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Danger: Remember the Market Hucksters of the Past

18.03.2020 21:30 ET

Today one of the more “famous” television market gurus made his dramatic call on CNBC:

Investor Bill Miller calls this market one of the best buying opportunities of his lifetime

Without any comment, here is an excerpt:

Investor Bill Miller said during Wednesday’s violent market dive that the current climate is one of the best buying opportunities of his lifetime. 

“I think this is an exceptional buying opportunity,” Miller, chairman and chief investment officer of Miller Value Partners, said on CNBC’s “The Exchange” on Wednesday. “I don’t mean to put all the money in at once but I do think layering it in right now is the way to go.”

As Miller, 70,  was speaking, the stock market had halted trading because the S&P 500 fell more than 7%, triggering the level 1 “circuit breaker.” Equities cratered on Wednesday as fears about the economic downfall from the coronavirus continued to grow. The Dow Jones Industrial Average fell more than 2,000 points. 

“There have been four great buying opportunities in my adult lifetime,” he said. “The first was in 1973 and ’74, the second was in 1982, the third was in 1987 and the fourth was in 2008 and 2009. And this is the fifth one.” 

And the following article is from Business Insider referring to a Wall Street Journal article from 2008:

The Fall Of Bill Miller

And an excerpt from this article from December 10, 2008:

After beating the S&P 500 every year from 1991-2005, Legg Mason’s Value Trust fund is down 58% over the past year. The collapse has more than wiped out the fund’s record streak: Value Trust is among the worst-performing funds in every period tracked by Morningstar: 1-year, 3-years, 5-years, and 10-years.

The fund’s assets under management have fallen from $16.5 billion to $4.3 billion, taking Legg Mason’s fees down with them. Since most of the $16.5 billion arrived near the end of the streak, moreover, most of Value Trust’s investors have done even worse.

I am not a financial adviser nor do I play one on television.

This is just an advisory of the crap you have been seeing on mainstream television “news” and the so-called “financial” news networks.

Your mileage may vary.