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The Wall Street Journal published an article today detailing once famed stock picker and mutual fund manager Bill Miller’s recent demise. It is a well written story of how the highly praised mutual fund manager ended his 15 year out performance streak over the S&P 500 index in dramatic fashion. 

Mr. Miller has profited from investor panics before. But this time, he said, he failed to consider that the crisis would be so severe, and the fundamental problems so deep, that a whole group of once-stalwart companies would collapse. “I was naive,” he said.

A must read for anyone considering active investing (stock picking vs. passive index investing).

Enjoy,
Franco

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