- Hardcover: 262 pages
- Publisher: John Wiley & Sons (12 April 2002)
- Language English
- ISBN-10: 0471054909
- ISBN-13: 978-0471054900
- Product Dimensions: 23.4 x 16 x 2.5 cm
- Amazon Bestsellers Rank: 989,894 in Books (See Top 100 in Books)
- See Complete Table of Contents
The Man Who Beats the S&P: Investing with Bill Miller
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Product Description
Product Description
Learn value investing through the strategies and techniques of the Investment Portfolio Manager of the decade
In the only value investing book focused on value investor Bill Miller, the manager of the $11.6 billion Legg Mason Value Trust, Janet Lowe examines the techniques that have earned Miller celebrity status among investors and his peers. By taking the classic concept of value investing and catapulting it into the twenty–first century, Bill Miller has become a role model for those who wish to learn how to recognize value in today′s new and emerging markets. Readers will be introduced to Miller′s belief that "the value of any equity depends on the future, not the past." This idea has made him one of the most well regarded value investors in the mutual fund arena and the only manager of a diversified fund to beat the Standard & Poor′s 500 for ten years in a row. Through this book, readers will come to understand America′s new money master and his investing philosophy of looking beyond the obvious numbers. They will also learn Miller′s computerized value matrix and other mathematical tools, while implementing the cutting–edge approach he uses when value investing. Packed with insights and advice, this comprehensive guide to value investing is sure to fill the needs of many investors.
In the only value investing book focused on value investor Bill Miller, the manager of the $11.6 billion Legg Mason Value Trust, Janet Lowe examines the techniques that have earned Miller celebrity status among investors and his peers. By taking the classic concept of value investing and catapulting it into the twenty–first century, Bill Miller has become a role model for those who wish to learn how to recognize value in today′s new and emerging markets. Readers will be introduced to Miller′s belief that "the value of any equity depends on the future, not the past." This idea has made him one of the most well regarded value investors in the mutual fund arena and the only manager of a diversified fund to beat the Standard & Poor′s 500 for ten years in a row. Through this book, readers will come to understand America′s new money master and his investing philosophy of looking beyond the obvious numbers. They will also learn Miller′s computerized value matrix and other mathematical tools, while implementing the cutting–edge approach he uses when value investing. Packed with insights and advice, this comprehensive guide to value investing is sure to fill the needs of many investors.
From the Inside Flap
Bill Miller has achieved celebrity status among investors and his peers by applying the classic concepts of value investing to the twenty–first century. Considered the premier mutual fund manager in America, Bill Miller has set one of the highest mutual fund performance records with Legg Mason′s Value Trust. He outdistanced the S&P 500 eleven years and running with his innovative value approach to investing.
In The Man Who Beats the S&P: Investing with Bill Miller, business writer Janet Lowe examines the philosophy, analysis, and strategies that have fueled Miller′s success through a market that was decidedly hostile to value fund managers. Lowe reveals how Miller keeps his decades–long investment success going.
By following Miller′s remarkable track record as a money manager, The Man Who Beats the S&P not only illustrates how Miller picks undervalued stocks, but sets a framework for how you too can use value measures to find undervalued stocks and ride them to profits. This invaluable guide will help you understand Miller′s cutting–edge approach to value investing by showing you how to:
∗ Identify value in the technology sector
∗ Think like Bill Miller and make successful investment decisions
∗ Become proficient at the art of new economy and old economy valuation
∗ Understand real–world stock scenarios
∗ Manage all aspects of a portfolio
Miller has seen the future, and he understands that value investing and the world of high–technology business have already overlapped and will continue to do so. In a time where there is intense focus on intellectual growth, intellectual accomplishments, and intellectual property, the Miller method is daring and brilliant. Today′s investment challenges require a swifter and smarter approach to making investment decisions–that′s why Bill Miller′s "multi–factor" security analysis has proved so powerful.
Bill Miller′s investment approach isn′t for the faint of heart. It entails hard work, diligence, patience, and self–confidence. But his methods also have their rewards. If you love research and analysis, and have the desire to find a savvier approach to investing, pick up The Man Who Beats the S&P and watch your commitment pay off in dollars and sense.
In The Man Who Beats the S&P: Investing with Bill Miller, business writer Janet Lowe examines the philosophy, analysis, and strategies that have fueled Miller′s success through a market that was decidedly hostile to value fund managers. Lowe reveals how Miller keeps his decades–long investment success going.
By following Miller′s remarkable track record as a money manager, The Man Who Beats the S&P not only illustrates how Miller picks undervalued stocks, but sets a framework for how you too can use value measures to find undervalued stocks and ride them to profits. This invaluable guide will help you understand Miller′s cutting–edge approach to value investing by showing you how to:
∗ Identify value in the technology sector
∗ Think like Bill Miller and make successful investment decisions
∗ Become proficient at the art of new economy and old economy valuation
∗ Understand real–world stock scenarios
∗ Manage all aspects of a portfolio
Miller has seen the future, and he understands that value investing and the world of high–technology business have already overlapped and will continue to do so. In a time where there is intense focus on intellectual growth, intellectual accomplishments, and intellectual property, the Miller method is daring and brilliant. Today′s investment challenges require a swifter and smarter approach to making investment decisions–that′s why Bill Miller′s "multi–factor" security analysis has proved so powerful.
Bill Miller′s investment approach isn′t for the faint of heart. It entails hard work, diligence, patience, and self–confidence. But his methods also have their rewards. If you love research and analysis, and have the desire to find a savvier approach to investing, pick up The Man Who Beats the S&P and watch your commitment pay off in dollars and sense.
Inside This Book
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First Sentence
The telephone rings. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
The telephone rings. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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5 reviews
43 of 43 people found the following review helpful
Disappointing in more ways than one
8 July 2002
Format:Hardcover
As much as I respect Bill Miller's tremendous record and unconventional approach to value investing, I have to say that this book is a big disappointment. Fortunately, it's not his fault. Because unlike many other books that are co-written by successful investors and their journalistic co-author, Janet Lowe appears to have tackled this project mostly on her own. And it shows. The book reads like one long Fortune magazine article. I was hoping to better understand the intricacies of Miller's thought process and investment approach. Instead, Janet Lowe borrows from practically every other journalist who has interacted with Miller, goes off on confusing tangents covering technological and economic theories, and then feebly attempts to glue all of these quotes and discussions into a coherent portrayal of Miller's philosophy, falling well short of that goal. I've read investment classics by former greats (Peter Lynch, Marty Zweig, Jim Rogers) and I can say with little doubt that this one doesn't cut the mustard.
To give you a flavor before you decide whether to buy the book, consider the following:
- The real text of the book is about 160 pages (not 262). Lowe wastes 50 pages highlighting two dozen stocks with outdated valuation numbers, a bare bones line chart with no volume, color, or an indication of where Miller's transactions took place, and a razor thin assessment from Miller which appears to be borrowed from his previous comments. Useless.
- Miller's approach to portfolio management isn't seriously discussed until p.79 (halfway into the book) and you don't get any serious stock analysis until p.112
- Lowe makes several erroneous statements, such as claiming that Microsoft Word is packaged free with most computers (news to me - and probably to Microsoft) and that AOL beat Prodigy by giving away its browser for free (uh, wasn't that Microsoft killing Netscape?). She also butchers the concept of "pro forma" earnings, even suggesting with one statement that fraudulently booking sales is simply dressing up the numbers.
Why give it two stars instead of one? Simply because I believe that any text you can get on Bill Miller is worth something. I had already read a lot about Miller and I understand new economy principles like "network effects" and "winner take most" markets. So, I found the book repetitive and would not have bought it knowing what I know now. If you've had less exposure to Bill Miller, then the book may still be worth reading. But keep your expectations low.
16 of 16 people found the following review helpful
Very disappointing
24 May 2002
Format:Hardcover
I was extremely disappointed in this book. It's a very expensive book that's light on content. It only has about 140 pages of actual text. The rest is endnotes and filler of Miller's portfolio holdings over the years. The book is nothing more than quotes from past articles and books containing interviews with Miller. If you've read past articles and books about him, don't waste your money on this weak book. I'm sending mine back for a refund.
5 of 10 people found the following review helpful
Insights into how one very successful fund manager invests
1 April 2002
Format:Hardcover
Bill Miller has been outperforming the stock market for more than a decade but he isn't as outspoken as other fund managers. Fortunately, Janet Lowe has been able to learn how Miller chooses investments--how he evaluates companies, decides when to buy and sell and more. She has interviewed Miller, his colleagues as well as industry experts to provide an interesting and enlightening portrait of Miller.
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