No portfolio holding has benefited more than Amazon (AMZN, Financial), which continues to be among the most capable and best-managed companies we have ever owned. However, the fact that the shares have surged more than 70% through this tumultuous period reduces our earnings yield and margin of safety. While we continue to own a significant position in this fine company, we have taken advantage of this upward volatility to reduce the number of shares we own.
From Chris Davis (Trades, Portfolio)' Davis New York Venture Fund fall 2020 review.
