Legg Mason's (LM) Miller Sends Letter to Shareholders
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Legg Mason's (NYSE: LM) Bill Miller sent a letter to the Company's Value Trust shareholders in regards to its first quarter of 2008. Click here to see the full letter.
From the letter, Miller believes:
- Legg Mason will "do better from here on" and that the "worst is behind us."
- financial and consumer stocks have bottomed, but the market has not yet seen a bottom in headlines about woes in these sectors
- "the wild card is commodities. If commodities break, or even just stop their relentless rise, equity markets should do well. If they continue to move steadily higher, they have the potential to destabilize the global economy."
- George Soros was right in predicting that "commodities are in a bubble, but it also appears he is right when he describes it as one that is still inflating..."
Legg Mason, Inc., an asset management company, provides investment management and related services to institutional and individual clients, company-sponsored mutual funds, and other investment vehicles worldwide. [BCS]
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