MILLER – HEDGE FUND TIMING

June 2, 2017
As it’s pledge season on Public Television, we are revisiting a rare interview with legendary value investor Bill Miller. Where is this record setting, independent mutual fund manager investing now? Watch this episode again here.

NEW THIS WEEK: Bill Miller remains the only mutual fund manager in memory to beat the S&P 500 fifteen years in a row. He did it while he was managing Legg Mason Capital Management Value Trust from 1991-2005. After a couple of episodes of serious underperformance in 2006-2008 and 2010-2011 Miller left the fund and in 2016 left Legg Mason to launch his own independent investment advisory firm, Miller Value Partners.

He took his two remaining funds with him. His flagship, now named Miller Opportunity Trust, which he has run since 1999 was ranked the number one U.S. stock mutual fund in the five year period ending in 2016. He opened the Miller Income Opportunity Fund to the public in 2014 after managing it privately since 2009.

Despite all the headaches involved with running publicly owned and regulated mutual funds why did Miller go that route? And why did he also decide to open a hedge fund at a time when they are losing clients? We asked him.

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