, 2024 7:13 pm