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Growth stocks have gotten crushed across 2022's trading. A combination of factors including rising interest rates, high inflation, weak economic performance, and geopolitical instability have driven huge sell-offs for the market at large, and company's with forward-looking valuations have generally been hit even harder. The technology-heavy Nasdaq Composite index is now down roughly 32% across this year's trading, and many growth-dependent stocks are down even more from recent highs.
Shares of digital payments platform PayPal (NASDAQ: PYPL) soared in the early days of the pandemic, but they've tumbled around 71.8% from the high they reached in 2021. Smelling a bargain, Ray Dalio and the fund he manages, Bridgewater Associates, bought up more than 1.1 million shares of PayPal during the second quarter. Dalio is attracted to PayPal as a long-term holding because its ubiquitous payments platform has a strong competitive advantage that should endure.