Clayton M. Christensen
Professor, Harvard Business School
Thursday, September 27, 2007 8:15 am

Clayton M. Christensen is the Robert and Jane Cizik Professor of Business Administration at the Harvard Business School, with a joint appointment in the Technology & Operations Management and General Management faculty groups. His research and teaching interests center on the management of technological innovation, developing organizational capabilities, and finding new markets for new technologies. Prior to joining the HBS faculty, Christensen served as chairman and president of CPS Corporation, a firm which he co-founded with several MIT professors in 1984 which is now a publicly traded company. CPS is a leading developer of products and manufacturing processes using advanced materials. Christensen holds a B.A. in economics from Brigham Young University and an M.Phil. in economics from Oxford University, where he studied as a Rhodes Scholar. Christensen received an MBA from the Harvard Business School in 1979, graduating as a George F. Baker Scholar. He was awarded a DBA from the Harvard Business School in 1992. Christensen won the Production and Operations Management Society's 1991 William Abernathy Award, presented to the author of the best paper in the management of technology; the Newcomen Society's award for the best paper in business history in 1993; and the 1995 McKinsey Award for the best article published in the Harvard Business Review. He is the author of four books: The Innovator's Dilemma, which received the Global Business Book Award for the best business book published in 1997; Innovation and the General Manager, a casebook; The Innovator's Solution, co-authored by Michael E. Raynor; and Seeing What's Next, co-authored by Scott D. Anthony and Erik A. Roth. Professor Christensen's writings have been featured in a variety of publications, and have won a number of awards over the years.

Steven Crist
Publisher and Columnist, Daily Racing Form
Wednesesday, September 26, 2007 7:00 pm

Steven Crist, chairman and publisher of Daily Racing Form, successfully put together a group of investors who purchased "America's Turf Authority" in August, 1998.

A renowned journalist, horseplayer and gambler, Crist first caught the racing bug as an undergraduate at Harvard in 1977 and the former editor of the Harvard Lampoon has dedicated his life to Thoroughbred racing ever since.

Crist was a New York Times reporter and columnist from 1981-90 and the founding editor of the short-lived but critically-acclaimed rival daily newspaper to DRF, The Racing Times, the Robert Maxwell-owned publication that introduced a variety of editorial and statistical innovations that have since become the industry standard.

In 1992, Crist was appointed a commissioner by New York Gov. Mario Cuomo to the New York State Commission on Racing in the 21st Century, where he drafted recommendations and legislation that subsequently became law. He was a vice president in charge of simulcasting, marketing and corporate development for The New York Racing Association from 1994-1997 and introduced in-home simulcasting during his tenure. He is a former director of the Equibase Company and delivered the keynote address at the 1995 Jockey Club Round Table.

A noted handicapper who writes a twice weekly column in DRF that often reflects the interests of horseplayers, Crist is the author of Exotic Betting (2006), the autobiographical Betting on Myself: Adventures of a Horseplayer and Publisher (2003 / DRF Press) as well as The Horse Traders (1986) and Offtrack (1981) and a co-author of Champions and Bet With The Best. Crist lives in Hempstead, N.Y.

John Donahoe
President, eBay Marketplaces
Thursday, September 27, 2007 2:15 pm

As president of eBay Marketplaces, John Donahoe is responsible for the growth of eBay around the world. In that capacity, Donahoe oversees strategic and financial planning, marketing, operations, product development and business development for the eBay North America and eBay International businesses.

Prior to joining eBay, Donahoe served as worldwide managing director of Bain & Company, a global consulting firm, where he oversaw Bain’s 29 offices and 3,000 employees worldwide. During his career at Bain, Donahoe served clients in the telecommunications, airlines, aerospace and financial services industries. Prior to that, Donahoe worked for the Rolm Corporation, a telecommunications equipment company, and Salomon Brothers, now a part of Citigroup Inc.

Donahoe serves on the Board of Trustees of Dartmouth College and the Advisory Board of the Stanford Graduate School of Business. He is also a Trustee of Sacred Heart High School in Atherton, California and an Advisory Board member of Backroads, an active travel company.

Donahoe received a Bachelor of Arts in Economics from Dartmouth College and a Master of Business Administration from the Stanford Graduate School of Business.

Dave Mandelkern
Chief Executive Officer, QuickHealth, Inc.
Thursday, September 27, 2007 1:15 pm

Dave Mandelkern is the founder and Chief Executive Officer of QuickHealth, Inc. QuickHealth is transforming the delivery of primary medical care, particularly for those who don't have health insurance. The QuickHealth physician provider-based model, located in convenient high traffic retail locations, provides affordable access to health care on a drop-in, no-appointment-necessary basis seven days a week. QuickHealth has relationships with Farmacia Remedios, Longs Drugs, and Wal-Mart Stores.

Previously Mandelkern was co-founder, Executive Vice President, and Chief Technology Officer of Docent, Inc., a pioneer in enabling organizations to improve their performance through effective deployment of knowledge. Mandelkern led the company from its inception in 1996 to over $30 million in annual revenues and a successful initial public offering. In March 2004, Docent joined with its leading competitor to form SumTotal Systems, Inc.

Prior to founding Docent, Mandelkern was president and founder of AlmondSeed Software, Inc., a provider of UNIX utility software. His twenty-five years of executive management experience in the computer software industry also include having been president and CEO of Talarian Corporation and Vice President of V.I. Corporation, the original UNIX dynamic graphical user interface software company. Mandelkern holds a Bachelor's degree with distinction and a Master's degree in Electrical Engineering, both from Stanford University.

Antonio M. Perez
Chairman and Chief Executive Officer, Eastman Kodak Company
Thursday, September 27, 2007 10:00 am

Since joining the company in April 2003, Kodak’s Chairman and Chief Executive Officer, Antonio M. Perez, has led the worldwide transformation of Kodak from a business based on film to one based primarily on digital technologies. In the past three years, Kodak introduced an array of new disruptive digital technologies and products for consumers, from inkjet printers to CMOS sensors for digital cameras and mobile phones. During this same period, Kodak built a new profitable commercial printer business with $3.6 billion in revenue. As a result, in 2006, a new Kodak began to emerge – for the first time in history more than 50 percent of Kodak revenue came from digital products, and the growth of Kodak’s digital earnings exceeded the decline of traditional earnings.

Perez brings to the task his experience from a 25-year career at Hewlett-Packard Company, where he was a corporate vice president and a member of the company’s Executive Council. As President of H-P’s Consumer Business, Perez spearheaded the company’s efforts to build a business in digital imaging and electronic publishing, generating worldwide revenue of more than $16 billion.

Prior to that assignment, Perez served as President and CEO of H-P’s inkjet imaging business for five years. During that time, the installed base of H-P's inkjet printers grew from 17 million to 100 million worldwide, with revenue totaling more than $10 billion.

After H-P, Perez was President and CEO of Gemplus International, where he led the effort to take the company public. While at Gemplus, he transformed the company into the leading Smart Card-based solution provider in the fast-growing wireless and financial markets. In the first fiscal year, revenue at Gemplus grew 70 percent, from $700 million to $1.2 billion.

A native of Spain, Perez studied electronic engineering, marketing and business in Spain and France.

Matthew Szulik
Chairman, Chief Executive Officer and President, Red Hat
Thursday, September 27, 2007 11:00 am

Matthew Szulik has been leading early-stage technology companies, such as Interleaf, MapInfo and Red Hat, into global, publicly traded firms for more than 20 years. In 1998, Szulik and Red Hat founder Bob Young developed a shared vision that the collaborative approach of open source and a great brand could redistribute the economics of the technology industry from vendor to customer. Following successful public offerings in 1999 and 2000, Red Hat has developed global partnerships with Oracle, IBM, Dell, Intel and H-P to deliver technology based on open source technology. Today, Red Hat is the leading provider of Linux and open source technology to the enterprise and is positioned to be the defining technology company of the 21st century. Szulik is passionate about improving the educational opportunities for students worldwide through open source, and he is a spokesperson to industry, government and education leaders on open source computing. Szulik is the Chairman of the Science and Technology Board for State of North Carolina's Economic Development Board. He is past Chairman and an Executive Director of the North Carolina Electronics and Information Technologies Association. Szulik was recently recognized by CIO Magazine with its 20/20 Vision Award.

Michael Mauboussin
Senior Vice President, Chief Investment Strategist
Thursday, September 27, 2007 3:30 pm

Michael Mauboussin is Chief Investment Strategist at Legg Mason Capital Management. Prior to joining LMCM, Michael was a Managing Director and Chief U.S. Investment Strategist at Credit Suisse. Michael joined CS in 1992 as a packaged food industry analyst. He is a former president of the Consumer Analyst Group of New York and was repeatedly named to Institutional Investor’s All-America Research Team and The Wall Street Journal All-Star survey in the food industry group.

Michael is the author of Think Twice: Harnessing the Power of Counterintuition (Harvard Business Press, 2009) and More Than You Know: Finding Financial Wisdom in Unconventional Places—Updated and Expanded (New York: Columbia Business School Publishing, 2008). More Than You Know was named one of “The 100 Best Business Books of All Time” by 800-CEO-READ, one of the best business books by BusinessWeek (2006) and best economics book by Strategy+Business (2006). He is also co-author, with Alfred Rappaport, of Expectations Investing: Reading Stock Prices for Better Returns (Harvard Business School Press, 2001).

Michael has been an adjunct professor of finance at Columbia Business School since 1993 and is on the faculty of the Heilbrunn Center for Graham and Dodd Investing. In 2009, Michael received the Dean’s Award for Teaching Excellence. BusinessWeek’s Guide to the Best Business Schools (2001) highlighted Michael as one of the school’s “Outstanding Faculty,” a distinction received by only seven professors.

Michael earned an A.B. from Georgetown University. He is also affiliated with the Santa Fe Institute, a leading center for multi-disciplinary research in complex systems theory, and is on the board of directors of Sermo, an online community for physicians.

Bill Miller, CFA
Chairman, Chief Investment Officer
Thursday, September 27, 2007 3:30 pm

Bill Miller is one of today's most renowned professional money managers. He is Chairman and Chief Investment Officer of Legg Mason Capital Management, Inc.

Bill Miller is the Chairman and Chief Investment Officer of Legg Mason Capital Management. He also currently serves as the portfolio manager for the Value Trust and Opportunity Trust mutual funds. Mr. Miller assumed overall responsibility for the equity funds management area of Legg Mason in late 1990. Prior to this time, he co-managed (with Ernie Kiehne) the Legg Mason Value Trust from its inception in 1982. He was the director of research of Legg Mason from October 1981 through June 1985. He earned his economics degree from Washington and Lee University where he graduated with honors in 1972. Subsequent to graduation, he served as a military intelligence officer overseas and then pursued graduate studies in philosophy in the Ph.D. program at The Johns Hopkins University. Prior to joining Legg Mason in 1981, he served as treasurer of the J.E. Baker Company, a major manufacturer of products for the steel and cement industries. Bill received his CFA designation in 1986

Mr. Miller currently serves as Chairman on the Board of Trustees of the Santa Fe Institute, one of the world’s leading scientific research laboratories, which conducts multi-disciplinary research in complex systems theory.

Over the years, Mr. Miller and his team have received numerous accolades for their management record and distinct style, which focuses on a detailed understanding of businesses and their intrinsic value. Mr. Miller was ranked among the top 30 most influential people in investing when he was named a member of the "Power 30" by SmartMoney. He was also named by Money magazine as "The Greatest Money Manager of the 1990's" and named Morningstar's 1998 "Domestic Equity Manager of the Year."¹ In 1999, he was selected as the "Fund Manager of the Decade" by Morningstar.com.¹ Also in 1999, Barron’s named him to its All-Century Investment Team and BusinessWeek called him one of the “Heroes of Value Investing.”

¹Morningstar’s award for “Domestic Equity Fund Manager of the Year 1998” recognizes portfolio managers who demonstrate excellent investment skill, the courage to differ from consensus, and the commitment to shareholders necessary to deliver outstanding long-term performance. Bill Miller received 56% of the analysts’ vote in Morningstar.com’s 1999 Poll in the “Fund Manager of the Decade” category. Thirty-four Morningstar.com analysts voted. Nominees in this category were selected based on their demonstration of investment skill, their courage to differ from consensus, and their commitment to shareholders necessary to deliver outstanding long-term performance. Bill Miller was named to Barron’s Mutual Funds “All-Century Team” for his stock-picking skills. This is not an official ranking based on specific criteria. The selection was based solely on the opinion of Barron’s Mutual Funds writing staff.

¹Morningstar’s award for “Domestic Equity Fund Manager of the Year 1998” recognizes portfolio managers who demonstrate excellent investment skill, the courage to differ from consensus, and the commitment to shareholders necessary to deliver outstanding long-term performance. Bill Miller received 56% of the analysts’ vote in Morningstar.com’s 1999 Poll in the “Fund Manager of the Decade” category. Thirty-four Morningstar.com analysts voted. Nominees in this category were selected based on their demonstration of investment skill, their courage to differ from consensus, and their commitment to shareholders necessary to deliver outstanding long-term performance. Bill Miller was named to Barron’s Mutual Funds “All-Century Team” for his stock-picking skills. This is not an official ranking based on specific criteria. The selection was based solely on the opinion of Barron’s Mutual Funds writing staff.

The investment return and principal value of the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Calculations assume reinvestment of dividends and capital gain distributions. Performance would have been lower if fees had not been waived in various periods. The S&P 500 is an unmanaged index of common stock prices that is generally considered representative of the U.S. stock market. The value approach to investing involves the risk that those stocks deemed undervalued by the portfolio manager may remain undervalued. This fund is distributed by Legg Mason Investor Services, LLC, Member FINRA. An investor should consider a fund's investment objectives, risks, charge and expenses carefully before investing. You should consider the funds' investment objectives, risks, charges and expenses carefully before you invest. For a prospectus, which contains this and other information on the fund, visit www.lminstitutionalfunds.com. Please read the prospectus carefully before you invest.

Investment risks:
The value approach to investing involves the risk that those stocks deemed to be undervalued by the portfolio manager may remain undervalued. Non-U.S. investments are subject to currency fluctuations, social, economic and political risks.

Legg Mason Investor Services, LLC, is the distributor of the Legg Mason Funds.

Legg Mason Capital Management and Legg Mason Investor Services are subsidiaries of Legg Mason, Inc.

Legg Mason Capital Management ("LMCM") is comprised of (i) Legg Mason Capital Management, Inc., and (ii) LMM LLC.

The comments, opinions and any forward predictions presented about any particular security, the economy or "the market" are based on the analysis of the speaker. These are not necessarily the opinion of, and should not be construed as a recommendation on the part of Legg Mason Capital Management or any of its affiliates.