Alex Dumortier

Lehman's Inexplicable Buyback

Todd,

Breakingviews.com provides some answers to this issue in a column published in today's WSJ. You can read it here:

www.breakingviews.com/...

Regards,

Alex Dumortier

End the Siege on Fortress Investment Group

Al -- Thanks for your comment.

On the qualitative vs. quantitative aspect, I absolutely agree with you -- using the % of AUM metric is purely indicative; I wouldn't recommend anyone content limit themselves to it in making an investment decision.

This article is a summary of my 'first-pass' analysis which suggests that Fortress <i>may</i> be undervalued at these levels. I'll definitely be doing more detailed work on the numbers to try to peg a range for the stock's value.

On the issue of corporate governance, are you referring to anything specific beyond the dual share classes?

Alex Dumortier, CFA