When one of the most profitable hedge fund managers of all time liquidates a large position in any company, smart investors take notice. Late last year, that's precisely what happened with shares of #Amazon .com (NASDAQ:AMZN). At some point in the fourth quarter of last year, Point72 Asset Management, the $10 billion-plus family office of infamous billionaire trader Steven A. Cohen, sold its entire stake in the e-commerce giant, a position worth roughly $200 million. So why did Point72 sell Amazon stock, and what are the implications, if any, for the average investor? Let's dive into both questions. Who sold Amazon stock? Point72 Asset Management is a relative newcomer in the asset-management world. The firm manages the personal fortune of Stephen A Cohen, the star trader who built his former hedge fund, SAC Capital Advisors, into one of the best-performing hedge funds in the industry. The company and its boss fell from grace in recent years as an SEC case against the company and individual resulted in $1.8 billion in insider-trading fines, which effectively killed the company and banned the boss from managing outside investors' money until 2018. In terms of the sale itself, Point72 liquidated its entire 266,668 shares of Amazon stock at some point during the fourth quarter of 2016, according to the firm's latest 13-F filing.
https://www.fool.com/investing/2017/05/12/this-hedge-fund-sold-200-million-of-amazon-stock-t.aspx
No comments:
Post a Comment