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The best time to buy is when we have a negativity bubble. This great nation of ours is in a deep pessimism. We have not seen consumer sentiment this low for decades (see following chart).

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Often during a bear market quality companies can be bought for fractions of their intrinsic value, and one of the clearer examples of this in the current market panic is Legg Mason (LM). Legg Mason is a diversified asset manager with substantial assets under management in equities, bonds, money markets, and fund of funds. Contrary to public perception they are not overly reliant on any one fund or manager but instead they have a broad array of managers and asset classes to offer investors in their funds and separate accounts.

At the close of trading on July 28, 2008 LM had the following stat

Legg Mason, Inc (LM) is set to report earnings before the market opens on Friday, July 25th. Legg Mason is a global asset manager with $950 billion in assets under managements and serves the institutional, mutual fund and wealth management markets.

LM is expected to earn 13 cents per share for its ist quarter. We expect Legg to announce earnings that will miss investors’ and analysts’ expectations. We think that it is likely that during the conference call management could lower the company’s profit outlook going forward.

Analysts’ estimates have been coming down for the quarter, starting at

• Today was Mark Fetting’s first earnings call as CEO of Legg Mason. He was presiding over its first quarterly loss since the company went public in 1983. Losses are pretty rare for asset management companies.
• Fetting seemed a bit nervous. In his opening remarks, he used the term “focused” nine times in describing how to deal with Legg’s many problems. The underperforming investment teams are “focused.” The U.S. distribution teams remain “focused.” Bruce Sherman and Greg Powers, two of Legg’s worst performing manager

Three years ago I moved next door to a 3itch that works for Legg Mason. Now before any of you start to think that i must be loaded living next door to a Legg Mason player. Think agan. I am a simple man and like most simple men I live next door to uneducated liberal dickheads that know the answer to everything and because they are feely people they have the RIGHT to act on what they know.

Before neighbor lady started activly ACTING on what she KNEW by vandilizing my property whenever I was out of town we use to chat.

When a hurricane was brewing she tipped me of on a penny POS