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September 11, 2019


One dominant market observation of the last decade has been that we have been experiencing the least believed bull market in history.
As of August of 2018 the market’s advance, in large-cap stocks at least, had indeed become the longest bull market in history.
But the experience of investors has been anything but a straight shot. If you look at indexes outside the largest U.S. company stocks it has been a much more perilous ride with several major corrections along the way.
The Russell 2000, which is used as a proxy for small company stocks is a case in point. It has experienced three major reversals in the last decade.
This week’s guest operates in the sweet spot of the current market, large-company stocks, but he is advising caution to his clients. He is widely followed market strategist and successful investor, Robert Doll, senior portfolio manager and chief equity strategist at Nuveen. Doll is famous for his frequently accurate list of 10 annual predictions forecasting the market, economic, interest rate, and political trends among others
With the economic recovery now the longest on record and slowing, how worried is he about a recession?


August 8, 2019


Paying attention to Social Security benefits pays off and needs to be taken seriously from an earlier age than most people realize.


July 31, 2019


Finding high income at value prices is a team approach with legendary investor Bill Miller and portfolio manager son, Bill Miller IV.


July 10, 2019


Seismic shifts in the municipal bond markets and the portfolios of award-winning muni manager Robert DiMella.

The nearly $4 trillion dollar municipal bond market is attracting record amounts of investor money. Year-to-date more than $40 billion has poured into municipal bond funds, one of the highest inflows on record.

One key factor for muni’s attractiveness is the higher taxes being paid by many individual taxpayers following the tax reform bill, which was passed in 2017 but took effect in 2018.

The combination of higher tax rates and a dearth of income globally are adding to the allure of municipal bonds.

On this week’s show, top muni fund manager Robert DiMella says there are other factors at work as well which are causing a seismic shift in the municipal bond market and a significant change in strategy at his firm.


July 4, 2019


Consuelo Mack WEALTHTRACK launches a new season with its “Next Generation Investors” series featuring an exclusive interview with legendary value investor Bill Miller, and Samantha McLemore, his Co-Portfolio Manager on the Miller Opportunity Trust fund.

WEALTHTRACK Episode #1601; Originally Broadcast on July 05, 2019

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  • Co-Portfolio Manager,
  • Miller Opportunity Trust


  • Co-Portfolio Manager,
  • Miller Opportunity Trust
Consuelo Mack

Investors celebrated Independence Day early with the Dow hitting a new high for the first time since October making it a record-breaking trifecta of the Dow, S&P 500 and the NASDAQ, which both began their record-breaking sprees in April.

What is equally notable about the rally is it is occurring across asset classes which normally are not correlated. Gold is trading at six-year highs and Treasury bond yields are falling sending their prices higher. The yield on the benchmark ten-year Treasury note has fallen to multi-year lows, below 2% versus 2.684% at year end.

What better way to celebrate the launch ofWEALTHTRACK’s sixteenth season on public television than to feature an exclusive interview with a legendary investor whose flagship fund has beaten the market since the 2009 market bottom.

We are introducing a new series on Next Generation Investors this week. We want you to meet the individuals that some top fund managers have chosen to manage money with them, for them and possibly succeed them.

It’s a topic I have given a great deal of thought to, for two reasons. One, the recognition that the investment horizon, even for people in retirement can stretch into decades.  For millennials such as my son, it could be 70 years or more.

Secondly, in this era of passive index investing, a firm’s culture, its independence of thought, investment discipline, and integrity are going to matter even more. As one of my heroes, Sir John Templeton said “If you want to have a better performance than the crowd, you must do things differently from the crowd.”  And that frequently means “To buy when others are despondently selling and sell when others are greedily buying…” which he said “…requires the greatest fortitude and pays the greatest reward. “

That approach takes a certain mindset and training which is why for this week’s WEALTHTRACKexclusive we have asked great investor Bill Miller to join us with his Co-Portfolio Manager Samantha McLemore.

Bill Miller is the founder, owner and Chief Investment Officer of Miller Value Partners, a firm he founded in 1999 while working at Legg Mason, but took over completely in 2017. Miller still holds the record for beating the S&P 500 for 15 consecutive years – from 1991-2005 – with the Legg Mason Capital Management Value Trust fund. His flagship Miller Opportunity Trust fund  which he created in 1999  has $1.5 billion in assets and has beaten the S&P cumulatively since the market’s 2009 bottom, producing 20% plus annualized returns vs the S&P’s 17% returns.

Helping him do that was Samantha McLemore, who has been Co-Portfolio Manager of Miller Opportunity Trust since 2014 and Assistant Portfolio Manager since 2008. McLemore joined Legg Mason right out of college in 2002 as an analyst after meeting Miller at a talk he gave at their alma mater Washington and Lee University. She is also the sole manager of several other portfolios.

Miller Value Funds is a new sponsor ofWEALTHTRACK’s but they are here on their own obvious merits. Miller has been a regularWEALTHTRACK guest since the beginning. This is his 13th appearance on WealthTrack, most exclusive. You can watch those on our website

On this week’s show, we discuss Opportunity Trust’s outperformance, volatility, their shared approach to running the fund and some of the portfolio holdings they are most enthusiastic about.

We also did a separate interview with Miller about Bitcoin, (he was an early investor) and why he believes Facebook’s new crypto product, Libra is a big deal. You can see that in the EXTRA feature on our website. You’ll also find Samantha McLemore’s recommendations for investment  books that had the greatest influence on her career.

If you miss the show on television this week you can always find it on our website . As always, we welcome your feedback.  Click on the Contact Uslink on our website, or connect with us on Facebook or Twitter.

If you would prefer to take WEALTHTRACK with you on your commute or travels, you can now find the WEALTHTRACK podcast on TuneInStitcher, and SoundCloud, as well as iTunes. Find out more on the WEALTHTRACK Podcast page. Have a lovely summer weekend and make the week ahead a profitable and a productive one.

Best regards,


P.S. What is the true meaning of Independence Day? Read Thomas Jefferson’s last letter on the subject, written weeks before he died on July 4, 1826, the 50th anniversary of the Continental Congress’ approval of the Declaration of Independence. Mathews Asia


  • How much money portfolio managers have invested in their own funds is a key criteria used to judge funds
  • Significant “skin in the game” is seen as important indicator of management commitment & responsibility
  • SEC requires disclosure of managers’ investments in funds they manage

Information available:

  • – Mutual fund’s Statement of Additional Information in prospectus
  • – SEC’s electronic data gathering, analysis, and retrieval database (EDGAR)


  • Price: $1,917.41 on 7/1
  • 52-week range: $1,307.00 – $2050.50


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Bill Miller from the WEALTHTRACK Archives:

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How significant is Facebook’s plans to introduce a cryptocurrency called Libra? Legendary value investor Bill Miller, an early investor in Bitcoin says it’s a big deal.


Miller Opportunity Trust’s Co-Portfolio Manager Samantha McLemore has been trained by legendary value investor Bill Miller since graduating from college. We asked her to recommend some of her favorite outside sources of investment wisdom.

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