"The S&P 500 is a wonderful thing to put your money in. If somebody said, "I've got a fund here with a really low cost, that's tax efficient, with a 15-to-20 year record of beating almost everybody," why wouldn't you want it?"
~ Bill Miller, Portfolio Manager, Legg Mason, quoted in the Wizards of Wall Street
Miller advocated indexes while his fund was considered a "can't miss" by so many people in the industry. Since 2007, Miller lost plenty to the S&P 500. His candor, before this downfall, is very impressive.ReplyDelete
My guess is this quote is from sometime in the 1990's when Miller was the toast of the investment world.... now he is a pariah.... how quickly things can change and the past is doesn't guarantee success in the future.ReplyDelete