TO SPEAK WITH CUSTOMER SERVICE

302-256-5080

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.

Continue reading at Investment Research Dynamics