Comments on: A Simpler Explanation for Bill Miller http://alephblog.com/2008/05/14/a-simpler-explanation-for-bill-miller/ Helping Institutions and Ordinary People Invest Better by Focusing on Risk Control Fri, 25 May 2012 21:31:47 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Andy Reyburnhttp://alephblog.com/2008/05/14/a-simpler-explanation-for-bill-miller/comment-page-1/#comment-17620 Andy Reyburn Fri, 16 May 2008 23:33:18 +0000 http://alephblog.com/?p=694#comment-17620 Miller was never a real value investor. Period. His fund was "value" in name only. "Relative" value isn't value. It's like justifying high PE with low interest rates. Absolute value is a whole different game. Maybe cyclical growth isn't "value," but I suspect it turns out to be. Miller was never a real value investor. Period. His fund was “value” in name only. “Relative” value isn’t value. It’s like justifying high PE with low interest rates. Absolute value is a whole different game. Maybe cyclical growth isn’t “value,” but I suspect it turns out to be.

]]> By: kylehttp://alephblog.com/2008/05/14/a-simpler-explanation-for-bill-miller/comment-page-1/#comment-17617 kyle Thu, 15 May 2008 04:27:28 +0000 http://alephblog.com/?p=694#comment-17617 Bill Miller's problem is arrogance -- he cannot imagine himself being wrong -- he merely assumes his timing is off and that the market will come around to his view eventually. Read his writings -- they scream of someone who can't be wrong. Conviction is important for an investor but so is humility -- understanding the balance between the two is key. Kyle Bill Miller’s problem is arrogance — he cannot imagine himself being wrong — he merely assumes his timing is off and that the market will come around to his view eventually.

Read his writings — they scream of someone who can’t be wrong. Conviction is important for an investor but so is humility — understanding the balance between the two is key.

Kyle

]]> By: Scott Mhttp://alephblog.com/2008/05/14/a-simpler-explanation-for-bill-miller/comment-page-1/#comment-17616 Scott M Thu, 15 May 2008 00:46:53 +0000 http://alephblog.com/?p=694#comment-17616 ...who is MM?? …who is MM??

]]> By: sysin3http://alephblog.com/2008/05/14/a-simpler-explanation-for-bill-miller/comment-page-1/#comment-17615 sysin3 Wed, 14 May 2008 23:57:39 +0000 http://alephblog.com/?p=694#comment-17615 p.s. If I ever win the lottery, I would want Merkel to manage a good chunk of it. He's careful, intelligent, gradual, and risk-averse. Can't ask for better than that. p.s.

If I ever win the lottery, I would want Merkel to manage a good chunk of it.

He’s careful, intelligent, gradual, and risk-averse.

Can’t ask for better than that.

]]> By: sysin3http://alephblog.com/2008/05/14/a-simpler-explanation-for-bill-miller/comment-page-1/#comment-17614 sysin3 Wed, 14 May 2008 23:44:53 +0000 http://alephblog.com/?p=694#comment-17614 Thanks Paul, I just think that there's a lot of potAto - potAHto in investing. Goodness knows, I have done too much of that vacillating myself. Bottom line, there are lots of ways to kill a gopher ... and one must find one's favorite skinning method. (still looking for mine ;-) Thanks Paul,

I just think that there’s a lot of potAto – potAHto in investing. Goodness knows, I have done too much of that vacillating myself.

Bottom line, there are lots of ways to kill a gopher … and one must find one’s favorite skinning method. (still looking for mine ;-)

]]> By: Paul in Kansas Cityhttp://alephblog.com/2008/05/14/a-simpler-explanation-for-bill-miller/comment-page-1/#comment-17613 Paul in Kansas City Wed, 14 May 2008 23:18:25 +0000 http://alephblog.com/?p=694#comment-17613 great commentary sysin3 great commentary sysin3

]]> By: sysin3http://alephblog.com/2008/05/14/a-simpler-explanation-for-bill-miller/comment-page-1/#comment-17612 sysin3 Wed, 14 May 2008 22:27:31 +0000 http://alephblog.com/?p=694#comment-17612 Bill, I think only value works .... over the long term. It makes no sense to pay too much for a company whose growth may suddenly sputter. Now, "value" must include future prospects, not just current valuation. Over the short term, lots of other approaches *can* work, including that heathen TA voodoo (in which camp I usually include myself) So much depends on time frame and risk tolerance. The value guys and the growth guys might as well live on different planets, as they have totally different expectations and biases. Bill,

I think only value works …. over the long term. It makes no sense to pay too much for a company whose growth may suddenly sputter. Now, “value” must include future prospects, not just current valuation.

Over the short term, lots of other approaches *can* work, including that heathen TA voodoo (in which camp I usually include myself)

So much depends on time frame and risk tolerance. The value guys and the growth guys might as well live on different planets, as they have totally different expectations and biases.

]]> By: TDLhttp://alephblog.com/2008/05/14/a-simpler-explanation-for-bill-miller/comment-page-1/#comment-17609 TDL Wed, 14 May 2008 15:30:58 +0000 http://alephblog.com/?p=694#comment-17609 I think the point of the post was that Miller is a good as a value guy, not a growth guy. Not value investing is the only type of investing that works. Regards, TDL I think the point of the post was that Miller is a good as a value guy, not a growth guy. Not value investing is the only type of investing that works.

Regards,
TDL

]]> By: Bill aka NO DooDahs!http://alephblog.com/2008/05/14/a-simpler-explanation-for-bill-miller/comment-page-1/#comment-17607 Bill aka NO DooDahs! Wed, 14 May 2008 10:46:27 +0000 http://alephblog.com/?p=694#comment-17607 Because only value works, right? Because only value works, right?

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