Bill Miller has always invested with his own special style of value investing, making very large bets on out of favor growth companies. He has often said "the lowest average cost wins" and continued to buy shares of companies even as they dropped precipitously. The results of his process can be described as "it was the best of times, it was the worst of times." Miller enjoyed a glorious run where he beat the S&P 500 for a remarkable fifteen years in a row from 1991 through 2005.
Since that time, Miller's performance has been abysmal with large bets on financials like Bear Stearns, Countrywide, and Freddie Mac going very very wrong. As a result, Miller has underperformed by a wide margin and there are rumblings in the investment world as to whether or not he has lost his touch.
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