According to my Bloomberg, Bill Miller, the big Amazon tout at Legg Mason, has been selling his Amazon shares at a rather urgent clip--Legg Mason in total sold about 8.5 million shares in the fourth quarter of 2002, bringing holdings down to 44 million. This is quite interesting news because Miller has long touted AMZN as an eventual cash flow machine, and he always tells the press he has a forever-type of time horizon. Indeed, Miller more than once highlighted the fact that Amazon was one of his the best performing stocks last year (from its near-death-experience-bottom in early 2002).
More recently, in his February 3 interview with Barron's, he states "we are the largest holder of Amazon.com" when discussing his newest dot.com fancy--eBay. But he makes no mention of the fact that he had been blowing out of stock.
I think all the small investors who hang on Miller's every word would have liked to know that he has been selling Amazon--maybe to those very same investors who have been buying it because he'd been talking it up for so long.
Seems to me only fair that if Eliot Spitzer wants to keep honest the short-sellers who beat up their positions in public, he should also investigate longs, like Bill Miller, who pump up their positions in public even while in retrospect we find they have been selling them.