Bill Miller Calls The Bottom After His Mutual Fund Implodes

Bill Miller became almost legendary over the last twenty years by beating the S&P's returns more consistently than any major fund manager. Of course, throwing darts for much of that time produced outstanding returns. In 2006 Miller bought a yacht rumored to cost nearly $100 million - a little known anecdotal indicator of great hubris.

It's really quite amazing that a hired steward managing wealth created by other people could bamboozle society into charging such outlandish fees to buy a $100 million yacht. Or what ever the purchase price was. Especially given the people whose money he is managing are told by Wall Street that they should race to the bottom of the wage barrel by competing with the lowest global bidder in what is now coined free trade. But, these are the values our elitist leadership has decided for society and we have allowed it. At least until now. Pandora's box is open and there is no way to close it again.

I hope Bill is enjoying his yacht as his clients lose their jobs and he loses their hard earned wealth. It's quite amazing that clients have to pay for Miller's yacht given his fund has crashed. How does anyone lose 70% of a client's money in one year? Money that has often taken a life time to accumulate. One year. Its' gone. I can't even fathom such incompetence.

Now Bill tells us the stock market has bottomed. Is that the same crystal ball he used to divine his investment strategy? Is there a conflict of interest in that statement? Fund outflows hurting the life style of this self-appointed king?