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Silicon Alley Insider (Free subscription) | 10/10/2008
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 percent from 8.5 percent. It's still a big chunk, 24.3 million shares. But less...
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Indian Express (Free subscription) | yesterday
Bill Miller is best known as the portfolio manager of Legg Mason Value Trust, which since inception has earned around 15.25% average annual total returns.
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Baltimore Sun (Free subscription) | 11/10/2008
Baltimore's Legg Mason Capital Management, the namesake money manager's subsidiary run by Bill Miller, has sold its entire stake in mortgage giant Freddie Mac, which was taken over by the government last month, according to documents filed yesterday with the Securities and Exchange Commission. Miller had taken a gamble on Freddie this summer, adding 30 million shares. As of July 31, LMCM had been Freddie's...
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Baltimore Sun (Free subscription) | 10/10/2008
Shares of Baltimore's Legg Mason Inc. suffered the largest one-day percentage drop in its history as a public company yesterday and plunged to their lowest price in almost 10 years.
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Baltimore Sun (Free subscription) | 10/10/2008
Shares of Baltimore's Legg Mason Inc. suffered the largest one-day percentage drop in its history as a public company yesterday and plunged to their lowest price in almost 10 years.
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Baltimore Sun (Free subscription) | 09/10/2008
Baltimore's T. Rowe Price Group will participate in a temporary federal guarantee program to prop up the $3.4 trillion money market fund industry. Price joins Legg Mason Inc., Fidelity Investments and Vanguard Group Inc. among others in applying for the program, for which the sign-up deadline was yesterday. Edward Bernard, chairman of Price's money market funds, said they are highly liquid and well-diversified....
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Baltimore Sun (Free subscription) | 08/10/2008
Moody's Investors Service cut Legg Mason Inc.'s senior debt rating yesterday in recognition of the Baltimore money manager's struggling profitability because of its weak performance and costs related to shoring up some money market funds invested in soured mortgage-related securities. The rating agency lowered Legg's rating one notch to A3 from A2, affecting $2.2 billion in senior notes. Moody's noted...
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Market Watch (Free subscription) | 07/10/2008
SAN FRANCISCO (MarketWatch) -- Moody's Investors Service on Tuesday lowered Legg Mason Inc.'s senior debt rating to A3 from A2 and indicated that there could be additional downgrades. The move was due to continued pressure on Legg Mason's business profile and profitability resulting from its financial support of constant net asset value money market funds. "Legg Mason has ample cash for the current...
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Baltimore Sun (Free subscription) | 07/10/2008
Legg Mason Inc. bought asset-backed commercial paper from a non-U.S. money-market fund, allowing it to cancel $460 million in credit-support agreements. The purchases will have no effect on earnings, the Baltimore-based company said yesterday in a filing with the U.S. Securities and Exchange Commission. Legg Mason said it purchased an undisclosed amount of asset-backed commercial paper issued by Axon...
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The Street (Free subscription) | 01/10/2008
Earnings seasons kicks off next week. Get up to speed with this behind-the-scenes look at the process behind the public numbers.
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Boston Globe (Free subscription) | 29/09/2008
Facing his worst-ever slide due to catastrophic bets on financials, Legg Mason Inc fund manager Bill Miller is toning down his characteristic bold investment style in an attempt to recapture his past glory.
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Market Wire - Investment Opinion (Free subscription) | 26/09/2008
LONDON (MARKET WIRE) MaybachFinancial.com is one of the fastest growing independent and unbiased research firms in the world. Through our numerous partnerships with many of the top investment minds in the world, we provide research on companies making a move in the markets. Investors seeking genuine analyst opinions on their investments for Sprint Nextel Corporation (NYSE: S), Nokia Corporation (NYSE:...
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The Washington Business Journal (Free subscription) | 25/09/2008
Legg Mason Capital Management CEO Bill Miller on Wednesday blasted the recently announced government bailouts of private companies for driving down their stock value — and said that if the bailouts continue, funds like his will be less inclined to invest in challenged companies. (FMC) (FNM) (AIG) (LM) (BAC) (MER)
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DealBook (Free subscription) | 25/09/2008
Warren Buffett’s $5 billion investment in Goldman Sachs shows that shaken investors have been calmed by the $700 billion U.S. financial sector bailout plan and they are reopening their wallets to the industry, fund manager Bill Miller said, according to Reuters. These shareholders had stopped investing fresh capital in financial firms after being “smashed” by losses [...]
