Archman Investor

An Open Letter to Bill Miller

Bill Miller is a joke. He is the perfect example of what it wrong with the mutual fund industry and the conflicts of interest that exist.

Bill Miller is actually a lousy money manager.
What makes a good asset manager? I will tell you. Someone who in bull markets atleast matches the averages % gain, and someone who in bear markets knows how to preserve wealth and hold on to those gains.
Bill Miller has proven he is able to make money ONLY in bull markets.
His streak of beating the S & P 500 was a joke. Sure he beat the market during 2000-2003, yet it was only by a couple of %. So essentially he lost just as much money as the index's, yet this is applauded by the likes of Morningstar and others who tout him a "legend".
I have one word for that :JOKE!

In retrospect BIll Miller is one of the worst fund managers ever to have managed money, and if anything, he was nothing more than as asset gatherer, not asset manager. Tell me, do any of you defending Miller have a few hundred million in the bank or a 85 ft yacht, like Miller has.
All from collecting management fees from losing people money over the long term. The value of Miller's fund is exactly where it was over 10 years ago. That is not a short stretch of underperformance as some have used to rationalize Miller's performance. That is pure mismanagement of the funds given to you.
Miller should be forced to return money to shareholders out of his own pocket, though I suspect the "legend" is not losing any sleep over his performance.