Gross Bill

Bill Miller on This Tough Market

Boo hoo. What a whiner. Here's something obvious:

"Investors need to avoid managers who "believe the market is wrong and they are right," says Mark Salzinger, editor of the No-Load Fund Investor newsletter. In a radio interview, Salzinger defined that type of manager as one who is unwilling to bend, losing objectivity about what is happening in the market, and falling in love with investments in their portfolio. Accordingly, Salzinger said he would sell Bill Miller's Legg Mason Value Trust"