…(Nor even an Indication) of Future Performance.
Here’s an excellent example: The Stock Picker’s Defeat. The article is from today’s edition of The Wall Street Journal, and describes William H. Miller’s initial, long-term success and his subsequent (and recent) extreme lack of success while investing at Legg Mason.
It seems that for a long time, Mr. Miller had a reputation as a savvy investor. It seems that time might be past. Our guess is that his competency–high or low–hasn’t changed through the years, but it seems that his luck has changed for the… Read the rest
