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Rating:Being Wrong is Part of the Biz, Miller Says Not Rated 2.0 Email Routing List Email & Route  Print Print
Monday, May 12, 2008

Being Wrong is Part of the Biz, Miller Says

by: Armie Margaret Lee

Legg Mason's Bill Miller gave a long interview to The New York Times, in which famed stockpicker talks about the rough patch he encountered.

"I have been through periods like this before," Miller told The Times' Geraldine Fabrikant. "The difference is that we are a lot larger and more visible, and so there is a lot more client focus than there was then."

Miller, who beat the S&P for 15 years until 2005, is contemplating moving away from concentrating on just dozens, rather than hundreds of stocks. However, he isn't a fan of broader diversification.

“I have never found it a useful policy because what it guarantees is that you will be in the worst sectors of the market as a matter of policy,” he said. “That is why so many managers are justly criticized as closet indexers because they don’t get too far away from the index because they are afraid to be wrong. My view is that being wrong is part of the business. You need to focus on making the best investments you can, instead of trying to smooth things out.”  

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