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Is Bill Miller toast?(MUTUAL FUNDS)
- Article from:
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Kiplinger's Personal Finance Magazine
- Article date:
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August 1, 2008
- Author:
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Copyright informationCOPYRIGHT 2008 The Kiplinger Washington Editors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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.
Many saw Miller as a cagey investor who was always one step ahead of other investors. They figured he could sniff out the right industry just in time to beat ...
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