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Legg Mason's Miller still a 'long-term optimist' despite market turmoil
By admin - Posted on July 31st, 2008
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Faced with two and a half years of subpar investment returns, famed Legg Mason Value Trust money manager Bill Miller recently turned to a support group.
This wasn't your ordinary 12-step program. Miller opened his quarterly letter to shareholders with an account of a recent chat among high-powered money managers who use the value investing strategy that has fared so poorly in the current market. One member dubbed the managers "the Value Support Group" because "it seemed like we needed a 12-step program to cure us of our addiction to buying beaten-up stocks trading at large discounts to our assessment of their intrinsic value," Miller wrote.
While the group was bemoaning its fate at a recent event, Miller wrote, Warren Buffett wandered over. The value investors should be happy if stock prices fall even more, the "Oracle of Omaha" said, because they could find better bargains.
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Miller's Subpar Returns
Submitted by Anonymous (not verified) on Mon, 08/04/2008 - 16:49.
"Subpar" is a bit of an understatement, isn't it? I wonder if he has his own money in his shi**y funds.
Miller and Buffett
Submitted by Anonymous (not verified) on Thu, 07/31/2008 - 14:11.
Bill Miller is no Warren Buffett but rather a reckless speculator who was vastly overrated in the bull market. He's a modern day Gerry Tsai or Fred Carr.
