Masters in Business

Bill Miller's Amazing Winning Streak

Some money managers really can generate alpha.

This week on Masters in Business, we speak with Bill Miller, the legendary stock picker who beat the Standard & Poor’s 500 Index for 15 consecutive years while managing a fund at Legg Mason Capital Management.

In a wide-ranging discussion, Miller talks about everything from his stock-selection process, his famous streak, and what he got wrong during the financial crisis. Miller also has an intriguing theory about why investors have been abandoning active investments -- he blames those active fund managers who are actually high-priced closet indexers

You can hear the full interview, including our podcast extras, at iTunesSoundCloud and Bloomberg. All of our earlier podcasts can be found at iTunes, SoundCloud and Bloomberg.

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

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    Barry Ritholtz at

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    James Greiff at

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