http://www.peridotcapitalist.com/2008/02/excerpts-from-bill-millers-latest.html Stock market and investing blog published by Chad Brand, Founder/President of Peridot Capital Sat, 11 Feb 2012 23:26:23 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.peridotcapitalist.com/2008/02/excerpts-from-bill-millers-latest.html/comment-page-1#comment-825 Rubens Thu, 14 Feb 2008 16:44:00 +0000 http://www.peridotcapitalist.com/?p=555#comment-825 Buffett used to tell a story more or less like this: When you have thousands of people flipping coins, a few of them will flip heads many times in a row. And they will be seen as the masters in coin flipping, will write books on the subject, etc.<br/>To me Bill Miller is the best example of someone who did it 15 years in a row then ran out of luck. How can he explain buying and holding stocks like Yahoo, Amazon, Eastman Kodak (which will die sooner or later, it's only a matter of time), etc.? His flagship fund is having big outflows. People are realizing that perhaps there was indeed less skills than luck involved.<br/>By the way, he got lucky again on Yahoo, a company that was on the way to become a footnote in Internet history until it received a bid from Microsoft. Buffett used to tell a story more or less like this: When you have thousands of people flipping coins, a few of them will flip heads many times in a row. And they will be seen as the masters in coin flipping, will write books on the subject, etc.
To me Bill Miller is the best example of someone who did it 15 years in a row then ran out of luck. How can he explain buying and holding stocks like Yahoo, Amazon, Eastman Kodak (which will die sooner or later, it’s only a matter of time), etc.? His flagship fund is having big outflows. People are realizing that perhaps there was indeed less skills than luck involved.
By the way, he got lucky again on Yahoo, a company that was on the way to become a footnote in Internet history until it received a bid from Microsoft.

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