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’Randomness and the lost lesson of Bill Miller
In “The Drunkard’s Walk”, Caltech physicist Leonard Mlodinow’s book about how people misunderstand the amount of randomness in their lives, there’s a short but fascinating passage discussing Bill Miller’s 15-year streak,
From the alpha to the…. whatever this is
Or, the weak-form EMH strikes back:
Bill Miller, a previous Morningstar manager of the decade, who could do no wrong through the 1990s, has struggled with poor performance since 2005. Now his Legg Mason Capital Management Value Trust is ranked last of the 840 funds in its category over the past five years by Lipper,
Bill Miller says buy banks
Fallen star Bill Miller, of Legg Mason, is back — with stock tips. Via Bloomberg:
“Financials have the biggest potential to outperform” other stocks because of how far they’ve fallen in the worst bear market since the Great Depression,
Bill Miller calls the bottom
Bill Miller is a brave, brave man.
From Reuters:
Legg Mason’s star stock-fund manager Bill Miller said on Wednesday the “bottom has been made” in U.S. equities and that the Federal Reserve should consider purchasing stocks and junk bonds to pull the United States out of the financial crisis.
Legg Mason unit to cut one-third of jobs
Reuters reports Legg Mason plans to cut a third of the jobs at a unit run by value stock picker Bill Miller after its assets more than halved this year. Up to 50 of Legg Mason Capital Management’s 147 employees will be dismissed in the first job cuts since the founding of the investment unit 26 years ago.
Pimco, Legg Mason, suffer big losses
Bill Gross, the world’s most influential bond manager, suffered his worst day in three years as his flagship bond fund dropped almost 1.40% on Tuesday on exposure to insurance giant AIG, reports Reuters.
Fannie & Freddie: A tale of two Bills
So Bill Gross’s Pimco has got what he wanted – a bailout of Fannie/Freddie, all in the name of saving the world from financial meltdown.
Pimco is of course, loaded to the gills with GSE mortgage-backed securities and has been screaming for Treasury intervention,
It doesn’t look good for Bill Miller
What’s going on with Fannie and Freddie? The two mortgage houses need to raise capital to avoid a government bailout – but uncertainty over whether there will be some kind of federal rescue bailout (which would dilute shareholder value) is deterring investors.
Falling mighty, Bill Miller edition
Schadenfreude for Carl Icahn?
No champ has endured more pain than Bill Miller of Legg Mason Value Trust (LMVTX). Until 2006, Miller held the distinction of beating the S&P 500 for 15 consecutive calendar years,