What Works in Investing – Bill Miller (Legg Mason Capital Management)

One of my favorite podcasts is Barry Ritholtz’s Masters in Business. This week I listened to his interview with legenday investor Bill Miller.

Miller is a legendary stock picker who beat the Standard & Poor’s 500 Index for 15 consecutive years while managing a fund at Legg Mason Capital Management.

This is a fascinating discussion covering a number of wide-ranging issues on investing. 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 active fund managers, who in his words, are actually high-priced closet indexers.