Cicero

Miller and Heebner: A Study in Contrasting Investment Styles

Over the last 10 years Miller had three great years (~48%, 44%, 27%), one good year (~12%), two blah years at ~6%, one awful year (losing ~19%), and three bad years (losing ~10%, and 7% twice). His five year average return is under 7%, and that doesn't cover his three worst years of the last 10. I assume that if you pull back further, say 20 years, that his record looks less dismal, but either way, his reputation seems to exceed his results.