market folly

George Soros' firm, Soros Fund Management, recently filed a 13G with the SEC regarding shares of Plains Exploration & Production (PXP). Due to portfolio activity on September 27th, 2010, Soros has disclosed a 5.03% ownership stake in PXP with 7,051,815 shares.

This marks a 38.5% increase in their position size, as they owned 5,091,315 shares in their last disclosure detailing positions as of June 30th, 2010. Plains Exploration is a name Soros Fund Management has seemingly long been involved in, holding a position for many quarters now. To see the rest of Soros' investments, view his portfolio in Hedge Fund Wisdom, our brand new publication.

Taken from Google Finance, Plains Exploration & Production is "an independent oil and gas company engaged in the activities of acquiring, developing, exploring and producing oil and gas properties primarily in the United States. The Company owns oil and gas properties with principal operations in Onshore California, Offshore California, the Gulf Coast Region, the Gulf of Mexico, the Mid-Continent Region and the Rocky Mountains. It also has an interest in an exploration block offshore Vietnam."

In terms of other recent activity from Soros, we see that his hedge fund has been buying Exar Corp (EXAR) as well.