Documented Legg Mason track record, SEC 13F filings, Bloomberg
William Horace Miller III is the founder and CIO of Miller Value Partners and one of the most celebrated value investors in modern history. He is best known for beating the S&P 500 for 15 consecutive years (1991-2005) while managing the Legg Mason Capital Management Value Trust — the longest such streak ever recorded.
Miller studied economics at Washington and Lee University, earned a graduate degree from Johns Hopkins, and served in military intelligence before entering the investment industry. He was heavily influenced by the philosophy of pragmatism and complexity theory, which shaped his unconventional approach to value investing.
After his legendary 15-year streak, Miller suffered catastrophic losses during the 2008 financial crisis, losing approximately 55% in a single year. He rebuilt through bold bets including an early investment in Bitcoin and Amazon. He stepped down from Legg Mason in 2016 and now manages approximately $2 billion through Miller Value Partners.