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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,
Peltz grabs stake in Legg Mason
US activist investor Nelson Peltz is set to grab a seat on the board of Legg Mason after accumulating a significant stake in one of the biggest US mutual fund companies, reports the WSJ. Legg Mason is expected to name Peltz a director on Monday,
Legg Mason posts $1.5bn loss
Legg Mason said Wednesday it had suffered its biggest loss in at least 25 years after writing down the value of its private client and hedge fund businesses by $1.2bn. The US money manager lost $1.5bn in the three months to December,
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.
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,
Legg Mason hit by first loss in 25 years
Legg Mason has reported its first loss in at least 25 years and become the first big fund management group to raise public capital to shore up losses arising from the credit crisis. Legg, which three years ago took over Citigroup’s asset management business,
Yahoo shareholder ready to sell if Microsoft improves its terms
Jerry Yang’s hopes of keeping Yahoo independent have been undermined by one of his leading shareholders. Bill Miller of Legg Mason, which owns 9 per cent, has written to his own investors saying Yahoo is in a tough spot.
Legg Mason names Fetting CEO
Chip Mason, founder and head of Legg Mason, one of the world’s biggest fund managers, will on Tuesday step down as chief executive in favour of Mark Fetting, a company insider. Mr Mason, 71, will remain non-executive chairman.
Julius Baer eyes IPO or buyout for US unit
Swiss private bank Julius Baer is eyeing an IPO or a management-led buyout of its US asset management unit after talks to sell it stalled, reports Reuters, citing industry sources. Baer, which said in October it was considering all options,