Legg Mason: Our managers on the markets

The third quarter of 2008 will be remembered as one that forever
altered the landscape of the U.S. financial system — through the
nationalization of Fannie Mae and Freddie Mac, the seizure of AIG
by the federal government, the conversion of Goldman Sachs and
Morgan Stanley into bank holding companies, and the downfalls
of Lehman Brothers, Washington Mutual and Wachovia. All of
these events were consequences of the bursting of the massive
credit bubble in the U.S. banking system and the spillover from the
significant slowdown in housing that escalated last year.

In these uncertain times, we believe that the insights of industry
veterans who have seen the ups and downs of multiple market
cycles can provide valuable perspective, as we seek to understand
the complex issues facing the economy and capital markets. In this
issue of Briefly Speaking, key portfolio managers and investment
strategists of Legg Mason’s affiliated investment managers offer their
perspective on these unprecedented events, views on the markets,
and strategies for managing assets in their specific area of expertise.

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