Legg Mason’s Capital Management Value Trust – A tarnished star that may remain tarnished

January 16, 2012 Legg Mason’s Capital Management Value Trust – A tarnished star that may remain tarnished As investors know, the Legg Mason Capital Management Value Trust will continue to be managed by Bill Miller until April, 2012 when he will step down. The performance of the fund had been dismal.  According to a Bloomberg [...]

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Corporate Pension Plans Raise Return Assumptions – In a Down Market???

The front page article in the October 16 Wall Street Journal, “Pension Funds Flee Stocks in Search of Less-Risky Bets,” was a real eye-catcher. I can understand the motivation to reduce risk in view of the fact that Funds generally have taken on far more risk (or blame) than good judgment dictates. The eye-catching part [...]


Don’t Believe Everything You’re Told

If only I had known, I would never have bought it. That lament was uttered by a pension fund manager after the Enron collapse. I co-founded Audit Integrity in 2002 immediately following the Enron debacle. The mission of Audit Integrity was, and remains, to apply forensic analysis to differentiate between risky and trustworthy behavior, and [...]


It’s Extend and Pretend All Over Again

Getting older has its comforts. One of them is that you get to experience a number of historic events and can gain perspective on consequences that result from those events. It’s been well over a decade since the Japanese economy imploded. That implosion was based on a speculative frenzy that drove values to the extreme, [...]


Bankruptcy Professional: SPOTLIGHT on James A. Kaplan

James A. Kaplan Chairman and Founder Audit Integrity, Inc. Audit Integrity, Inc. offers a range of accounting and governance risk analysis to “lower risk and improve performance.” The company’s most recent analysis offering is a bankruptcy model that indicates the likelihood of a potential bankruptcy filing. Audit Integrity explains that—unlike current models that “fail to [...]