Before the subprime crisis, Bill Miller was one of the most famous and successful investment managers in the world. He was named by Money Magazine “The Greatest Money Manager of the 1990s.” Between 1990, and 2005, Miller had a phenomenal track record by beating S&P 500 (SPY) 15 straight years. However, between 2005, and 2010, he underperformed the SPY except 2009.
Bill Miller is a long-term value investor; he says:
We are value investors because we are persuaded of the logic of buying shares of businesses when others want to sell them, and we understand that lower prices today mean higher future rates of return, and high prices today mean lower future rates of return. …One hundred percent of a company’s information reflects its past while 100 percent of its value reflects its future.
Bill Miller had $9.7 Billion in his latest 13F portfolio. Here are his 15 largest stock picks: