Value Investor Bill Miller Linked to Major League Baseball Team Purchase

A recent article in Citywire reports that veteran stock picker Bill Miller might be looking into the purchase of the Baltimore Orioles. According to an article in Baltimore Business Journal, Miller said that if the franchise became available, he would “definitely be interested in taking a look.” He added, however, that any potential deal would be complicated due to an ongoing legal dispute between the “Orioles-controlled Mid-Atlantic Sports Network and rival MLB team the Washington… Read More

Bill Miller on Outperformance in Era of Indexing

In a recent podcast interview, Miller Value Partners founder Bill Miller shared insights on market trends. Here are some highlights of the interview: “I think it’s always difficult to outperform,” Miller said, adding, “It’s trickier now not because of index funds but because of the charged polarity of the market after the financial crisis. Specifically, it was so devastating to so many people that they have become risk and volatility-phobic.” When people perceive increased risk,… Read More

Bill Miller Loving Life in the Wilderness

Institutional Investor recently published a profile of former Legg Mason “investing god” Bill Miller, whose career hit a bump in the road after the financial crisis—when his signature fund lost two thirds of its value and investors ran for the hills. But Miller is back in the game with his own firm, Miller Value Partners, although managing much less money than he used to. His current fund, Miller Opportunity Trust, ranks in the top 1… Read More

Market Observations from Bill Miller

In an investor call last October, fund manager Bill Miller of Miller Value Partners shared market insights and observations. Here are some highlights: “It’s the beliefs and expectations that really drive things rather than the actual fundamentals.” The health of the U.S. economy is “outstanding” as evidenced by earnings growth, a still positively-sloped yield curve, solid wage growth, low unemployment and strong corporate profits. Looking at earnings and real GDP growth regressed against the long-term… Read More

Bill Miller on Value Investors’ Biggest Mistake

Legendary investor Bill Miller says there’s a smarter way to value-invest than just picking cheap stocks, according to a recent article in CNBC.com. Running his own fund after decades at Legg Mason, Miller looks for companies focused on “high returns on invested capital and free-cash-flow growth, as well as large market opportunities. That helps small and large investors alike distinguish stocks that are undervalued from those that are simply cheap.” While the article notes that… Read More

Want Consistent Market Outperformance? You May Want to Think Again

By Justin J. Carbonneau (@jjcarbonneau) —  We run over 40 quantitative models at Validea. They run the gamut of investing styles. Any time we can find a model from a respected source that uses factors and shows long-term outperformance, we will track it and add it to our arsenal. Our models range from deep value to growth to momentum. As we have studied these models over the years, one commonality has become very clear. And… Read More

Bill Miller is Working Toward a Comeback

During his 30 plus-year tenure at Legg Mason, Bill Miller was considered a go-to manager for market beating returns, says a recent article in The Washington Post. “And his fall from grace,” it adds, “was nearly as spectacular.” Miller’s performance fell precipitously during the financial crisis of 2007-2008, the article reports, at which time “once-loyal clients took their billions and left,” and Miller left the firm. Working toward a comeback, says the Post, Miller is… Read More

Podcasts of the Week: the Blockchain, Wettlaufer & Miller

By Jack M. Forehand —  With so many great investing podcasts out there, it can be difficult to identify the best ones. Through our new Podcasts of the Week segment, I will try to help filter out the most interesting episodes and identify the podcasts I learned the most from each week. In addition, we will also take a look at a great podcast from the past via the From the Archives section. Best Episodes… Read More

Bill Miller’s Fund is Top Stock-Picker

The winner of the quarterly Wall Street Journal Winner’s Circle contest—which identifies the U.S.  stock fund with at least $50 million in assets (and a record of more than three years) that posted the best performance in the trailing 12 months—is Baltimore-based Miller Opportunity Trust led by Bill Miller and Samantha McLemore (both formerly of Legg Mason). This according to a recent article in The Wall Street Journal. Miller’s fund returned 48.55% for the 12… Read More

Basketball, Bill Miller and Winning Streaks

 In a recent article for Forbes, Validea CEO John Reese outlined similarities between winning streaks in sports and those in investing. Most notably, the fact that “inevitably, streaks end,” writes Reese. “The same holds true for the stock market,” he says. “It will go up and go down, but will do neither forever.” He references the experience of Bill Miller, formerly of Legg Mason, who had outperformed the market every year from 1991 to 2005,… Read More