Bill Miller is the well known fund manager at Legg Mason who beat the S&P500 for 15 years straight. You would think that most investors who put money in Miller’s fund benefited from his performance streak but that is not the case. Allan Sloan of Fortune Magazine just wrote an article with help from Morningstar which examines why investors usually don’t benefit from the long term performance of fund managers such as Miller and Peter Lynch. The article is here.
FJP
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