Miller Value Funds’ Bill Miller recently delivered his market letter for the fourth quarter of 2018, in which he talked about his market expectations for the current year. To describe the tough market environment in 2018, Mr. Miller relied on the Chinese astrology by which 2018 was the year of the dog. In this way, he used humor to explain the results most of the investors had in the year behind us.
“From an all-time high reached on January 26, US stocks began a decline just as the...