Bill Miller (Legg Mason)

Bill Miller (Legg Mason)

Postby winston » Thu Feb 03, 2011 10:55 am

Bill Miller Back on Top as `Great Rotation' Lifts Last Year's Stock Losers

By Michael Patterson

Equities that fell farthest last year are surging the most in a decade, reversing the fortunes of mutual funds and signaling developed countries, banks and Asian exporters will extend the global rally.

It has catapulted Bill Miller's $4.07 billion Legg Mason Capital Management Value Trust to the top of the mutual fund rankings after trailing 98 percent of peers in 2010, data compiled by Bloomberg show.

Miller's fund gained 5.4 percent through Feb. 1 as holdings including San Jose, California-based Cisco Systems Inc. rebounded, putting the 61-year-old manager ahead of 91 percent of his rivals.

Bill characterized 2010 as a very good investment year, but not a good performance year, Mary Chris Gay, assistant portfolio manager of the Legg Mason Capital Management Value Trust, said in an interview yesterday.

We were able to make a lot of investments and increase exposure where we felt there was considerable opportunity.

Source: Bloomberg

http://www.bloomberg.com/news/2011-02-0 ... osers.html
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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Re: Bill Miller

Postby winston » Mon Feb 20, 2017 6:07 pm

Value investors need to harness time and use it tactically.

“Time arbitrage just means exploiting the fact that most investors — institutional, individual, mutual funds or hedge funds — tend to have very short-term time horizons, have rapid turnover or are trying to exploit very short-term anomalies in the market.

So the market looks extremely efficient in the short run.

In an environment with massive short-term data over- load and with people concerned about minute-to-minute performance, the inefficiencies are likely to be looking out beyond, say, 12 months.”

- Bill Miller
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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Re: Bill Miller

Postby winston » Mon Feb 20, 2017 6:18 pm

Your edge is not going to come from data or news, it’s going to come from something of your creativity.

“Everyone tends to see the same things, read the same newspapers and get the same data feeds.

The only way to arrive at a different answer from everybody else is to organize the data in different ways, or bring to the analytic process things that are not typically present.”

- Bill Miller
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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