Tuesday, February 07, 2006

Bill Miller Distills The Essence Of Value Investing

Bill Miller's incredible track record of beating the S&P500 consecutively for the past 15 years has made him one of America’s most famous fund managers. A self-described value manager, he ventures where none other value manager threads. His forays into Internet stock like Amazon & Ebay is taboo to most other value managers. At the end of 2005, his biggest stockholding is Google.

In his recent letter to his clients, he explained the thinking behind his investment process and gives a concise explanation of what value investing is all about. Value investing is a philosophy, a whole new way of looking at investing.

Value investors buy businesses not stocks. They have a long-term orientation and are less concern with short-term price movement.

Price and value differ, and when a wide gap exists between the market price and the value, this variant perception becomes the investment opportunity to the value investor. Understanding the gap rather than fundamental analysis per se is the key to profitable investing.

Non-Action is sometimes the best action.

Read the Original Article

Embracing value investing as a philosophy gives investors a whole new set of lenses, a different perspective; it is not just a matter of buying low PE stocks or employing other methods for valuing stocks. Bill Miller has the religion, he just practices it differently.

Not A Lemming


Blogger Jay Walker said...

Read the letter, it was a great explanation and celebration of value-oriented investing.


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