Bill Miller Loses Market Share as ETF Allocators Reroute Clients
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Stephen Cucchiaro is the type of money manager who makes life difficult for Bill Miller.
The founder and chief investment officer of Windhaven Investment Management doesn’t dig through balance sheets to pick stocks, like Legg Mason Inc.’s Miller. He studies markets and industries, then chooses cheap exchange-traded funds to allocate client money across asset classes and investment styles, avoiding mutual funds and their fees.