tag:blogger.com,1999:blog-11027528911364475.post6779762971665328406..comments2024-02-18T21:10:05.205-08:00Comments on EconomPic: Bill Miller Stepping Down as CIOJakehttp://www.blogger.com/profile/07946497592651234440noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-11027528911364475.post-71899722773899297852011-11-22T08:05:35.679-08:002011-11-22T08:05:35.679-08:00Updated. Thanks.Updated. Thanks.Jakehttps://www.blogger.com/profile/07946497592651234440noreply@blogger.comtag:blogger.com,1999:blog-11027528911364475.post-66576754576701550472011-11-21T20:51:20.403-08:002011-11-21T20:51:20.403-08:00The maximum year chart link should be this. The pr...The <a href="http://quote.morningstar.com/fund/chart.aspx?t=LMVTX&region=USA&culture=en-US&statePara=%7Bsecurities%3A%5B%7Bn%3A%22Legg%20Mason%20Cap%20Mgmt%20Value%20C%22%2Cids%3A%22FOUSA00DEU%7C0P00002QM5%7CCU%24%24%24%24%24USD%7C1%7C1%7CFO%7C1982-4-16%7C%7C%7Cfalse%7CUSA%7C19%22%7D%2C%7Bn%3A%22Large%20Blend%22%2Cids%3A%22%24FOCA%24LB%24%24%7C%24FOCA%24LB%24%24%7CCU%24%24%24%24%24USD%7C1%7C1%7CCA%7C%7C%7C%7Ctrue%7CUSA%7C0%22%7D%2C%7Bn%3A%22S%26P%20500%20TR%22%2Cids%3A%22XIUSA04G92%7C0P00001MK8%7CCU%24%24%24%24%24USD%7C1%7C1%7CXI%7C%7C%7C%7Ctrue%7CUSA%7C0%22%7D%5D%2CchartType%3A%22GrowthChart%22%2Crange%3A%221982-4-16%7C2011-11-21%22%2Cperiod%3A10%2Cregion%3A%22USA%22%2Ctc%3A%22USD%22%2CisD%3A%220%22%2CisR%3A%220%22%2CrM%3A3%2Cscale%3A%221%22%2CbMenu%3A%22%22%2Csma%3A%220%2C0%2C0%22%7D" rel="nofollow">maximum year chart link should be this.</a> The prior one shows the default 10 year chart.Sivaram Vhttps://www.blogger.com/profile/06361276466660862882noreply@blogger.comtag:blogger.com,1999:blog-11027528911364475.post-18007562976432819912011-11-21T20:43:23.658-08:002011-11-21T20:43:23.658-08:00Bill Miller's record isn't as bad as your ...Bill Miller's record isn't as bad as your chart implies. I think the starting point you picked appears to impact the results.<br /><br />If you look at the Morningstar chart of <a href="http://quote.morningstar.com/fund/chart.aspx?t=LMVTX&region=USA&culture=en-US" rel="nofollow">LMVTX total return since 1982</a>, you'll see that Miller significantly outperformed (until the disastrous bets during the financial crisis).<br /><br /><br />http://quote.morningstar.com/fund/chart.aspx?t=LMVTX&region=USA&culture=en-USSivaram Vhttps://www.blogger.com/profile/06361276466660862882noreply@blogger.comtag:blogger.com,1999:blog-11027528911364475.post-48873856817258867852011-11-17T16:51:19.622-08:002011-11-17T16:51:19.622-08:00Going back to the late 1980s and early 1990s, ther...Going back to the late 1980s and early 1990s, there was a co-manager working on the portfolio with Bill Miller named Ernie Kiehne. Like a lot of other value managers at the time, they had a problem with being overweight financial stocks in the 1988-1990 timeframe - some people say Ernie Kiehne was primarily deserving of blame, and some people don't.<br /><br />MBAs are all taught that time-weighted averaging is the way to calculate returns rather than dollar-weighted returns. While that's the mathematically correct way to do the calculation, in the mutual fund business it really does stink to be late to the party . . . . . . . with nearly all hot funds such as the Legg Mason Value Trust, the dollar-weighted returns end up wildly lagging the time-weighted returns. Too too bad!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11027528911364475.post-33615234925833985042011-11-17T15:17:00.577-08:002011-11-17T15:17:00.577-08:00There is one group that did well... the fee on the...There is one group that did well... the fee on the fund was 1.76%. Not a bad rate for a fund that provided 0 returns over the past 13 years for a buy and hold investor.Jakehttps://www.blogger.com/profile/07946497592651234440noreply@blogger.comtag:blogger.com,1999:blog-11027528911364475.post-13802593271757890082011-11-17T14:45:16.913-08:002011-11-17T14:45:16.913-08:00Wow... pretty amazing how poorly the actual invest...Wow... pretty amazing how poorly the actual investor has done. The dangers of performance chasing!Jakehttps://www.blogger.com/profile/07946497592651234440noreply@blogger.comtag:blogger.com,1999:blog-11027528911364475.post-27744115931471676492011-11-17T13:34:16.317-08:002011-11-17T13:34:16.317-08:00Jake,
Here was my effort:
http://alephblog.com/2...Jake,<br /><br />Here was my effort:<br /><br />http://alephblog.com/2011/10/09/we-eat-dollar-weighted-returns/<br /><br />Would love to have the old annual reports prior to 1994 -- get the cash flows and calculate the IRR -- the story is the same for many; do well with a little, do poorly with a lot.David Merkelhttps://www.blogger.com/profile/05073877918072914309noreply@blogger.com