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Bill Miller (finance)

 

 
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Bill Miller (finance)
 
 
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Bill Miller is Chairman and Chief Investment Officer of Legg Mason Capital Management, a subsidiary of Legg Mason Inc.
Legg Mason

Legg Mason, Inc. is a global investment management firm with a focus on asset management. The company?s business is divided in three units: institutional, managed investments, and wealth management....
 managing more than $60 billion of pooled assets and separate accounts. He is a portfolio manager of the Legg Mason Value Trust mutual fund (LMVTX), the after-fee return of which had beaten the S&P 500
S&P 500

The S&P 500 is a market value-weighted index published since 1957 of the prices of 500 market capitalization common stocks actively traded in the United States....
 index for 15 consecutive years from 1991 through 2005 (consistently producing market beating returns is considered to be very unlikely according to the efficient market hypothesis
Efficient market hypothesis

In finance, the efficient-market hypothesis asserts that financial markets are "informationally efficient", or that prices on traded assets, e.g., stocks, bonds, or property, already reflect all known information....
).

In 2006 the returns of LMVTX were lower than the S&P 500.






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Bill Miller is Chairman and Chief Investment Officer of Legg Mason Capital Management, a subsidiary of Legg Mason Inc.
Legg Mason

Legg Mason, Inc. is a global investment management firm with a focus on asset management. The company?s business is divided in three units: institutional, managed investments, and wealth management....
 managing more than $60 billion of pooled assets and separate accounts. He is a portfolio manager of the Legg Mason Value Trust mutual fund (LMVTX), the after-fee return of which had beaten the S&P 500
S&P 500

The S&P 500 is a market value-weighted index published since 1957 of the prices of 500 market capitalization common stocks actively traded in the United States....
 index for 15 consecutive years from 1991 through 2005 (consistently producing market beating returns is considered to be very unlikely according to the efficient market hypothesis
Efficient market hypothesis

In finance, the efficient-market hypothesis asserts that financial markets are "informationally efficient", or that prices on traded assets, e.g., stocks, bonds, or property, already reflect all known information....
).

In 2006 the returns of LMVTX were lower than the S&P 500. From January-June 2008, LMVTX lost 28.25% of its value.

The 10-year return ending June 30, 2008 fell below the S&P 500.

In the seventies, Miller was an officer in the Military Intelligence Corps for the U.S. Army.

Miller is a 1972 graduate of Washington and Lee University
Washington and Lee University

Washington and Lee University is a private Liberal arts colleges in the United States in Lexington, Virginia, Virginia, United States.The classical school from which Washington and Lee descended was established in 1749 as Augusta Academy, about north of its present location....
. He is Chairman of the Board of Trustees of the Santa Fe Institute
Santa Fe Institute

The Santa Fe Institute is a non-profit research institute located in Santa Fe, New Mexico and dedicated to the study of complex systems....
.

Miller pursued a Ph.D in Philosophy
Philosophy

Philosophy is the study of general problems concerning matters such as existence, knowledge, truth, beauty, justice, validity, mind, and language....
 at Johns Hopkins University
Johns Hopkins University

The Johns Hopkins University, commonly referred to as Hopkins or JHU, is a private university research university located in Baltimore, Maryland, Maryland, United States....
.

Quotes

  • "Lowest average cost wins."
  • "How do I know when I'm wrong? When I can no longer get a quote."
  • (on November 4, 2007) "Countrywide's long term business value... we think is in the $40's compared to its current price of about $14-15."
  • “As for the so-called streak, that’s an accident of the calendar. If the year ended on different months it wouldn’t be there and at some point the mathematics will hit us. We’ve been lucky. Well, maybe it’s not 100% luck—maybe 95% luck.”


Footnotes


External references

  • , BusinessWeek.com.
  • Lowe, Janet. 2002. The Man Who Beats the S&P: Investing with Bill Miller. Wiley. ISBN 0-471-05490-9.