Lessons from the retirement of former mutual fund giant Bill Miller

11/23/2011 | Time.com

The retirement of fund manager Bill Miller is a chance for investors to reflect on Miller's mistakes during the financial crisis, writes Dan Kadlec. Despite a 15-year run that saw returns that significantly outpaced the market, Miller's strategy of purchasing stocks that were down and waiting for them to rebound tanked the value of his fund during the 2008 financial crisis. "While Miller was buying cheap bank stocks, they kept getting cheaper. He was betting heavily on the sector to spring back to life, a prospect that even now -– nearly four years later -– seems distant at best," Kadlec writes.

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