You already know about the fall of Bill Miller, whose famous Legg Mason Value Trust was destroyed this year. CNBC offers another look back on his year, noting his early, aggressive bets on financials which proved to be disastrous. Scarred by the performance, Miller says he won’t be making such aggressive bets into stocks that others are dumping:
The fund’s holdings rose to 43 investments from 32 at the end of September.
“We fully support their thoughtful action plans for improvement,” Legg CEO Fetting said.
Miller’s changes seem to be working. The Value Trust is up 12.4 per cent over the past month, outperforming the S&P index’s 6.8 per cent return.
He’ll need a lot of those months to get back to his old territory — something that will be almost impossible with increased diversification — but at least this is a start.
The Fall Of Bill Miller
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