Randy Befumo joined Legg Mason Capital Management in 1998 as a Research Analyst and was named Co-Director of Research in 2006 and sole Director of Research in May 2007. Randy is currently responsible for managing the Analysts and the Market Intelligence group, and serves as the internet analyst for the firm. Previously, Randy was responsible for research in the telecommunications, media, technology, and power industries. Randy developed Legg Mason Capital Management's Market Intelligence group. Prior to joining Legg Mason Capital Management he spent three years as a Senior Analyst for an online investment service, developing news and research offerings and managing a staff of six. He was also a non-commissioned officer in an Army Reserve medical unit for six years. Randy earned a B.A. in Interdisciplinary Studies from the College of William and Mary. He received his CFA designation in 2002.
Ernie Kiehne was born in Baltimore on Mothers Day, May 12, 1918. He graduated in 1940 from the Johns Hopkins University Business School, first in his class. He started work that year with the C&P Telephone Company as a lineman and enlisted in the U.S. Navy in 1941. Ernie served four years in the Pacific Theater as a Destroyer Officer. He was awarded a Presidential Citation of excellence in ship handling during combat and was on the USS Missouri on Surrender Day. Returning to the Telephone Company in 1946, he held various regional and national supervisory assignments in the traffic management, accounting and computer fields. In 1959, he was co-responsible for the world's first, large-scale, solid-state computer installation at Conshohocken, Pennsylvania. Ernie joined Legg & Co. (now Legg Mason) as Director of Research in April 1967. He and Bill Miller started the Legg Mason Value Trust in April 1982, and he co-managed the Value Trust until late 1990. Ernie has served on the Endowment Committee of the United Way for 37 years and is active in church work and animal welfare.
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 More Than You Know: Finding Financial Wisdom in Unconventional Places—Updated and Expanded (New York: Columbia Business School Publishing, 2008), named best business book by BusinessWeek and best economics book by Strategy+Business. He is also co-author 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. 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 is on the Board of Trustees and Science Steering Committee at the Santa Fe Institute, a leading center for multi-disciplinary research in complex systems theory. He received a B.A. in government from Georgetown University.