Friday, June 20, 2008

W.C. Varones Came To Bury Bill Miller, Not To Praise Him

As if being crushed by the vagaries of the market and skewered by the same media that used to fawn over him wasn't enough for Bill Miller and his beleaguered investment fund Legg Mason Value Trust wasn't enough, finance blogger W.C. Varones (who knows a thing or two about portfolio management, by the way) does a terrific hatchet job on Miller's performance.

No matter how smart you are, the temptation to attribute personal factors to stochastic processes is almost impossible to resist. It's salutary to remember the story of the Russian aristocrat who played Russian Roulette over and over again, and each time the hammer fell on an empty cylinder. Ending the experiment, he concluded that he led a charmed life, and went for a ride in the woods, only to be killed and eaten by a pack of wolves.

Anyway, just go over to W.C. Varone's blog and chuckle over the abuse he heaps on Mr. Miller.

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