BM
Bill Miller
Chairman and CIO of Legg Mason Capital Management and principal manager of its Value Trust; later at Patient Capital Partners and Miller Value Partners.
Legg Mason Value TrustMiller Value Partners
Beat the S&P 500 for fifteen consecutive calendar years, and wrote no book - his quarterly market letters are the primary source instead.
49 letters · 49 articles · 4 books they recommend
Edwin Lefevre · 1923
A speculator modelled on Jesse Livermore learns to read and trade the market.
“For a long time, I used to read Reminiscences of a Stock Operator almost every year.” — Bill Miller
Source: Bill Miller 2Q 2020 Market Letter
Also recommended by: Barton Biggs, Colm O'Shea, Dan Loeb and 4 others
Charles D. Ellis · 1985
Why active investing became a loser's game, decided by errors, not by skill.
“In his marvelous book, Winning the Loser's Game, Charlie Ellis says” — Bill Miller
Source: Bill Miller 2Q 2020 Market Letter
Also recommended by: Mohnish Pabrai, Howard Marks
T1 Scale
Geoffrey West · 2015
Why organisms, cities and companies follow power laws set by their supply networks.
Also recommended by: Nat Eliason, Marc Benioff, Stewart Brand and 1 other
David Epstein · 2013
Talent, training and genetics in elite athletic performance
Also recommended by: Mark Cuban, Michael Mauboussin
| Bill Miller 2Q 2021 Market Letter | Bill Miller reminds readers that his letters are commentaries, not outlooks, and focuses on understanding the present rather than predicting. | 2 2021 | ||
| Bill Miller 3Q 2021 Market Letter | Bill Miller marks 40 years in the business and announces his last regular quarterly market letter. | 3 2021 | ||
| 2013 Q4 Market Commentary | Bill Miller says, as a contrarian, the biggest surprise of 2014 might be that the bullish consensus proves correct. | 4 2013 | ||
| 2008 Q1 Market Commentary | Bill Miller argues the collapse and rescue of Bear Stearns probably ended the panic phase of the credit crisis in Q1 2008. | 1 2008 | ||
| 2008 Q3 Market Commentary | Bill Miller describes an epic global financial crisis in Q3 2008, with major stock markets down 40% to 50%. | 3 2008 | American International Group, Fannie Mae, Freddie Mac | |
| 2007 Q2 Market Commentary | Bill Miller blames 2007's underperformance on housing-related holdings and no energy exposure. | 2 2007 | ||
| 2007 Q3 Market Commentary | Bill Miller compares 2007's credit market crash with the 1987 equity crash on its 20th anniversary. | 3 2007 | Countrywide Financial | |
| 2007 Q4 Market Commentary | Bill Miller reflects on six calendar years of underperformance in 25 years of the Value Equity mandate, including 2007. | 4 2007 | Yahoo!, Countrywide Financial, Microsoft | |
| 2006 Q1 Market Commentary | Bill Miller questions the Financial Times' April 2006 headline that commodity prices were set to soar. | 1 2006 | Citigroup | |
| 2006 Q2 Market Commentary | Bill Miller reports a dreadful Q2 2006, with Value Trust down 5.67% against the market's 1.44% fall. | 2 2006 | Amazon, Alphabet, Yahoo!, eBay | |
| 2006 Q3 Market Commentary | Bill Miller answers 13D Research's question of what he is thinking about that no one else is. | 3 2006 | Amazon | |
| 2006 Q4 Market Commentary | Bill Miller reports that 2006 ended Value Trust's 15-year streak of beating the S&P 500. | 4 2006 | Alphabet | |
| 2005 Q1 Market Commentary | Bill Miller admits that, after calling himself the most bullish person he knew in February 2005, he is now the most bullish and wrong. | 1 2005 | ||
| 2005 Q3 Market Commentary | Bill Miller says the market mostly follows a random walk but that major turning points can sometimes be sensed. | 3 2005 | ||
| 2005 Q4 Market Commentary | Bill Miller notes Legg Mason's deal making its advisers part of Smith Barney's sales force, which will now sell Value Trust. | 4 2005 | Alphabet | |
| 2004 Q2 Market Commentary | Bill Miller notes energy and basic materials led the market for 12 months while Value Trust owned none of either. | 2 2004 | ||
| 2004 Q3 Market Commentary | Bill Miller explains Value Trust trailing its benchmark in 2004 because of two decisions, one right and one wrong. | 3 2004 | Amazon, Alphabet | |
| 1998 Q1 Market Commentary | Bill Miller reviews the year to March 1998, when the S&P 500 returned 48.0%. | 1 1998 | ||
| 1998 Q2 Market Commentary | Bill Miller quotes Tocqueville on Americans' feverish pursuit of prosperity in his Q2 1998 commentary. | 2 1998 | Dell, Coca-Cola | |
| 1998 Q3 Market Commentary | Bill Miller asks what changed after July 1998's market fall and what to make of it. | 3 1998 | ||
| 1998 Q4 Market Commentary | Bill Miller reports Value Trust rose 48.04% in 1998, including 35.86% in the fourth quarter. | 4 1998 | ||
| 1997 Q1 Market Commentary | Bill Miller reviews market conditions and strategy at the end of Value Trust's fiscal year in March 1997. | 1 1997 | ||
| 1997 Q2 Market Commentary | Bill Miller notes the S&P 500 almost doubled in two years, unusual so late in a recovery. | 2 1997 | Storage Technology | |
| 1997 Q3 Market Commentary | Bill Miller notes the S&P 500 is up over 20% in 1997 despite October's turbulence. | 3 1997 | ||
| 1997 Q4 Market Commentary | Bill Miller reports stocks rose over 33% in 1997, completing the best three years in history. | 4 1997 | Hilton Worldwide | |
| 1996 Q1 Market Commentary | Bill Miller reports Value Trust beat growth funds and the S&P 500 in Q1 1996 but trailed cyclical stocks. | 1 1996 | Walt Disney | |
| 1996 Q2 Market Commentary | Bill Miller reports Value Trust rose 3.64% in Q2 1996 and 11.05% in six months. | 2 1996 | Seagate Technology | |
| 1996 Q3 Market Commentary | Bill Miller notes the Dow at 6000 and S&P at 700 as July 1996's correction faded. | 3 1996 | Seagate Technology | |
| 1996 Q4 Market Commentary | Bill Miller credits 1996 results to financial stocks, technology holdings and avoiding disasters. | 4 1996 | ||
| 1995 Q1 Market Commentary | Bill Miller reports Value Trust trailed growth fund indices in Q1 1995 but beat them over twelve months. | 1 1995 | ||
| 1995 Q2 Market Commentary | Bill Miller reports Value Trust rose 14.47% in Q2 1995 and 21.51% for the year to date. | 2 1995 | Microsoft, Intel | |
| 1995 Q3 Market Commentary | Bill Miller reports Value Trust rose 10.74% in Q3 1995, beating all relevant indices. | 3 1995 | ||
| 1995 Q4 Market Commentary | Bill Miller calls 1995 an exceptional year for stocks as rates fell and the Fed began cutting. | 4 1995 | Citigroup | |
| 1994 Q1 Market Commentary | Bill Miller reports Value Trust beat all major indices in Q1 1994. | 1 1994 | ||
| 1994 Q2 Market Commentary | Bill Miller notes most investors had only losses after six months of 1994. | 2 1994 | ||
| 1994 Q3 Market Commentary | Bill Miller notes rising rates gave bond investors their worst twelve months in history in 1994. | 3 1994 | ||
| 1994 Q4 Market Commentary | Bill Miller notes 1994 was the first year since 1974 investors lost money in both stocks and bonds. | 4 1994 | ||
| 1993 Q1 Market Commentary | Bill Miller says Q1 1993 belonged to Bill Clinton, whose policies moved the stocks. | 1 1993 | ||
| 1993 Q2 Market Commentary | Bill Miller reports Value Trust slipped 0.78% in Q2 1993. | 2 1993 | Apple | |
| 1993 Q3 Market Commentary | Bill Miller reports Value Trust gained on the averages in Q3 1993. | 3 1993 | ||
| 1993 Q4 Market Commentary | Bill Miller reports Value Trust beat the average growth fund's 10.61% in 1993. | 4 1993 | Nike | |
| 1992 Q1 Market Commentary | Bill Miller reports the market digested December's gains in Q1 1992. | 1 1992 | ||
| 1992 Q2 Market Commentary | Bill Miller reviews the U.S. economy, politics and market from rural Canada in mid-1992. | 2 1992 | ||
| 1992 Q3 Market Commentary | Bill Miller compares the market's aimless 1992 meandering to Brownian motion. | 3 1992 | ||
| 1992 Q4 Market Commentary | Bill Miller notes stock averages failed to beat long Treasuries' 7.92% in 1992. | 4 1992 | ||
| 1991 Q2 Market Commentary | Bill Miller notes stocks went nowhere in Q2 1991, the S&P 500 down 0.23% while Value Trust rose 0.82%. | 2 1991 | ||
| 1991 Q3 Market Commentary | Bill Miller reports stocks and bonds extended their recovery from 1990's recession and war-driven declines in summer 1991. | 3 1991 | ||
| 1991 Q4 Market Commentary | Bill Miller notes the market surged in December 1991 after the Fed's sharp discount rate cut on December 20. | 4 1991 | ||
| First Quarter Report, March 31 1991 | Bill Miller reports Value Trust rose 13.01% in Q1 1991, its tenth double-digit quarter since launch. | 1 1991 |
| Mutual-Fund King Bill Miller Makes Comeback Paywall | The Wall Street Journal | 2014 |
| The Rise and Fall of Bill Miller Paywall | The Wall Street Journal | 2011 |