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Legg Mason Names Sam Peters As Successor To Bill Miller
The biggest beta chaser in existence, Bill Miller, who does great when the market is up, and blows up spectacularly when the market plunges, may soon be leaving Legg Mason. Reuters reports that Legg Mason has picked the "eventual successor" to "famed" stock picker Bill Miller, according to the Value Fund. Presumably, this is news.
Miller has no immediate plans to retire from running the company's $4.2 billion Legg Mason Capital Management Value Trust fund, a spokeswoman said on Friday. Miller, famous for outperforming the Standard & Poor's 500 Index for 15 consecutive years, now ranks at the bottom of its category for the year to date.
The addition of Peters, 40, who currently manages the $1.2 billion Legg Mason Capital Management Special Investment Trust fund, promises a chance to improve on Miller's performance.
Peters' influence also could shake up the holdings of Value Trust. Only one of the top 10 stocks in Peters' fund, eBay Inc , is also a top holding of Miller's fund as of March 31. By contrast, Peters' favorites, including his three largest positions Assured Guaranty Ltd, Continental Airlines Inc and KKR Financial Holdings LLC, were not among Miller's top 30.
More relevantly, we wonder whether Lloyd Blankfein has been named as the "eventual successor" to Warren Buffett yet? Speaking of, how is BRK's MBO of Goldman going - we haven't heard much on that front recently.
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TD, can we get one of those ES volume charts for context.
Initial surge then tapering.
Speaking of, how is BRK's MBO of Goldman going - we haven't heard much on that front recently.
Like everything else Berkshire, it's being negotiated secretly, with Uncle Warren demanding physical delivery of Blankfiend before further capital is committed.
Good on you, Sam!
"Famous" Stock picker Bill Miller who saw value in Fannie Mae as it was imploding...
Who didn't push the merger of Yahoo with MS to increase shareholder's return, just to name a few.
Unfortunately I held one of his funds because of his "fame" two years ago. I just don't get it why he still manages $4.1 billion.
Famous Amos makes shitty cookies but fame sold a bunch for a couple months.
HAHA! this new dunce is long airlines?!
I'm staying short LM. Too bad, BM isn't hanging around tho, he's like a leveraged ETF in bear markets.