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Permabull Down: Bill Miller Is Out After "Falling Behind Peers"

Tyler Durden's picture




 

First the momo stocks go into all out implosion, and right on their heels are permabulls. A few months ago it was that joke of an analyst David Bianco who started colleting jobless benefits, and today we learn that the bigget permabull of all, Legg Mason's Bill Miller is out. From Bloomberg: Legg Mason’s Miller to Exit Main Fund After Falling Behind Peers. But, but, who will CNBC invite to make the bullish case?

 

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Thu, 11/17/2011 - 09:40 | 1886402 GeneMarchbanks
GeneMarchbanks's picture

Legg Mason fail.

'But, but, who will CNBC invite to make the bullish case?'

Depends on how much they're paying. Seriously though... Bove seems to be the go-to fluffer these days.

Thu, 11/17/2011 - 09:48 | 1886433 Pladizow
Pladizow's picture

As always they will call one of the three stooges they have on speed dial:

1.  Dick Bove - "Mr. Buy the Banks",

2.  Doug Kass - "Mr. Gold will be Slaughtered" or

3. Dennis Gartman - "Mr. buy my newsletter".

Or stick with one of the in house puppets, Cramer, Liesman, Ensana or Pisani!

Thu, 11/17/2011 - 11:57 | 1887005 oh_bama
oh_bama's picture

DID MR Gartman JUST PURCHASED ESZ1 AT 1250 TWO DAYS AGO AND *STOPPED OUT* AT 1225 EARLIER TODAY ACCORDING TO HIS STRATEGY???

SOMEONE WHO CAN AFFORD HIS LETTER PLEASE TELL ME IF IT IS TRUE!!

Thu, 11/17/2011 - 09:47 | 1886415 lolmao500
lolmao500's picture

Call Bullard. I mean, he's full of it and his name already rhymes with bulltard.

Thu, 11/17/2011 - 09:48 | 1886445 qussl3
qussl3's picture

Bullard the bulltard.

Ninja'ed...

Thu, 11/17/2011 - 09:43 | 1886424 been there done that
been there done that's picture

I hope by the end of this that these people will be so completely discredited that no one will even be watching. I think that soon people will vomit at the mention of stocks. 

 

Thu, 11/17/2011 - 09:55 | 1886488 prodigious_idea
prodigious_idea's picture

Notwithstanding the financial losses suffered by stock investors from share price drops, there is some real coin to be made on market volatility.

Thu, 11/17/2011 - 09:44 | 1886431 equity_momo
equity_momo's picture

A 30 years bull cycle made many a fuckwit look smart.  When the markets get tough , the fuckwits get going.

Thu, 11/17/2011 - 09:47 | 1886442 Pladizow
Pladizow's picture

During a hurricane even turkeys can fly!

Thu, 11/17/2011 - 09:49 | 1886458 equity_momo
equity_momo's picture

Nice.

Well Turkeys are done flying for another 10 years. Only thing thats happening to a turkey until next decade is it gets eaten.

Thu, 11/17/2011 - 10:27 | 1886608 jdelano
jdelano's picture

The problem with that joke is that Turkeys can, in fact, fly.  Short distances, but when you see a turkey perched in a tree sixty feet off the ground...it didn't climb there.  

 

http://www.youtube.com/watch?v=H-iCPywrmz0

Thu, 11/17/2011 - 10:31 | 1886641 GeezerGeek
GeezerGeek's picture

What about when you see a turtle on the top of a fence post?

Thu, 11/17/2011 - 09:49 | 1886455 scatterbrains
scatterbrains's picture

just wait till all the baby boomer pensions blow up and they're forced to charge the kids in the basement rent.  OWS will explode in size.

Thu, 11/17/2011 - 10:33 | 1886650 GeezerGeek
GeezerGeek's picture

For those of us in southern Florida that will never happen. Basements here are called indoor pools. I do have a nice lawn upon which one can pitch a tent, however.

Thu, 11/17/2011 - 09:47 | 1886436 dwdollar
dwdollar's picture

Why bother... just interview Liesman. He makes every idiot permabull argument currently circulating.

Thu, 11/17/2011 - 09:47 | 1886447 CORNGUY
CORNGUY's picture

Erin Bernett was the best thing CNBC had going for it.....now its worthless.    Oh, to go back to those days......

Thu, 11/17/2011 - 09:48 | 1886453 TooBearish
TooBearish's picture

Mr. Ken Fisher - always introduced as "billiionaire money manager...."

Thu, 11/17/2011 - 09:48 | 1886454 pepperspray
pepperspray's picture

Bill when you stop by here later today and read what we think of you remember we are your clients' collective id.

Thu, 11/17/2011 - 09:49 | 1886456 greased up deaf guy
greased up deaf guy's picture

dick bove? oh, wait. i thought you said bullsh*t case. my bad.

Thu, 11/17/2011 - 09:49 | 1886459 jcaz
jcaz's picture

Robo Trader is looking for a job.......

Thu, 11/17/2011 - 09:50 | 1886462 Cdad
Cdad's picture

But, but, who will CNBC invite to make the bullish case?

Doug Kass?

Thu, 11/17/2011 - 09:50 | 1886464 Astute Investor
Astute Investor's picture

This must be some kind of terrible mistake.  Such an action would imply that there is direct linkage between a fund manager's investment performance with his compensation and ongoing employment status.

Thu, 11/17/2011 - 09:50 | 1886465 prodigious_idea
prodigious_idea's picture

Speaking of Bill Miller . . . a new shorting indicator?

http://www.slate.com/articles/business/moneybox/2006/08/the_ceo_bought_a_yacht.html

Thu, 11/17/2011 - 09:53 | 1886474 SheepDog-One
SheepDog-One's picture

BooooYaaaahh!!

Thu, 11/17/2011 - 10:04 | 1886481 Mercury
Mercury's picture

Shake a LEG.

Bill Miller is supposed to be a value investor but his "hybrid" style has been off the reservation quite a bit in the last few years (riding Bear Stearns down to Davy Jones locker).  I guess if you run that much (long only) dough you have to be GARPy and an index hugger - which these days means hopelessly tied to beta too.

Thu, 11/17/2011 - 10:06 | 1886525 azzhatter
azzhatter's picture

They can probably get Madoff or Allen Stanford to make the case- friends of CNBC

Thu, 11/17/2011 - 10:09 | 1886533 FubarNation
FubarNation's picture

Just another reason why I'd rather follow Barney Miller for financial advice than Barry Miller.

 

 

Thu, 11/17/2011 - 10:12 | 1886548 HD
HD's picture

Well, Barney has the better theme song...

http://www.youtube.com/watch?v=Sx9AQ8ULC28&feature=related

Thu, 11/17/2011 - 10:15 | 1886560 Scalaris
Scalaris's picture

But, but, who will CNBC invite to make the bullish case?

 

Paulson?

Thu, 11/17/2011 - 10:19 | 1886574 I am a Man I am...
I am a Man I am Forty's picture

But Bill Miller was a such a great investor when the market went up!

Thu, 11/17/2011 - 10:23 | 1886598 Enceladus
Enceladus's picture

I used to work at Legg Mason.

I was at a Q&A with Bill and asked him "What does a fund manager do?" His reply was,

"That's a ridiculous question, I'll answer the same way (insert famous investor name here) did, 'I come in, I get some coffee read a few things and go to lunch' next question." Bill Miller 2000.

No doubt another Hedge Fund Star is born: 2/20 to the moon!

 

Thu, 11/17/2011 - 10:32 | 1886644 lieutenantjohnchard
lieutenantjohnchard's picture

reversion to mean.

Thu, 11/17/2011 - 11:44 | 1886968 PulauHantu29
PulauHantu29's picture

Miller's recent Big Bets have failed so he has to go.

Just shows "past performance is no indication of future performance."

Do you own DD....read...learn...educate yourself.

I will say Miller is one of the most honorable men on The Streeet. Sorry to see him go.

GL to ya Bill!

Thu, 11/17/2011 - 11:48 | 1886984 prodigious_idea
prodigious_idea's picture

From the looks of his new yacht, he'll go in style.

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