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August 13, 2006
Where are Bill Miller's Investors' Yachts?
Apparently even portfolio manager Bill Miller can't keep flipping coins in the market and have them come up heads. In his recent Q2 report Miller -- the only fund manager to beat the S&P 500 every year since ... 1890 or something -- bemoans his poor second quarter performance ("We had a dreadful second calendar quarter"), as well as how badly he trails the market.Barron's piles on this weekend, with a piece that puckishly points out that while his investors are down 10.3% on the year, Miller has bought a 190-foot yacht for European vacations. Where, Barron's wonders in Schwed-ian style, are his customers' yachts?
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If Bill Miller managed to outperform the S&P 500 for last 15years and is down 10.8% on the year. 10.8% shouldn't wipe out the surplus gain from the previous years.
Bill Miller's Investors' Yachts are in Portsmouth. Doing just fine!