Bill Miller's 15-Year Streak of Beating S&P 500 Comes to an End

Bloomberg | Dec 28, 2006 | Danielle Kost

[jdm]

Bloomberg is link only:

Bill Miller's 15-Year Streak of Beating S&P 500 Comes to an End

[jdm]

First read about this guy maybe 7 or 8 years ago. Pretty impressive record...

          Value Trust         S&P 500         Difference
1991         34.7%             30.5%            +4.2
1992         11.4               7.6             +3.8
1993         11.3              10.1             +1.2
1994          1.4               1.3             +0.1
1995         40.8              37.6             +3.2
1996         38.4              23.0              +15
1997         37.1              33.4             +3.7
1998         48.0              28.6              +19
1999         26.7              21.0             +5.7
2000         -7.1              -9.1             +2.0
2001         -9.3             -11.9             +2.6
2002        -18.9             -22.1             +3.2
2003         43.5              28.7              +15
2004         12.0              10.9             +1.1
2005          5.3               4.9             +0.4
2006*         6.7              16.5             -9.8

*Year to date
Source: Bloomberg

[gcruse]

That's a damned fine record.

[FlyVet]

The few who beat S&P consistently will have a year below that occasionally. Can't judge them by one year, although it's good fodder for alarmist mediots who don't have the talent to do the same.

Another example is Dodge & Cox Stock Fund, which has whipped the S&P 500 soundly over the long run.

[Attention Surplus Disorder]

As I posted somewhere else, the 1700 point DJ (and corresponding SPX) move from summer has been uncannily straight up, no givebacks to speak of, only two modest dips to get in, maybe 2% each. And those sure didn't feel or seem (to me) like "resting points" when they were happening.

http://stockcharts.com/h-sc/ui?c=$spx,uu[w,a]daclyyay[dc][pb13!b7!f][vc60][iul14!lyb20,2.0]

Very, very hard to "outsmart" such a move. We're currently working on something nearing 940 consecutive trading days without a single 2% down day....which is over 6 std deviations. (The longer term average is something like 11(!) days between 2% down-days.)

[Proud_USA_Republican]

Bill's da man!!!

[snarks_when_bored]

Paul B. Farrell has some interesting things to say about Bill Miller and his new megayacht, Utopia:

'Where are the customers' yachts?'

Can't buy? Charter a fund manager's for only $750,000 a week!

By Paul B. Farrell, MarketWatch
Last Update: 7:51 PM ET Nov 27, 2006

ARROYO GRANDE, Calif. (MarketWatch) -- Some things never change. This script was written long ago, in Fred Schwed's humorous 1940 classic about Wall Street's insatiable greed. The message rings as true today as back then, when America was still smarting from Wall Street's disastrous 1929 crash. Schwed explains the origin of his title, in an "Ancient Story:"

"Once in the dear dead days beyond recall, an out-of-town visitor was being shown the wonders of the New York financial district. When the party arrived at the Battery, one of his guides indicated some handsome ships riding at anchor. 'Look, those are the bankers' and brokers' yachts.' 'Where are all the customers' yachts?' asked the naïve visitor."

So now, my dear friends, you know how Schwed got the title for his enduring classic: "Where Are the Customers' Yachts?" I was reminded of Schwed's intriguing question by a recent photo in Fortune magazine of "Utopia," the aptly named new megayacht owned by legendary fund manager Bill Miller.

(read more...)

[Luke Skyfreeper]

Yeah, but he's managing $63 billion now.

That ship sailed a long time ago.

[AmericaUnited]

"Where Are the Customers' Yachts?"

What a killer saying!!!

Q: "How do you get just enough money to buy a 20 ft sailboat"

A: "Sell your 65 ft boat and give the money to a full service broker."

[alnitak]

Sorry guys you are too late, I already reserved his yacht Utopia for my cruise around the Caribbean in January.

[dennisw]

xxxx

[Huck]

F-in sweet!

[jiggyboy]

I think I heard last week that this is the 3rd-longest run without a 10% "correction" in the history of the U.S. stock market. Bernacke's helicopter fleet is in full attack.

[Attention Surplus Disorder]

Totally agreed.

http://www.usatoday.com/money/markets/us/2006-06-26-sandp-usat_x.htm

Note the date of the article.

[gcruse]

Man, I must be spoiled. A ten percent correction on this DOW would be 1200 points. Unthinkable.