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7/18/2008
This article first appeared in Kiplinger's. Talk about a fall from grace. Legg Mason Value managed by the once-revered Bill Miller, has performed so poorly the past 2.5 years that Morningstar now gives the fund 1 star, our lowest rating. This year, the fund has lost an atrocious 35% of its value. We took the fund off our Analyst Picks list in 2003 when it was still riding high because its high expense ratio was way too steep even with his record. Still, we've remained positive about Miller and his approach despite the dismal returns since then. Should it really come as a surprise that Miller, who was once the talk of the investing world because he beat the stock market 15 consecutive calendar years, has hit a rough patch? No. The streak merely masked Miller's bold approach to stock-picking, a strategy that was sure to run out of steam at some point. Not that one would have expected this steep a drop. (Source: Yahoo! Finance)
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7/18/2008
"Legacy'' has acquired a different meaning at some of Wall Street's largest firms: Whatever we are stuck with that's dragging down our earnings. This definition isn't found in Webster's New World College Dictionary. The fourth edition offers two alternatives: "money or property left to someone by a will; bequest'' and "anything handed down from, or as from, an ancestor.'' Citigroup Inc. (C: Charts, News, Offers), the biggest U.S. bank by assets, began the trend two months ago by introducing a legacy classification for about $500 billion of securities and units. The phrase "legacy assets'' was headlined in the company's second-quarter earnings release, which showed a smaller loss -- $2.5 billion -- for the period than most analysts had estimated. (Source: Bloomberg)
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7/18/2008
A day and a half's stock rally of 350-plus points (it is 1 p.m. Eastern Daylight Time as I write this) does not a rebound make. Plenty of weary investors are itching to sell on these little spikes. I will, however, point out some good news. The good news is, nobody believes in good news anymore. Four newspapers hit my driveway each morning: The Wall Street Journal, The New York Times, the Financial Times, and USA Today. (Source: Forbes.com)
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July 18, 1997:
Lucent Technologies offers $1.8 billion to acquire Octel Communications, a maker of voicemail systems.
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