Amazon: Legg Mason Sharply Reduces Stake

February 18, 2009 at 12:07 pm PT

Slowly but surely, Legg Mason has been easing out of its once gigantic stake in Amazon.com (AMZN), formerly a favorite stock of Legg Mason portfolio manager Bill Miller.

In a filing with the SEC yesterday, Legg disclosed that it now holds 9,592,126 Amazon shares, down from 24,280,422 shares in its previous filing in October. The latest sales reduce Legg Mason’s stake to 2.24 percent of Amazon’s outstanding shares.

The investment firm has been gradually paring back its shares over the last two years.

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Tagged with: Amazon.com, Barrons, Bill Miller, Eric Savitz, frontpage, investment firm, Legg Mason, shares, Tech Trader Daily

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Jeff Stevens

Mr. Bill seems to have lost his mojo. Cutting Amazon before they reported pretty good results. It reminds us of his just wonderful move in 2008. The fiasco of not endorsing MSFT’s take over bid for Yahoo. That’s okay, he put the proceeds of Amazon into State Street…oops.

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