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Updated: June 15, 2022 / 2022 Wealthiest people in CT

Wealthiest People in CT: 9. Stephen Mandel, Jr.

Lone Pine Capital, Greenwich
2022 Net Worth: $3.9 billion
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In mid-2020, Lone Pine Capital hedge fund manager and Greenwich resident Stephen Mandel was “betting big” on e-commerce and other internet stocks, according to CNBC.

The 66-year-old Mandel, who has an estimated net worth of $3.9 billion, according to Forbes, founded Lone Pine Capital in 1996 and reportedly has turned in one of the best long-term track records in the industry.

At the end of the first quarter of 2020, Lone Pine’s top stock picks included Amazon, Alibaba, Microsoft, Facebook, PayPal and other e-commerce-related firms, in addition to ones like Visa and Mastercard.

Lone Pine continues to focus largely — but not exclusively — on tech, according to a March Yahoo! Finance report on the fund’s SEC filings. His top five holdings include Netflix Inc., Global Payments (which offers payment processing services to merchants), Microsoft, software company Coupa Software Inc. and Shopify.

Interesting fact: According to a Dec. 2020 interview, Mandel’s role models include Walmart founder Sam Walton, for his attention to detail and familiarity with people.

According to Mandel, at a Walmart annual meeting — where each store could send three employees — Walton could point to someone in the audience and say, “Betty Lou, I was in your crafts department in Ocala, [Fla.] and you had this great display.”

Two others are former Costco executives: co-founder and former CEO Jim Sinegal and co-founder and former chairman Jeff Brotman “because of the culture they built at the company. It was able to offer the lowest prices on the highest-quality goods and at the same time pay their people at the top scale…” while also offering the “best healthcare benefits of anybody in the retail business.”

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