Bill Miller Datapoint of the Day

From Evan Newmark:

Miller’s Value Trust Fund, Legg Mason’s flagship, just passed another milestone. As of the end of May, according to Morningstar, the fund is now underperforming the S&P 500 over a 10-year period.

This isn’t (only) a how-the-mighty-are-fallen datapoint. It’s also a wake-up call to anybody feeling smug about how "their" fund manager has managed to consistently outperform their benchmark. Such smugness can evaporate very quickly.

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