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Friday, February 12, 2016

Bill Miller Puts a Seismic Twist on Value

News summary by MFWire's editors

Bill Miller is trying to rock the long-short investing world, but with a twist that comes from outside of investing.

Bill Miller
Legg Mason
Portfolio Manager
Miles Weiss of Bloomberg reports that the former Legg Mason [profile] star has filed to create a hedge fund, Seismic Value Partners 1, that applies a natural disaster prediction model to time its long-short investing strategy. The model is licensed from a Davis, California-based company called OpenHazards Group that is chaired by UC-Davis seismologist John Rundle.

The idea behind the strategy is that natural disasters are, to use Nassim Taleb's now-famous book title, black swan events, and so are stock market crashes.

Bloomberg talked to several folks about the idea, though Miller himself declined to comment, and overviews Miller's background and what he's currently up to at LMM (including PMing the Legg Mason Opportunity Trust). Barron's also picked up on Miller's plans. 

Edited by: Neil Anderson, Managing Editor

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