A few years ago, Legg Mason Value Trust manager Bill Miller was revered the world around for outperforming the S&P 500 15 years in a row. Now, after a couple of horrible years have wiped out almost all of that outperformance, he's getting fired by state pension funds:
Massachusetts' $50.6-billion (U.S.) pension fund Wednesday fired Legg Mason Capital Management, a Legg Mason Inc. unit run by fund manager Bill Miller, and four other fund firms managing a U.S. equities portfolio due to poor performance.
At a board meeting, the pension fund approved transferring about $1.4-billion of the $1.8-billion portfolio to asset manager State Street Global Advisors, a unit of State Street Corp...
The four other fund firms whose mandates to manage U.S. stocks were terminated by the pension fund are Ariel Investments, NWQ, Mazama Capital Management and Gardner Lewis.
Bill's not the first legend to get hammered by mean reversion, and he won't be the last. He gets to keep the boat, though.
See Also: Legg Mason's Bill Miller: I'm Sorry Our Performance Has Been Awful
