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The Stock Market’s Unnatural Natural Logarithm

This story does not end well. Just ask Bill Miller. Remember Legg Mason’s Bill Miller? His claim to fame was that he beat the S&P 500 for 15 years in a row. In year 16 (2000), he got slaughtered so badly that his 16-year ROR went well below the S&P 500 ROR over 16 years. (Thanks to John Titus – Best Evidence – for reminding about the Bill Miller story)

All Bill Miller did was heavily overweight his portfolio with a handful of the market’s highest beta stocks, like AMZN. He rode the massive wave of money-printing dumped into the financial system by Alan Greenspan. He was basically the lap-dog of Goldman Sachs, who gave him inside information about what Greenspan was doing.

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