The capitulation of Bill Miller

Comment: For a record-breaking 15 years to 2005, Legg Mason's Value Trust fund, managed by Bill Miller, beat the S&P 500. Since 2006, however, it's been a very different story

Bill Miller’s decision to step down as manager of Legg Mason’s Value Trust fund marks the end of an American dream.

For a record-breaking 15 years to 2005, Value Trust managed to beat the S&P 500 by the simple expedient of buying cheap large-cap stocks in sectors which had run out of luck, and selling those whose ratings had become demanding.

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