Enterprising Investor Forum

Bill Miller of the Legg Mason Value Trust has an eviable record, he has beaten the S&P for 15 consecutive years. His value investment style borrows from the greats and he is also knwo for some of his classic quotes:

• “How do I know when I’m wrong? When I can no longer get a quote.”
• “I often remind our analysts that 100% of the information you have about a company represents the past, and 100% of a stock’s valuation depends on the future.”
• “The market does reflect the available information, as the professors tell us. But just as the funhouse mirrors don’t always accurately reflect your weight, the markets don’t always accurately reflect that information. Usually they are too pessimistic when it’s bad, and too optimistic when it’s good.”

Here is an interesting interview from Morningstar with the master himself where he talks about how he got interested in the market and why technology stocks can be valued:

Enjoy!