Famed Investor Bill Miller Is Roaring Back With Amazon, Bitcoin, and GM
- Date: 23-Apr-2021
- Source: CNBC
- Sector:Financial Markets
- Country:Middle East
Famed Investor Bill Miller Is Roaring Back With Amazon, Bitcoin, and GM
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It has been quite a ride for Bill Miller. When he joined Legg Mason four decades ago, he says, "my net worth was negative, and I was making $39,000 a year.“ The former philosophy student and military intelligence officer rose inexorably from obscurity to stardom, famously beating the
S&P 500 index
for 15 years running as manager of Legg Mason Value Trust. And then it all fell apart.
During the 2008-09 global financial crisis, Miller made a disastrous contrarian bet on toxic stocks like Bear Stearns and
AIG.
Value Trust lost 55% in 2008, and his assets under management plummeted from about $77 billion to $800 million. Many wrote him off, but Miller has proved them spectacularly wrong.
At his own