This Does Not Bode Well for Amazon
Third-quarter filing season is here, and it truly is a sight to behold. While some hedge fund managers traditionally maintain small portfolios of 20 to 30 stocks, there are others who can make mere bean-counting seem like a death sentence. Steven Cohen's SAC Capital Advisors is one such fund: At the end of last quarter, it held more than 1,000 U.S. stocks in its portfolio, per the 13F. That's probably why you haven't heard this story about Amazon (AMZN) yet -- it's taken us a wee bit of time to sift through Cohen's mammoth filing with the Securities and Exchange Commission.
We'll start out with a bit of history between the hedge fund manager and Amazon. At the end of the second quarter, Cohen and his investment team at SAC Capital reported a $239 million position in the e-retailer, an astounding 240% increase from one quarter earlier. With this bullish bet in hand, SAC was officially the third-largest Amazon shareholder of the funds we track, behind those of John Griffin and Ken Fisher. It's important to realize that the stock was also Cohen's fourth-largest holding at the midway point of 2012 -- whereas, a year earlier, it hadn't cracked the manager's top 25....404 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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