Bill Miller, Legg Mason Portfolio Manager
From Zero to 60 in 10 Years … and Back to Zero in 60 Seconds
Every year from 1991 to 2005, Bill Miller and his Legg Mason Value Trust (LMVTX) beat the market index. But his Value Trust fund was down more than 55% in 2008 alone, wiping out 10 years of gains.
One of his top investments, Countrywide Financial, was a big player in the current financial crisis, but is no longer around to pay off on his bet.
On Countrywide's long-term business value he said, "We think [it] is in the $40s compared to its current price of about $14-$15." -- November 2007
