Legg Mason Pares Back Amazon Holdings -- After Major Drop

It just hasn’t been a good year for Legg Mason Capital Management, and its star manager Bill Miller. Yahoo has turned into a nightmare, and even longtime winner Amazon.com isn’t immune from the meltdown (for now). In a fresh filing, the Baltimore-based asset manager says it has reduced its holdings in the company to 5.7 per cent from 8.5 per cent. It’s still a big chunk, 24.3 million shares. But less than a year ago, Amazon topped $100. Today it’s struggling to hold its nose above $50.

More ignominy for Miller: The one-time S&P beater was removed (fired) as an advisor to a couple of other funds, the Masters Select Value and Masters Select Equity Funds, just last week.

Legg, however, did have one bright spot this week. The firm was a major backer (along with Amazon) in Bill Me Later, the payments startup just acquired by eBay.

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