Billionaires Sell Amazon Stock and Buy a BlackRock ETF That Could Soar Up to 13,500%, According to Wall Street Experts | The Motley Fool

In the third quarter, two hedge fund billionaires sold Amazon (AMZN +0.17%) and added to positions in the iShares Bitcoin Trust (IBIT +0.69%), an exchange-traded fund (ETF) managed by BlackRock that tracks the spot price of Bitcoin (BTC +2.05%).

• Philippe Laffont of Coatue Management sold 1.4 million shares of Amazon, trimming the position 14%. He also purchased 76,100 shares of the iShares Bitcoin Trust, more than doubling his stake.
• Steven Schonfeld of Schonfeld Strategic Advisors sold 253,700 shares of Amazon, reducing the position 72%. He also added 1.1 million shares of the iShares Bitcoin Trust, increasing his stake 20%.

The trades are noteworthy because Laffont and Schonfeld outperformed the S&P 500 (^GSPC +1.16%) by 94 percentage points and 22 percentage points, respectively, in the last three years. That makes both hedge fund managers good sources of inspiration.

Several…