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"The business model was flawed," Mr. Hussey said.
Verizon has long argued that this competitive business model was flawed.
Safa Rashtchy, an analyst at Piper Jaffray, said he did not interpret Amazon's cautious guidance as indicating that the company's model was flawed.
Recall that Lansdowne, another big London hedge fund, was short of Northern Rock's shares for years before the bank's collapse because it thought the business model was flawed.
Murdoch warned that the current business model was "flawed" and said he expected to charge for access for News Corporation's newspaper websites within a year.
In investment banking, where the issue was the work of research analysts, the problem was more that the banks' business model was flawed.
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"The model is flawed.
"The BBC Trust model is flawed.
The very work model is flawed.
Again, there are many who believe even the telesales model is flawed and outdated.
In the past few years, a number of electronic competitors have emerged, contending that the N.Y.S.E.'s model is flawed.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com