Trading below smart-money entry
Stocks a high-conviction manager still holds that now trade at or below their estimated blended entry — where today you could buy in at or under where they did. Entry is estimated from filings (the split-adjusted price range over the quarters they built the position), not a reported fill price. A few things it doesn’t tell you:
- Underwater today doesn’t mean they lost money. They may have sold into earlier strength, collected dividends along the way, or built the stake so cheaply their true cost is already negative.
- This may not be their net exposure. Filings don’t show options or other derivatives, so a stake shown here could be hedged.
- A real loss doesn’t make a stock safe. Smart money makes mistakes too — treat these as companies to study and learn from, not trades to copy.
