A Masterclass with Bill Miller

11 Wisdoms from Miller's 2006 'Global Perspectives on Investment Management' Discussion

This weekend I attempted to revisit one of my favourite interviews with Bill Miller from 2006. I was looking for a specific segment on avoiding value traps but noticed that the original had been removed from the internet. After cursing under my breath for a few moments, I rifled through my own files and (thank you, historic version of me) discovered I’d saved it as a PDF. In light of this, I figured I’d share a handful of the zingers. To set the scene… the discussion takes place in 2006 as Bill Miller sits down with the CFA in a ‘Conversation with a Money Master’. I refer to it as a masterclass, absent of hyperbole. The exchange covers a lot of ground and is a highly enjoyable read; one i’ve revisited numerous times.

Topics covered include: buying Enron in 2001 before bankruptcy, defining value, batting averages vs slugging averages, capital allocations, dividends vs buybacks, time horizons, position sizing, earning quality, modelling, assessing management, value traps, understanding …