Following the Standard & Poor’s 500 Index’s record high in November, will stocks continue their ascent amid what’s likely to be lackluster global expansion in 2014? In September, the U.S. Federal Reserve’s unexpected delay in tapering its stimulus program whipsawed debt markets. Where should bond investors go for returns?
Bill Miller, the stock picker who rose to fame after beating the Standard & Poor’s 500 Index for a record 15 years, bought J.C. Penney Co. debt for a new Legg Mason Inc. fund that can invest in a mix of equities and bonds.
The work that earned Eugene Fama the Nobel Prize in economics provided the intellectual foundation for index-tracking funds, which have upended stock picking as investors abandon active money managers.
Bill Miller, the Legg Mason Inc. manager famous for beating the Standard & Poor’s 500 Index for a record 15 years through 2005, will step down from his main fund after trailing the index for four of the past five years.
Legg Mason Inc., the money manager that has struggled with more than five years of net redemptions, said fiscal second-quarter profit rose 6.8 percent as a market rally lifted assets and fees tied to performance rose.
Legg Mason Inc.’s Sam Peters , the manager named last week to eventually succeed Bill Miller on the $4.24 billion Value Trust fund, said clients shouldn’t expect big changes to the investment style put in place by his mentor.
As a student at Harvard Law School two decades ago, Wendy Davis was drawn to a legal clinic for the poor. For two years, she helped AIDS patients write living wills, and surviving partners figure out their legal rights.