Hey hey, look who it is.
“Legendary” fund manager Bill Miller is back. Investor’s Business Daily declares it Miller Time, noting that his Value Trust is handily outperforming the S&P 500 this year, up 9%. His Opportunity Fund is up 23%! Nice job to anyone who decided to put their money with the beaten-down start at the end of last year.
But come on, Miller isn’t back. He’s up because the market has rebounded. And he’s outperformed, because it’s been a junk-fuelled rally, and Miller owned all the junk.
That’s it! This isn’t meant as an attack on Miller or anything like that. It’s just a fact.
Now, when he does outperforms the market for a few years in a row, and he does so by switching in and out of various industries before the rotations occur, that will be impressive, and the debate about whether Miller is one of the best money managers of all time — felled like many by one crazy 2008 — will be worth discussing. Or if Miller had made some well-timed move in the last year to show he’d gotten out ahead of things, that would also be orth talking about.
But in the meantime, this is way too soon, and way to focused on the recent past.
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