On the 20th anniversary of the Crash of '87, the US stock market took a drubbing, falling 2.56%. In a curious parallel, the woes that are besetting the market are the result of a crash in the credit markets every bit as severe as that which hit equities back then, but which threatens to have more impact on the US and the global economy.
The stock market can close down for a while and it really doesn't matter all that much. The primary function of the stock market is not to finance company operations, it is to price assets. Companies go public once, and most come to the equity market for capital sporadically, and then typically to finance long-lived projects or acquisitions.
Showing posts with label Legg Mason. Show all posts
Showing posts with label Legg Mason. Show all posts
Tuesday, November 6, 2007
Wednesday, August 8, 2007
Legg Mason's Miller says unfazed by housing slump
Legg Mason's (LM.N: Quote, Profile, Research) star stock investor, Bill Miller, admits his fund's poor recent performance reflects investments in the battered housing sector and a failure to own surging energy stocks -- but he is unfazed by the U.S. housing slump.
As of Friday, Miller's Value Trust fund (LMVTX.O: Quote, Profile, Research) was down 2.73 percent year-to-date, putting it at the very bottom of similar funds, according to Lipper Inc., a unit of Reuters Group Plc.
Full Article LMVT's 2nd Quarter Comment
As of Friday, Miller's Value Trust fund (LMVTX.O: Quote, Profile, Research) was down 2.73 percent year-to-date, putting it at the very bottom of similar funds, according to Lipper Inc., a unit of Reuters Group Plc.
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