Short Westwood Holdings: Why Valuation Matters

Do Shareholder's Care About Valuation?

Asset managers have had a tough time over the past twelve months.  This seems perfectly logical given the fact most asset managers have seen down performance and asset flows continue to deteriorate.  The median asset manager (a list of 29 companies) is down over 30 percent during the past year.  Some great franchises have come under significant pressure [Gamco (GBL) down 20 percent, Calamos (CLMS) down 30 percent, and Legg Mason (LM) down 59%].