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Takeaway: We are removing LM from our high-conviction stock idea list.

While our long-term research view is bullish on this company, our intermediate-term risk management view is very concerned about both the Financials Sector and small/mid cap liquidity.

At this time (on the bounce), we think it’s prudent to reduce exposure to these Risk Style Factors that are top-down in nature, across your entire portfolio. We can always re-invest, lower.

LM: Removing Legg Mason from Investing Ideas - LM