Bill Miller Unchanged, So Why Do People Expect Different Results?

We’re well into the fifth year of this bull market, and aggressive long-only investors are being rewarded as you would expect, but a recent Wall Street Journal profile of famed stock picker Bill Miller shows how little awareness there still is that big, potentially principal destroying bets don’t work over the long haul.

Bill Miller became famous as the Legg Mason Inc (NYSE:LM) portfolio manager who beat the market for fifteen straight years, and then undid all that incredible work in two short years...