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Technology Stocks : America On-Line (AOL) -- Ignore unavailable to you. Want to Upgrade?

To: Patsy Collins who wrote (15252)	5/6/1999 12:15:00 PM
From: Ed Forrest	Respond to of 41369

Has Legg Mason taken a short position in AOL?Also,I think we've read enough HYPE of Legg Mason. Ed Forrest

To: Patsy Collins who wrote (15252)	5/6/1999 3:11:00 PM
From: Rhyolite	Read Replies (2) \| Respond to of 41369

Re: Legg Mason Value Trust Sale Of AOL Thanks Patsy. I had a chance to speak with the registered rep from Legg Mason this morning. He confirmed that Miller had been selling off AOL holdings since last November because the run-up in share price had skewed the fund's asset allocation (to the tune of 16% of asset value). Curiously, and notwithstanding Miller's assertion regarding AOL's rich valuation, the rep claimed that Legg Mason still holds a significant position in AOL. I'm not sure I'm satisfied with this explanation; it is hard to reconcile with your understanding that Legg Mason has not retained a material stake in AOL. As an aside, I am intrigued by your statement that your Bloomberg terminal reflects Legg Mason's sale of 21 million shares. I had no idea that such information was available. Were I a major shareholder in a publicly-listed concern, I suspect I would not want the street knowing that I was trying to shed my position. Anyway, here is my question: How is the data on your Bloomberg terminal tabulated? Does it reflect the date, volume, price, and parties involved in individual buy-sell transactions? Or does it simply reflect the aggregate shares bought or sold by a particular brokerage house over a particular period? The reason I ask is that Legg Mason operates a number of mutual funds, as well as retail brokerage accounts, any of which might be involved in the trading of AOL stock. If transactions are simply aggregated, it might not be possible to trace unusual market activity to a particular fund. Thanks for the education. Rhyolite