One of the fifteen biggest bets is shared by 30 investors, six are shared by none

AltaRock Partners' Amazon position is 38.07 percent of its disclosed portfolio, part of Tenachine's list of the biggest single bets tracked super investors are currently making. It is also held by 30 of the other tracked investors on this site, more than any other name on that same fifteen-position list. Six other positions on the list are held by zero other tracked investors. A manager's single largest bet can sit at either extreme.

Bruce Berkowitz's JOE position, already covered here as an eighteen-year holding, is 81.00 percent of his book and up 165.66 percent since he opened it in the first quarter of 2008. No other tracked investor holds it. The same is true of Carl Icahn's IEP, Nelson Peltz's JHG, Greg Alexander's GPI, David Abrams' LOAR, and Mohnish Pabrai's RIG. Six of the fifteen biggest bets tracked on this site, 40 percent of the list, are positions nobody else on it is also making.

What ties the crowded ones together

The four positions shared by ten or more other tracked investors, AltaRock's AMZN, Guy Spier's BRK-B at 19, Duan Yongping's AAPL at 18, and Norbert Lou's BRK-A at 11, are all mega caps. Tenachine's guide on crowded stocks already makes the underlying point using a different ranking entirely: Amazon shows up as the third most held name among all 81 tracked investors, at 30, the identical figure that turns up here as AltaRock's overlap count. That guide's argument was that mega caps are large and liquid enough for almost any billion-dollar manager to build a meaningful position in, which mechanically narrows the field before conviction ever enters the picture. The same four names being both someone's single biggest bet and among the most widely held tickers on the site at once is that argument showing up from the opposite direction.

The six positions held by nobody else, JOE, IEP, JHG, GPI, LOAR, and RIG, are smaller and less widely followed names. Each is large enough to be one manager's single biggest position, in some cases more than 80 percent of the entire disclosed book, while being invisible to every other tracked manager on this list. That is closer to what an idiosyncratic conviction bet should look like: a name big enough and unusual enough that almost nobody else with billions to deploy is making the same one.

What the count does and does not say

This overlap count measures something narrower than it might first appear. It counts how many other tracked investors also hold that exact ticker as one of the positions this site tracks, not how many hold it anywhere in a smaller, less prominent slot in their own book. A manager who owns Amazon as a minor 2 percent position would not add to this specific count the same way AltaRock's 38.07 percent stake does, depending on which of that manager's positions this site surfaces. The six zero-overlap names could in principle be held by other managers this site does not track, or in a form too small to register here. What the count can say plainly is narrower and still useful: among the specific fifteen positions large enough to be someone's single biggest bet, the ones other managers are also making that same bet on are, without exception here, the four best known names on the list.

None of this is investment advice, and neither a crowded position nor a lonely one is evidence of a better or worse decision on its own. A shared mega cap bet and a solitary small cap bet are answering different questions about conviction, liquidity, and how much of a market a manager's capital can move without moving the price. Past performance does not predict future results, and current portfolio weightings and prices change with every new quarterly filing.