 |
|
|
|
Value Trust Fourth Quarter 2003 Commentary
Mulligan
The title of this piece does not refer to my friend Richard Mulligan, Mallinckrodt
Professor of Genetics at Harvard Medical School, and recipient of a MacArthur "genius"
award for his work on retroviral vectors. His research is fascinating, and underpins a
holding in one of our funds, but the term "mulligan" in the title refers to golf.
I haven't played golf in probably 20 years. Growing up in Florida, I learned and played
till I went to graduate school, where lack of ability to pay green's fees ended my golfing
days. By the time I had the resources to play again, business and family responsibilities
intruded. Golf takes a lot of time, and I was reminded of Bill Bradley's comment about
why he practiced basketball so much. He said he figured when he wasn't practicing,
somewhere, someone was, and when they met, that person would win. I have the same
view about the stock market. This is not a business where ignorance is an asset; the more
you work at it, the better you ought to be, other things equal. Doesn't leave a lot of time
for golf. read more...
|
|
|
|
|
|
|
 |
|
|
Legg Mason Funds Management, Inc. currently seeks highly qualified
investment professionals. If you possess relevant experience and would like
the opportunity to work with Bill Miller and his team of investment
professionals, please e-mail your cover letter and resume to Laura Boydston
via jobs@lmfunds.com.
|
|
|
|
|
|
