User:Legg Mason Capital Management/Sandbox

Bill Miller is Chairman and Chief Investment Officer of Legg Mason Capital Management. He also currently serves as the portfolio manager for the Value Trust and Opportunity Trust mutual funds. Mr. Miller assumed overall responsibility for the equity funds management area of Legg Mason in late 1990. Prior to this time, he co-managed (with Ernie Kiehne) the Legg Mason Value Trust from its inception in 1982. He was the director of research of Legg Mason from October 1981 through June 1985. He earned his economics degree from Washington and Lee University where he graduated with honors in 1972. Subsequent to graduation, he served as a military intelligence officer overseas and then pursued graduate studies in philosophy in the Ph.D. program at The Johns Hopkins University. Prior to joining Legg Mason in 1981, he served as treasurer of the J.E. Baker Company, a major manufacturer of products for the steel and cement industries. Bill received his CFA designation in 1986.

Mr. Miller currently serves as Chairman on the Board of Trustees of the Santa Fe Institute, one of the world’s leading scientific research laboratories, which conducts multi-disciplinary research in complex systems theory.

Over the years, Mr. Miller and his team have received numerous accolades for their management record and distinct style, which focuses on a detailed understanding of businesses and their intrinsic value. Mr. Miller was ranked among the top 30 most influential people in investing when he was named a member of the "Power 30" by SmartMoney. He was also named by Money magazine as "The Greatest Money Manager of the 1990's" and named Morningstar's 1998 "Domestic Equity Manager of the Year." In 1999, he was selected as the "Fund Manager of the Decade" by Morningstar.com.^[1]Also in 1999, Barron’s named him to its All-Century Investment Team and BusinessWeek called him one of the “Heroes of Value Investing.”

^ Morningstar’s award for “Domestic Equity Fund Manager of the Year 1998” recognizes portfolio managers who demonstrate excellent investment skill, the courage to differ from consensus, and the commitment to shareholders necessary to deliver outstanding long-term performance. Bill Miller received 56% of the analysts’ vote in Morningstar.com’s 1999 Poll in the “Fund Manager of the Decade” category. Thirty-four Morningstar.com analysts voted. Nominees in this category were selected based on their demonstration of investment skill, their courage to differ from consensus, and their commitment to shareholders necessary to deliver outstanding long-term performance. Bill Miller was named to Barron’s Mutual Funds “All-Century Team” for his stock-picking skills. This is not an official ranking based on specific criteria. The selection was based solely on the opinion of Barron’s Mutual Funds writing staff.

[1] Morningstar’s award for “Domestic Equity Fund Manager of the Year 1998” recognizes portfolio managers who demonstrate excellent investment skill, the courage to differ from consensus, and the commitment to shareholders necessary to deliver outstanding long-term performance. Bill Miller received 56% of the analysts’ vote in Morningstar.com’s 1999 Poll in the “Fund Manager of the Decade” category. Thirty-four Morningstar.com analysts voted. Nominees in this category were selected based on their demonstration of investment skill, their courage to differ from consensus, and their commitment to shareholders necessary to deliver outstanding long-term performance. Bill Miller was named to Barron’s Mutual Funds “All-Century Team” for his stock-picking skills. This is not an official ranking based on specific criteria. The selection was based solely on the opinion of Barron’s Mutual Funds writing staff.

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