Investment Intelligence When it REALLY Matters.
Bill Miller Bought Meta (META) as a "Great Value" Stock in 2022
Perhaps you remember Bill Miller. From 1991 through 2005, Legg Mason’s Bill Miller was (allegedly) the only mutual fund manager to have beaten the S&P 500 Index each year for that 15-year period (allegedly).
That should have been a warning sign alone. Instead, everyone called him a genius.
It turns out that Miller was no more of a genius than any of the hacks on CNBC. After the 2008 financial crisis, Miller’s fund collapsed into the bottom quintile in 1, 3, 5 and 10-year performance.Miller did little more than ride the coat tails of the bull market of the 1990s, while exposing investors in his funds to style drift and excessive risk. For many years, his reckless approach worked; that is until reality hit.
As many of you know, I actually discussed Miller's style drift and excessive risk-taking in America's Financial Apocalypse (2006 version).
If investors in Miller's fund had only read my warnings.
Mutual Fund Disasters: The Rise and Fall of Bill Miller
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