Legg Masons Value Trust, managed by Bill Miller, outperformed the S&P 500 in each of the 15

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Legg Mason’s Value Trust, managed by Bill Miller, outperformed the S&P 500 in each of the 15 years ending in 2005. Is Miller’s performance sufficient to dissuade you from a belief in efficient markets? If not, would any performance record be sufficient to dissuade you? Now consider that in the next 3 years, the fund dramatically underperformed the S&P 500; by the end of 2008, its cumulative 18-year performance was barely different from the index. Does this affect your opinion?

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Investments

ISBN: 9780073530703

9th Edition

Authors: Zvi Bodie, Alex Kane, Alan Marcus

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