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John Hussman Sells Out of Amazon.com Stake

February 09, 2011 | About:

John Hussman manager of Hussman Economtrics Advisors, Inc. has sold all of their shares of Amazon.com. Hussman’s mutual fund held 650,000 shares of AMZN and it made up 1.42% of the total portfolio. However, Hussman sold the entire stake in the 4th quarter according to a 13F filing released today. His sale prices were between $153.03 and $184.76, with an estimated average price of $169.59. Hussman has often been labeled a perma bear due to his market commentary. In 2010 his fund lost 3.62%, due to the hedges he has in his portfolio. In 2009 and 2010 the hedges were not as effective as in 2008 as the market rallied. However, John Hussman’s Hussman Strategic Growth Fund lost only 9% in 2008 where he vastly outperformed his mutual fund peers.

It appears that Hussman sold the stock at an opportune time as Amazon.com stock sold off almost ten percent after the company reported Q4 and full-year earnings for 2010. The reason for the selloff was that operating margins have dropped off over the last year from 6% at the beginning of the year to only 4.5% in the most recent quarter.

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