Dec 4, 2008

Bill Miller on a miserable 2008

When you're underperforming and losing more money than the market in a down market, then that's a much more problematic situation. We've performed far worse than I would've predicted we would.

~ Bill Miller, portfolio manager, Legg Mason Value Trust, ""Bottom's been made" in stocks: Legg Mason's Miller," December 3, 2008

(For the year, Miller's flagship Value Trust (LMVTX) fund was down 59.7 percent as of Tuesday, compared to a 41 percent decline in the reinvested returns of the S&P 500 index, according to Lipper Inc., a unit of Thomson Reuters.

Performance over the year-to-date, one-, three- and five-year periods for Value Trust put it at the bottom of the barrel among its peers, Lipper data shows.)

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