I have a lot of respect for the work Mr. Miller put into the industry, over the years. However, like old baseball players or one legged track stars, it’s time for him to retire.
He has done an abysmal job with his assets under management, as of late. But, at the same time, he has done a splendid job driving Legg Mason, Inc. [[LM]] into the dirt, without a pine box.
We all know the headlines:
Bill Miller fired by Mass Pension
Bill ups his stake in Freddie Mac, despite looming disaster.
And, my favorite, Bill says “it’s a tough market.”
So where am I going with this, you query?
Bill’s funds are all down nearly 30% or more in some cases, year to date. In this business, your track record means nothing. You are only as good as your last trade.
I can almost promise, Legg Mason will see its assets under management shrink drastically, as pension funds reevaluate their options, with regards to egregious money management.
In short, the entire Legg Mason Family of funds is down more than 24%, year to date. This is a disaster.
Here are some of their top holdings:
Amazon.com, Inc. [[AMZN]] – 6.6%
The AES Corporation [[AES]] – 4.8%
Aetna Inc. [[AET]] – 2.6%
Yahoo! Inc. [[YHOO]] – 2.6%
eBay Inc. [[EBAY]] – 2.5%
Google Inc. [[GOOG]] – 2%
JPMorgan Chase & Co. [[JPM]] – 2%
UnitedHealth Group Inc. [[UNH]] – 2%
Eastman Kodak Company [[EK]] – 2%
Citigroup Inc. [[C]] – 1.9%
Other holdings include:
[[FRE]], Sears Holdings Corporation [[SHLD]] , Hewlett-Packard Company [[HPQ]] , International Business Machines Corp. [[IBM]] , Time Warner Inc. [[TWX]] , Electronic Arts Inc. [[ERTS]] , Qwest Communications International Inc. [[Q]] , General Electric Company [[GE]] , Nokia Corporation (ADR) [[NOK]] , Level 3 Communications, Inc. [[LVLT]] , NII Holdings, Inc. [[NIHD]], American International Group, Inc. [[AIG]] , Merrill Lynch & Co., Inc. [[MER]] , Capital One Financial Corp. [[COF]] , J.C. Penney Company, Inc. [[JCP]] , Cisco Systems, Inc. [[CSCO]] , Texas Industries, Inc. [[TXI]] , Bank of America Corporation [[BAC]] and Amgen, Inc. [[AMGN]] .It’s worth noting, Bill has HUGE bets on both AMZN and AES. Coincidentally, I regularly spit on AMZN. Should AMZN drop, it’s lights out for Legg Mason, Inc. [[LM]] .
Conclusion: My top short idea is LM.
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While doing some MTA stuff I stumbled unto some information to back up the FLY. Forget about Global Tension: [Fighting a war in the sand has ruined our military equipment like we lost a war.] Buy military equipment stocks for longs. I will not trade this market until it is oversold. Like Warton School says Market,Sector,Stock All must be oversold and trending up for the best risk/reward for stupid fuctards like me!
I’m guessing I’m a bit late but the new quotes are great. I hated that old yahoo crap.
At least tomorrow crude can drop $1 and we will have a reason to rally!
Bove The Oracle:
LEH is BUY here.
Only retarded Wall Street fools didn’t understand that the game had changed. You were especially fucktarded if you hadn’t figured this out by the end of last year. Throw the fucking manual out.
Money mangers that are stuck in the past, will have their balls chewed off by an ill-tempered Doberman Pinscher.
LEH is a Buy
jog on
So if I can’t afford something, should I buy it anyways?
I would short the guy on Fast Money with the Devil’s beard (and the white spot in the middle like a Panda) and the pony tail.
If you’re going to have a pony tail have one like Willie Nelson and not like Hop Sing from Panda Express.
Wharton school. Not Warton school. I was in a hurry.
Dick Bove is a DICK!
NO
Dick Bove is a retarded, gay, DICK!
Bennet Sedacca
11:08:15 AM
No positions in stocks mentioned.
Credit dying a slow death…
Spreads continue to widen in a water torture type fashion. Every single day they are wider.
I believe the window for financing in the financial space is officially closed except for a select few (JPMorgan (JPM), UBS (UBS), General Elkectric (GE) and Goldman Sachs (GS)).
The next move will be ugly.
More later.
Lehman ( minus Neuberger Bergan, their best revenue driver left) as a takeover target? Sure, I’ll bid $1 a share for it.
what a clown. and now bank stocks rally.
Dick Bove is the recipient of a heroin needle and soft dollars from Lehamn.
Well, HELLO!
The market values LEH, less than zero, because that MAY be its true value.
I thinks it’s ROFLMAO as to Fly’s above comment @1:29 but whatever it is I’m doing it.
I would be willing to consider taking over Mr. Miller’s job, however, I do not believe Legg Mason is prepared to meet my salary demands.
Maybe LM would be willing to take over LEH. hehehehehehehe suckers!!!
What happens when intraday gold is BTFO and financials are trailing upwards?
I presume a fast kill to financials soon.
Fly,
Bill Miller’s crash and burn begs the question:
For those of us sitting on ..
– ~100-500k$ cash
– a whack of company options and stock and
– 401k holdings…And no time to properly trade the market, even if we knew how…Who do we trust and pay 1-1.5% to handle our money?
You earlier stated that the normal Joe has way too much of their total assets in the market – risking too much.
I’ve got guys like Fisher Investment types calling all the time…but what does Kevin Fisher know? Is he the next Bill Miller?
Fisher investments is a terribly run company. I app’d a few months ago and had a fifteen minute exploratory interview with an egregiously terrible HR type named Shawna, who then informed me after the interview that they appreciated the time but would move in another direction.
My advice: don’t pick up when Ken Fisher calls (or his henchwomen in HR).
Just saw Raphael Saadiq perform at a private show in San Fran. Unbelievable. Like a modern Smokey Robinson, with a splash of the O’Jays.
New album titled “The Way I See It” is a must buy.
Two things:
1. Once upon a time, a client of mine had 7 million with Fisher.
It didn’t end well.
2. Stay tuned. Part of my “PPT” service will help you a great deal, with regards to cogent financial ideas. It will be comprehensive and very inexpensive.
DJIA is about to go positive with crude up $5 and gold up $23.
Lunatics are running the asylum, and Costanza kicks ass.
oooh…aahhhh….expensive…..can’t wait
Paint is Drying,
That single sounds good. I’ll check out the album.
Have you heard “People gonna talk” by James Hunter? Came out a year or two ago but I just found it. He has a good Sam Cook kind of sound.
Fly:
1) You should charge for it like Radiohead did with their last album, where customers select their own price based on what they think it is worth.
That would be fun, don’t you think ? 🙂
2) What about CGMFX with Ken Heebner, do you like him any better ?
Sleepynaptime – no, havent heard that. I’ll look into it.