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Here's a look at where two prominent, successful hedge fund managers are putting their money: David Einhorn has been buying Sprint and BP Plc , while John Paulson bought 7.2 million shares of rig contractor Transocean, whose Deepwater Horizon rig drilled the doomed BP well.

Mr. Paulson also bought 7.8 million shares in Anadarko Petroleum, pushing his position in the oil and gas firm to more than 21 million shares, according to a report by Reuters after a trawl through Securities and Exchange Commission filings. That makes it the fifth-largest bet in Mr. Paulson's portfolio.

Mr. Einhorn, who became well-known for publicly questioning the accounting of Lehman Brothers months before its 2008 collapse, told investors in his year-end letter that he believed Sprint had an opportunity for "significant margin expansion" as it works to consolidate its networks.

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He's invested about $147-million in BP. Mr. Einhorn, whose fund manages about $6.5-billion (U.S.), has said that BP is still trading at a heavy discount from its peers after the oil spill.

Mr. Einhorn also disclosed an $88.6-million position in chemicals maker LyondellBasell Industries and a $52-million position in shares of energy company SemGroup Corp. , both of which recently exited bankruptcy. His flagship Greenlight Capital L.P. fund closed the year up 15.9 percent, net of fees and expenses.

Mr. Paulson, who notched the industry's biggest ever payout last year at $5-billion and made $4-billion on a bet against U.S. housing before the financial crisis, is still holding steady with his big bets on gold and financial service firms.

The 55-year-old manager, whose Paulson & Co. now oversees roughly $36-billion, again counted SPDR Gold Trust , AngloGold Ashanti , Citigroup and Bank of America as his top four holdings.

And, like many Americans in the Obama era, Mr. Paulson also likes clothing retailer J. Crew . It looks like he's sold his holding in budget-oriented Family Dollar Stores -- perhaps a bet on the recovering U.S. consumer.

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About the Author
Deputy head of Audience

Sonali Verma is deputy head of audience at the Globe and Mail. She is a business journalist with more than 20 years of experience, mainly in digital media.She was previously the Globe and Mail’s senior editor in charge of audience engagement, overseeing its homepages as well as social media operations. More

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