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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (26806)	5/10/2007 10:28:21 PM
From: Madharry	Read Replies (1) \| Respond to of 78673

I added a little more RAS today. all told about a 2% position now.

To: Paul Senior who wrote (26806)	5/11/2007 12:33:16 AM
From: Spekulatius	Read Replies (1) \| Respond to of 78673

LM - their quarterly earnings were Ok but not great. Inflows into bond and MM funds compensated for outflows from equity funds. the problem was that expectations were for something better, as is clearly visible from the chart prior to earnings. I agree that LM is cheap based on EV/ assets under management and buyers at this level will be rewarded some time. Short term however I think the market is overextended and there is a high likelihood that we see more pressure and this traditionally means weak share performance for asset managers like LM. IBKR's IPO is a bust too. Apparently the valuation appears a bit rich now after the IPO hype. i think i'll add to my small position acquired at the IPO if we see prices better than 27$.