Excellent post from All Financial Matters. The complete post can be found there.
Bill Miller vs. The S&P500
If I were to ask you which one performed better since 1986, would you tell me Bill Miller-managed Legg Mason Value Trust or the S&P 500 Index, which one would you pick?
If you picked Value Trust you’d be…
Much was made about the end of Bill Miller’s 15-year streak of beating the S&P 500 Index a few years ago. Fifteen years of consecutively beating the index is a pretty mean feat. But, as you can see from the graphic below, a 15-year streak can go down the drain quite quickly with a few years of underperformance: