market folly

John Burbank's hedge fund firm Passport Capital filed a 13G with the SEC revealing a brand new position in Yelp (YELP).  Passport now owns 6.3% of the company with 1,065,261 shares.  They filed with the SEC due to portfolio activity on January 25th.

Just a few weeks ago, we highlighted how Robert Karr's Joho Capital had been adding to its YELP stake as well, as hedge funds have been buying shares.

Per Google Finance, Yelp "operates a directory services and social networking website. Its online community provides information on urban city guide. The Company is based in the United States and its information helps people to find places to eat, shop, drink, relax, and play. It also operates a search engine for finding restaurants, dentists and hairstylists. It provides a space for feedbacks and reviews of people regarding their experiences with local businesses and services."

For more on this hedge fund, we've posted up previous Passport Capital portfolio activity here.