Why Famed Investor Says This Is Fifth Great Buying Opportunity
Portfolio manager Bill Miller has had his share of ups and downs over the years. When he was at Legg Mason, Miller was a rock star, beating the S&P 500 index 15 years in a row from 1991 to 2006 with his Legg Mason Value Trust fund. But some bad bets during the Great Recession put an end to that streak. In 2017, Miller spun off from Legg Mason to create Miller Value Partners and is now running the Miller Opportunity Trust, formerly the Legg Mason Opportunity Trust, which had beaten the S&P 500 since inception in 2009 through 2019.
As someone who made his reputation as a value investor, Miller is focused on spotting opportunities, and he sees the current market as the fifth "great stock market buying opportunity" in his lifetime. Others included the recession of 1973-74 when inflation soared and oil prices skyrocketed; the summer of 1982, just before the start of the '80s bull market; and the stock market crash on Black Monday in October of 1987. Miller was able to capitalize on those opportunities, but he failed to do so in the fourth great buying opportunity in 2008-09.
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Source Fool.com
