Legg Mason: We're Right and the Market's Wrong
Asset manager Legg Mason(LM Quote) just reported its second-quarter earnings numbers, which showed a revenue drop of 13%. The company revealed that assets under management fell 7%, from $992.4 billion last year to $922.8 billion as of June 30.
The company has struggled with underperforming funds, which have some of its investors frustrated and looking elsewhere for better performance. Legg Mason CEO Mark Fetting then made a baffling statement, saying "... we believe that when the credit crisis abates, and as the broader markets turn toward a renewed focus on fundamentals, this will bode well for our underperforming managers."
In other words, the market is wrong and their managers have it right. One thing investors should always remember is that the market tape is the final arbiter of who is right and wrong. ...
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