Bill Miller Fired by Massachusetts Pension Fund

Well, you did not expect them to stick with him, did you?

Bill had a huge day Tuesday, up 4.54% and crushing the S&P 500, but lost one of his largest Institutional mandates today, as the Massachusetts state Pension Fund pulled the plug and fired him. They also shitcanned Mazama Capital, who made one of the biggest roundtrips I have ever seen, buying CROCS, Inc in the single digits, watched it rise to $75, and did not sell any as it crashes to new lows today...at $4.

Wow.

Meanwhile, we have been having a spirited discussion on money managers over at Twitter, and participant JimPunkrockford was so moved that he wrote a song about Bill Miller vs Peter Thiel.

Peter was down abut 7% in July, but no worries. He sold his crude futures position in the spring and is getting some relief on his financial shorts today. Given he is probably posting the biggest YTD gains of any alternative manager running over $3 billion, and has attracted well over a billion dollars in new money over the past 3 months, he is doing fine. No guts, no glory.

This is like techno on acid...from the twisted mind of a value investor.

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Massachusetts pension fund fires Legg, 4 others
Reuters

Previously

Disaster Du Jour Turns Mazama into Goat
1440WallStreet
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