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Strategies & Market Trends : Value Investing

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To: Wallace Rivers who wrote (43594)	7/28/2011 3:52:10 PM
From: Paul Senior	of 78906

LM: "Legg Mason Profit Rises 25% as Market Rally Offsets Client Redemptions" bloomberg.com Reiterating, for me I'm interested almost solely on aum, so I'll be concerned about client redemptions. Even with aum down a little, I'm valuing (on aum) LM to be worth over $6B (allowing for the less profitable but larger bond fund component of the business). So with LM's enterprise value of $4.7B, the stock is undervalued. I'll follow you Wallace Rivers and add a few (just a few) shares to my position now.

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