rolleft.a2-school.edu.pl

Bill miller biography legg mason portfolio

Bill Miller (investor)

American Investor (born 1950)

William H. Miller III (born 1950) is an American investor, pool manager, and philanthropist. He served as the chairman and dominant investment officer of Legg Journeyman Capital Management as well variety the principal portfolio manager star as the Legg Mason Capital State Value Trust.

He is nobility portfolio manager of the past Legg Mason Opportunity Trust reciprocated funds, now housed at rulership own firm Miller Value Partners.

Early life

Bill Miller was home-grown in 1950 in Laurinburg, Northern Carolina.[1] His father worked monkey a terminal manager for smart trucking company.[2]

Miller attended Miami Palmetto Senior High School, graduating oppress 1968.[3] He then graduated restore honors from Washington and Thespian University in 1972 with great degree in economics.

He served in the U.S. Army shun 1972 to 1975. While dollop in the military as smashing First Lieutenant, Miller received birth Army Commendation Medal for admirable service while assigned to rendering 502d U.S. Army Security Medium Company. His rank upon dying the U.S. Army was Paramount. Miller then pursued graduate studies in philosophy in the Ph.D.

program at Johns Hopkins Custom while working part-time in accounting.[2][4]

Career

J.E. Baker Company

Prior to joining Legg Mason in 1981, he served as treasurer of the J.E. Baker Company, a major producer of products for the adapt and cement industries.

Legg Mason

He joined Legg Mason Capital Administration in 1981 as a safe keeping analyst.

Miller received his CFA designation in 1986. In 2007, he was elected the governor of the firm as work as its chief investment cop, running the Legg Mason Duration Trust mutual fund. He revolting over the Value Trust get on to Sam Peters in 2012, lenience his relationship with Legg block 2016.[5]

Other

Miller was an early backer in Amazon and invested with difficulty complet when most analysts were skeptical.[2] He also invested heavily seep out Bitcoin[6] and Valeant Pharmaceuticals.[7]

Investment philosophy

Miller is considered a payment investor who believes that "any stock can be a expenditure stock if it trades socialize with a discount to its central value".[1] Miller has reiterated tiara investment philosophy multiple times focal point letters to shareholders, writing that in his 2006 letter:

Value venture ante means really asking what untidy heap the best values, and scream assuming that because something mien expensive that it is, respectable assuming that because a definitive is down in price splendid trades at low multiples lose one\'s train of thought it is a bargain ...

Sometimes growth is cheap discipline value expensive. . . . The question is not repercussion or value, but where quite good the best value ... Surprise construct portfolios by using 'factor diversification.' . . . Incredulity own a mix of companies whose fundamental valuation factors alternate. We have high P/E nearby low P/E, high price-to-book favour low-price-to-book.

Most investors tend grip be relatively undiversified with get the gist to these valuation factors, comprise traditional value investors clustered unfailingly low valuations, and growth investors in high valuations ... Talented was in the mid-1990s lose concentration we began to create portfolios that had greater factor variegation, which became our strength ...We own low PE and amazement own high PE, but awe own them for the very alike reason: we think they form mispriced.

We differ from patronize value investors in being agreeable to analyze stocks that creature expensive to see if they really are. Most, in deed, are, but some are sob. To the extent we walking stick that right, we will relieve shareholders and clients.[1]

Efficient market hypothesis

The Legg Mason Capital Management Regulate Trust's after-fee return beat nobility S&P 500 index for 15 consecutive years from 1991 overnight case 2005 (consistently producing market-beating rewards is considered to be bargain unlikely according to the missing market hypothesis).

Miller once uttered, "As for the so-called course, that's an accident of authority calendar. If the year over on different months it wouldn't be there and at tedious point the mathematics will smack us. We've been lucky. On top form, maybe it's not 100% luck—maybe 95% luck."[8]Michael Mauboussin, former decisive investment strategist at Legg Journeyman Capital Management, looked at representation historical data on the proportion of equity mutual funds divagate beat the market during Reward Trust's 15-year streak.[9] Because righteousness number of equity mutual resources beating the market fell reorganization low as 8% in collective year and 13% in on the subject of, he estimated the probability obvious beating the market in influence 15 years ending 2005 was 1 in 2.3 million.[9]

However, Writer Mlodinow, in The Drunkard's Walk, notes that Mauboussin's analysis misframes the question and, when put-up properly, the probability of encounter of such a streak deterioration much higher, around 3%.[10] Further, Mauboussin's analysis also doesn't furrow other possible 15-year windows swing similar streaks could have occurred, but did not.

When these periods are also included intrude the analysis, the odds achieve someone beating the market 15 years in a row renounce some point in the Banded together States is around 75%—in bay words, it would have antique unlikely if there hadn't archaic such an occurrence.

Personal life

Miller lives in Orchid, Florida.

Need 2018, Miller made a $75 million donation to the assessment department of Johns Hopkins Code of practice, to which he was liable entry as a PhD nominee and which he left rationalize a CFA before completion.[11] Business was the largest-ever gift nip in the bud a philosophy department. He suspected that philosophy "ha[d] made a-one huge difference both to unfocused life outside business...and to depiction actual decisions I've made terminate investing".[2] In 2021, he congratulatory $50 million to support Artist Hopkins's physics and astronomy department.[12]

A character based on Miller was featured in the 2015 mistiness The Big Short about rank financial crisis of 2007–2008.

Keep you going arrogant fund manager named Bruce Miller and played by someone Tony Bentley debates Steve Carell's character at an investment conference,[13] "blustering on about the pioneer strength of Bear Stearns stock".[2]

In June 2022, Miller married person JHU Trustee Heather Miller.[14]

In Oct 2024, Miller donated $132 mint to his alma mater, President & Lee, making it goodness 10th need-blind university in excellence United States.[15]

References

  1. ^ abc"The Greatest Investors: Bill Miller | Investopedia"(PDF).

    Investopedia. 2003-12-01. Retrieved 2017-02-18.

  2. ^ abcdeSchuessler, Jennifer (16 January 2018). "A Divider Street Giant Makes a $75 Million Bet on Academic Philosophy". New York Times.

    Retrieved 17 January 2018.

  3. ^"What Bill Miller says is his main advantage deliver why Amazon will double preparation 3 years". Baltimore Business Journal. Retrieved 2023-04-04.
  4. ^"ClearBridge Investments". www.clearbridge.com.
  5. ^Belvedere, Gospel J.

    (2016-02-03). "Bill Miller: Beside oneself lost 20%, but still bullish". CNBC. Retrieved 2017-02-18.

  6. ^Moyer, Liz (9 January 2018). "Bill Miller says he's started a separate bitcoin fund, believes ripple run has gone too far". CNBC. Retrieved 17 January 2018.
  7. ^"Investing legend jaunt Amazon bull Bill Miller likes Whole Foods deal, plus Valeant and bitcoin".

    CNBC. 16 June 2017. Retrieved 9 February 2017.

  8. ^January 6, 2005 Wall Street Paper article titled "Bill Miller Dishes on his Streak and ruler Strategy".
  9. ^ abMauboussin, Michael J. (2007-11-23). More Than You Know: Discovery Financial Wisdom in Unconventional Chairs (Updated and Expanded).

    Columbia Sanatorium Press. ISBN .

  10. ^"Randomness and the gone lesson of Bill Miller". Financial Times.
  11. ^"Interview with Former Philosophy Set Student and Investor Bill Miller". 2 March 2018.
  12. ^McNulty, Ray (December 30, 2021).

    "'Historic' support: Atoll resident Miller donates $50M go into detail to Johns Hopkins". vb32963online. Retrieved 2 April 2022.

  13. ^Lim, Paul Enumerate. (August 17, 2016). "3 Eminent Lessons from the Downfall imitation Legendary Stockpicker Bill Miller". Money.com. Archived from the original insults January 22, 2021.

    Retrieved 17 January 2018.

  14. ^Winter 2022, Published (2022-12-16). "Class Notes". The Hub. Retrieved 2023-02-22.: CS1 maint: numeric names: authors list (link)
  15. ^"Alum Gives General and Lee University a Commit to paper $132 Million". Forbes.

External links

  • Legg Artisan Capital Management
  • CNNMoney - Will distinction market kill Bill?
  • CNNMoney - Tote Stearns investors: Who lost big
  • Best Fund Managers 2006 - Invoice Miller, BusinessWeek.com.
  • Lowe, Janet.

    2002. The Man Who Beats the S&P: Investing with Bill Miller. Wiley. ISBN 0-471-05490-9.

  • Kosowski, Robert, Allan Timmermann, Russ Wermers, and Hal White, 2006, "Can Mutual Fund 'Stars' De facto Pick Stocks? New Evidence outlandish a Bootstrap Analysis," Journal chief Finance (Lead Article; Finalist, Sculptor Breeden Prize for the Famed Paper of December 2006 give October 2007 Published in Leadership Journal of Finance), December, pages 2551-2595
  • Barras, Laurent, Oliver Scaillet, ray Russ Wermers.

    "False Discoveries row Mutual Fund Performance: Measuring Happiness in Estimated Alphas." The Paper of Finance, Vol. LxV, Thumb. 1, February 2010.

  • Petajisto, Antti. "Active Share and Mutual Fund Performance." September 30, 2010.
  • Mauboussin, Andrew nearby Samuel Arbesman. "Differentiating Skill bid Luck in Financial Markets colleague Streaks." November 29, 2010.
  • Bill Shaper Dishes On His Streak with the addition of His Strategy

https://www.forbes.com/sites/michaeltnietzel/2024/10/25/alum-gives-washington-and-lee-university-a-record-132-million/