Lost In Space

Some children want to be firemen when they grow up

Others want to play professional sports

Jeff Bezos wanted to be an astronaut

Some kids never grow up

For years, Amazon.com founder Jeff Bezos has been laboring in secret at his Seattle headquarters on a space-related project known only as Blue Origin.
Space Daily

Bill Miller of Legg Mason is no space cadet. His best known investment vehicle, the Legg Mason Value Trust, practices a buy and hold strategy that beat the S&P 500 15 years in a row and made him into a media darling. An impressive feat of performance, no doubt.

Still, he will finish 2006 nearly dead last, ie. 99th percentile, against his peers and is posting three-year numbers that are starting to look punk as well...too bad for those on Main Street who were late to the party.

His five and 10-year numbers are still intact, and for now we will have to give him the benefit of the doubt. 

Bezos and Miller have been inextricably linked. After all, Amazon.com has been a perennial top-ten holding in Miller’s Value Trust portfolio...and having a high-profile fund manager such as Miller involved in the stock lent a patina of legitimacy to Amazon.com’s investment merits. 

Quirky birds of a feather…

Over the next few weeks the financial media will publish an endless number of articles chronicling the end of Miller’s streak.  Gird yourself.

But for Miller there might be a silver lining...the silly distractions will soon end.

He could probably use a pep talk though. Its been a rough stretch.

Trying times call for clever conversation and witty sayings.

Maybe he can even hitch a ride on Jeff’s rocket.

After all, in space no one can hear you scream.

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No positions in any securities mentioned. The content contained in this blog represents the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.

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