Über William Miller
Bill Miller says his interest in money stemmed from the fact that he never had any. These days his priority is to make money for others and he is one of the most renowned mutual fund managers and value investors in the US. Miller is the chief executive officer and chief investment officer of US group LeggMason for which he manages the Legg Mason Value Trust, a US mutual fund with a staggering €6 billion in assets. Additionally he manages over US$22 billion worth of funds altogether for private and institutional investors. Miller also runs two funds for UK investors. One is the Dublin-based LeggMason Value fund, a mirror of the US Value Trust. The other is the UK domiciled LeggMason US Equity fund, which he has run since January 2003. He runs these funds with Mary Chris Gay, a senior vice president and 'the face of its funds in Europe', according to Miller. His investment style is distinctive and his portfolios tend to contain around 30 stocks. He defines value investing as buying companies that trade at a large discount to their intrinsic business value. A firm's intrinsic business value, in turn, is defined as the present value of the company's future free cashflow. Miller chooses to have a very low turnover of his portfolio and says he 'values businesses not stocks.' To emphasise this he will by into only one or two businesses each year and typically hold on to them for many years. Born in January 1950, Miller graduated in Economics from Washington and Lee University and is a qualified chartered analyst. He started out as a treasurer with J.E. Baker, a Pennsylvania-based firm, in the late 1970s. He joined Legg Mason in 1981 as a director of research and by late 1990 he took on overall responsibility for equity fund management.