OWCH!
Read Bill Miller's shareholder letter here.
With the longest unbroken record of beating the S&P 500 index ever recorded Mr. Miller has gone from a widely admired to highly reviled status: he has badly underperformed over the last 2 years. Investors are so fickle, eh?
Regardless whether you agree with his last 2 years' investment decisions or not, you have to appreciate the tremendous resolve and discipline it takes to invest in the contrarian/value grain-- particularly if you're using other people's money who are not necessarily as patient as you would like. It's pretty easy to be an "armchair asset manager".
I am researching the following opportunities with summaries to follow:
- Legg Mason LM update
- Terex TEX (both TEX and MTW are infrastructure plays with dirt cheap valuations)
- Manitowoc MTW
- Power Corporation of Canada POW.TO
- Indigo Books etc. IDG.TO
- Alimentation Couche-tard update ATD.B.TO
- Diageo DEO
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