Bill Miller is Portfolio Manager of Legg Mason Value Trust (LMVTX). Since inception, his fund has earned 15.25% average annual total returns. Bill Miller is the only fund manager that has outperformed S&P500 for 15 consecutive years.
Investing Philosophy:
A buy-and-hold investor, he does not let short-term market volatility dictate his decision-making. Miller follows a value approach to investing by purchasing primarily large-capitalization stocks at large discounts to his assessment of their intrinsic value. In valuing companies, Miller looks at the present value of future cash flows. He tries to own securities that have been priced by the market at significant discounts to their intrinsic value by his multi-factor valuation analysis. He is focused on cash earnings, not accounting-based valuation measures.
(GuruFocus, October 22, 2009) This morning, Legg Mason reported quarterly report that exceeds street estimate. The asset management company had a net income of $46 Million, or $0.30 per Diluted Share; cash income came in at $90 Millionand Assets Under Management of (AUM) $703 Billion. More...
I am not sure where this old saying originated - “a calm sea does not a skilled sailor make.” This old saying is absolutely relevant in the investment world of today. The average individual investor turns to Wall Street investment “professionals” to guide them through these difficult economic times. More...
As you know only too well, the world is in the midst of a global financial crisis of epic proportions. Everyone invested in anything other than cash or U.S. More...
Bill Miller is having some hard times. It seems that whatever he buys, it goes down. This makes people wonder if his 15-year streak was really just out of luck. He has been losing investors. But he said it is the best time to buy his fund. This is his second quarter buys and sells. More...
Bill Miller, like the stocks he bought, is out of favor. This is his shareholdler letter: "A group of us were standing around a few weeks ago when Warren Buffett wandered over. Chris Davis had dubbed us the Value Support Group, as we all adhered to that approach to investing..." More...
Talk about a fall from grace. Legg Mason Value, managed by the once-revered Bill Miller, has performed so poorly the past two and a half years that Morningstar now gives the fund one star, our lowest rating. But should it really come as a surprise that Miller, who was once the talk of the investing world because he beat the stock market 15 consecutive calendar years, has hit a rough patch? No. The streak merely masked Miller's bold approach to stock picking, a strategy that was sure to run out of steam at some point. More...
Bill Miller shareholder letter: "I am often asked, how long do we have to wait before the fund starts to do better? The real answer here is the same as it is about most such forecasts: no one knows." More...
Bill Miller could use a reality check. The value manager wants a better deal for Yahoo, but like so many takeover targets it has no better offers. More...
Bill Miller, the man once dubbed ‘fund manager of the decade’, has just endured his worst quarter relative to the market in his entire 25-year career. More...
After beating the S&P500 by 15 consecutive years, Bill Miller had another bad year. Did he lost his touch? Maybe just because he is not with the trend? These are his buys and sells during the fourth quarter with his funds. More...
Bill Miller wrote in his most recent shareholder letter: “We had a bad 2007, which followed a bad 2006. Over this two-year span, we underperformed the S&P 500 by around 2000 basis points2, our worst showing since the two-year period 1989 and 1990, where we underperformed by 2500 basis points.” More...
Bill Miller, the legendary Legg Mason Value Trust fund manager, owns shares of Citigroup, the embattled financial services giant that is looking for a new chief executive officer. And Miller has a suggestion about the type of person that the bank should hire to replace the ousted Charles Prince. More...
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