难得出手的李录，去年底买了“洞洞鞋”

Core Viewpoint - The article discusses the latest 13F filings of Himalayan Capital, highlighting significant changes in their investment strategy, particularly the new position in Crocs and the complete exit from Sable Offshore Corp [2][3]. Group 1: Investment Changes - Himalayan Capital's overall U.S. stock holdings increased to approximately $3.57 billion as of Q4 2025, up about 10.5% from $3.23 billion at the end of September [2]. - The portfolio saw a notable shift with the introduction of Crocs, where 628,159 shares were purchased, valued at approximately $53.72 million, marking a new entry [3][5]. - The firm completely exited its position in Sable Offshore Corp, indicating a strategic shift away from certain energy stocks [2][3]. Group 2: Key Holdings - Google A and C shares combined represent 43.86% of the portfolio, maintaining their status as the top holdings [14]. - The investment in Pinduoduo was re-established with 4.608 million shares bought in Q2 2025, reflecting a significant confidence in the company's business model and operational efficiency [11][12]. - Berkshire Hathaway remains a stable holding, constituting about 12.6% of the portfolio, viewed as a safe harbor amid market volatility [18]. Group 3: Crocs Investment Analysis - Crocs is perceived as a significantly undervalued company, with a gross margin consistently around 58%, compared to traditional competitors like Nike and Adidas, which hover around 45% [9]. - The company generated $659 million in free cash flow last year and has been actively repurchasing shares, reducing the float by 14% over the past two years [9]. - The investment in Crocs aligns with a broader strategy of identifying turnaround opportunities, particularly as the market has not fully priced in potential recovery from the challenges faced by the Hey Dude brand acquisition [7][9]. Group 4: Pinduoduo's Market Position - Pinduoduo's stock price experienced significant fluctuations, providing a favorable entry point for investment after a drop below $90 [11]. - The second investment in Pinduoduo reflects a stark contrast to the first entry in 2020, as the current market sentiment is at a low point for Chinese stocks, indicating a potential for recovery [11][12]. Group 5: Energy Sector Strategy - The contrasting fates of Western Oil and Sable Offshore Corp illustrate a selective approach to energy investments, with Western Oil retained for its stable cash flow and asset base, while Sable was exited due to high execution risks associated with regulatory challenges [19].