User 68127

Investment Discipline in the Year of Capitulation

Libby, dude! Anyone who is down 40% in the last twelve months does NOT have a sound long term investment discipline.

You cannot be down that much and claim to have a sell discipline.

You cannot be down that much and claim to understand your companies and the market.

You cannot be down that much without failing miserably at prudent and responsible diversification.

Maybe you should re-consider whether some of these guys are indeed "legends." How bad does performance have to be before you realize that maybe they were just rolling the dice and got lucky?

Turning Around Legg Mason

Bill Miller should be fired and most of the compensation he received over the past ten years should be clawed back. You don't produce the breathtakingly horrible numbers of the last 3 years without taking huge risk. And he did it with other people's money, all the while being trumpeted as a genius. If he and his marketers had been honest and said 'this is a boom/bust speculative fund' then that would be different. But instead he calls the market stupid and continues to perpetuate the scam.