Bill Miller, the fund manager best known for value stock picks at Legg Mason Inc., said he owns Bitcoin through his personal investments, adding to a chorus of investors touting the virtual currency’s potential.
Legg Mason Inc., the money manager best known as home to stockpicker Bill Miller, is folding Miller’s Legg Mason Capital Management division into its ClearBridge Investments equity unit as assets have tumbled.
Legg Mason Inc.’s Mary Chris Gay, a portfolio manager at the division that was home to Bill Miller, has left as her unit is folded into the firm’s ClearBridge Investments equity affiliate after a decline in assets.
Equities that fell farthest last year are surging the most in a decade, reversing the fortunes of mutual funds and signaling developed countries, banks and Asian exporters will extend the global rally.
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.
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.