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Bill Miller bloomberg interview

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Never trust anyone who underperforms the S&P 500 over a 30 year period. ;)


A $10,000 investment when Miller started LMVTX was worth $266,105.46. Pretty good. 


Unless you look at the S&P 500, which ended at $274,684.89. So, LMVTX underperformed with more volatility and before taxes. After taxes I'm sure it'd look worse. Probably not incredibly worse since I believe he didn't have super high turnover, but still worse. 

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2008-09 creamed Miller's performance.  Morningstar's headline on the fund says it all

"This fund's stomach-churning volatility limits its appeal. "


I liked statement on FIATY- though that may just be evidence of confirmation bias on my part..



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