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End Of An Era: Bill Miller To Step Down At Legg Mason Value Trust

Miller, named Morningstar’s “Fund Manager Of The Decade” for the 1990s, outperformed the S&P 500 for 15 years through 2005, but some wrong-way bets leading up to, during and since the eruption of the financial crisis have made the last few years less impressive.

This year the fund slashed its holdings of Eastman Kodak, but its reduced exposure to the film company has been too little too late in a stock that has lost more than 75% of its value in 2011.

And what about the 75% crash in LM? "less impressive," indeed.
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