Rupert Murdoch is a good friend of mine.
It appears that PepsiCo views structural change as a sign of weakness, an admission of failure, and an untenable break with past traditions.
Legg Mason's structure is misunderstood by the market. Legg Mason has an affiliate model. They own 100% of their affiliates, which are investment managers such as Permal, Western Asset Management, and Royce.
