- Miller Beats Miller as Legg Mason Opportunity Trounces Flagship
- Appaloosa’s Short Sales on Wells Fargo Face SEC Probe
Miller Beats Miller as Legg Mason Opportunity Trounces Flagship – Bloomberg
Bill Miller, who beat the Standard & Poor’s 500 Index for 15 straight years with Legg Mason Capital Management Value Trust, is neck and neck with it th-is year. As usual, he trails another investing benchmark: Bill Miller.
The $2 billion Legg Mason Capital Management Opportunity Trust returned 14 percent this year through March 24, compared with 5.2 percent for Miller’s $4.6 billion flagship fund. With stakes in smaller companies and the freedom to put money into unconventional investments such as preferred shares, the fund outperformed its bigger counterpart by an average of about 5 percentage points a year over the past decade…..
Appaloosa’s Short Sales on Wells Fargo Face SEC Probe – Bloomberg
The U.S. Securities and Exchange Commission is probing Appaloosa Management LP, the hedge fund run by David Tepper, for betting against Wells Fargo & Co.’s stock before participating in its secondary offering.
The probe relates to trades in Wells Fargo’s secondary stock offering in November 2008, when the bank raised $11 billion to help fund the purchase of Wachovia Corp., Christopher Clark, an attorney for Appaloosa at Dewey & LeBoeuf LLP, said in an interview.
“We’re cooperating fully with the SEC’s inquiry,” Clark said…..
Tags: Appaloosa, Bill Miller, David Tepper, Hedge funds, Legg Mason, SEC, Short selling
