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Differentiated Thinking

"...In markets, everyone tends to see the same things, read the same newspapers and get the same data feeds. The only way to arrive at a different answer from everybody else is to organize the data in different ways or bring to the analytical process things that are not typically present..."

- Bill Miller, CFA

"It's a good time to be looking forward. We know we will do what we always have: perform well over the long term."

- Kyle P. Legg, CFA

"At Legg Mason Capital Management we are constantly pushing ourselves to be on the "leading edge" of thinking the right way about long-term investing within an incredibly dynamic world. This passion for learning is what gives me confidence in our ability to deliver long-term results for you, our shareholders."

- Sam Peters, CFA

"In markets, competitive advantages are three: informational, analytical and behavioral…Behavioral advantages are the most interesting because they are the most durable..."

- Bill Miller, CFA

"Understanding the difference between long-term investing and short-term greed is an important dynamic in financial markets and it is fundamentally important to our understanding of how to make money."

- Robert Hagstrom, CFA

"We believe the expertise of Legg Mason Capital Management is driven by an intellectually curious, highly motivated, and experienced investment team. In our view, the LMCM philosophy and process has proven itself capable of adding value over long periods of time."

- Jay Leopold, CFA

"You can learn the basics of investing in about five minutes and then spend the whole rest of your life trying to understand the nuances. I've been an investor for over thirty years and I learn things every day."

- David Nelson, CFA

"What we are really trying to do is to think about thinking… Understanding how groups behave is central to understanding how complex adaptive systems - such as the stock market - work."

- Bill Miller, CFA

"While no fact or theory alone can make an investment case, ideas can inject the critical element that allows one to see opportunity where others only see peril."

- Randy Befumo, CFA

"Being bearish or cautious always sounds smarter than being bullish. No one wants to be thought panglossian, in denial of evident problems and risks."

- Bill Miller, CFA

"... a quality process, which often includes a large dose of theory, is the surest path to long-term success."

- Michael Mauboussin

"The philosophy that we have is unchanging. We explain what we do by separating strategy, process and philosophy because we believe that there are core truths to investing that do not change. That's what we call our investment philosophy."

- Bill Miller, CFA

"Systematic outperformance requires variant perception: one must believe something different from what the market believes, and one must be right. This usually involves weighting publicly available information differently from the market, either as to its magnitude or its duration."

- Bill Miller, CFA

"True and lasting success comes to those who make the effort to first build a latticework of mental models, and then learn to think in an associative, multi-disciplinary manner."

- Robert Hagstrom, CFA

For the LMCM team, expertise in finance, accounting and economics are only the beginning of our innovative multi-disciplinary approach. We study everything from philosophy to geopolitics, from the sciences to the arts, to give ourselves the broadest possible view of an ever-changing world. We share these lessons in our Thought Leader Forum, On the Same Page book club, and our White Papers. We invite you to explore the Legg Mason Capital Management difference.

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Publications and Press

The Failure of Arbitrage - May 14, 2008
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Bill Miller April 2008 Commentary - April 23, 2008
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Portfolios

One Team * One Philosophy * One Process * Six Mandates

Bill Miller, CFA

American Leading Companies Equity

Legg Mason Capital Management ("LMCM" or "the Firm") consists of two legal entities doing business under the LMCM name: Legg Mason Capital Management, Inc. ("LMCM"), and LMM LLC ("LMM"). Each is a subsidiary of Legg Mason, Inc.

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