market folly

Johnathan Auerbach's hedge fund firm Hound Partners has filed a 13G with the SEC regarding their position in Tesoro (TSO).  Per the filing, Hound now owns 7.08% of the company with over 9.3 million shares.

This is a sizable increase of over 7.8 million shares since their last disclosure from the end of 2013.  The filing was required due to activity on January 24th.

You can view Hound Partners' other recent activity here.

Per Google Finance, Tesoro is "an independent petroleum refiners and marketers in the United States. The Company’s subsidiaries, operating through two business segments: manufacture and sell transportation fuels. Its refining operating segment (refining), which operates seven refineries in the western United States, refines crude oil and other feedstocks into transportation fuels, such as gasoline, gasoline blendstocks, jet fuel and diesel fuel, as well as other products, including heavy fuel oils, liquefied petroleum gas, petroleum coke and asphalt."