market folly

Steve Mandel's hedge fund firm Lone Pine Capital recently filed a 13G with the SEC regarding its position in Ulta Salon, Cosmetics & Fragrance (ULTA).  Per the filing, the hedge fund now owns a 5.6% stake in the company with 3,498,638 shares.

This marks a 61% increase in their position size since the beginning of April.  The disclosure was made due to activity on May 10th as it looks like they utilized the recent sell-off to add to their position.

Mandel made a rare appearance at the Ira Sohn Conference where he talked about what type of investments he likes.  You can also read notes from the entire conference here.

Per Google Finance, ULTA is "a beauty retailer, which provides one-stop shopping for prestige, mass and salon products and salon services in the United States. During the year ended January 28, 2012 (fiscal 2011), the Company opened 61 new stores. It operates full-service salons in all of its stores. Its Ulta store format includes an open and modern salon area with approximately eight to 10 stations."