Customer Reviews

The Man Who Beats the S&P: Investing with Bill Miller

5 star:		(1)
4 star:		(1)
3 star:		(0)
2 star:		(1)
1 star:		(2)

 

 

As much as I respect Bill Miller's tremendous record and unconventional approach to value investing, I have to say that this book is a big disappointment. Fortunately, it's not his fault. Because unlike many other books that are co-written by successful investors and their journalistic co-author, Janet Lowe appears to have tackled this project mostly on her own. And it shows. The book reads like one long Fortune magazine article. I was hoping to better understand the intricacies of Miller's thought process and investment approach. Instead, Janet Lowe borrows from practically every other journalist who has interacted with Miller, goes off on confusing tangents covering technological and economic theories, and then feebly attempts to glue all of these quotes and discussions into a coherent portrayal of Miller's philosophy, falling well short of that goal. I've read investment classics by former greats (Peter Lynch, Marty Zweig, Jim Rogers) and I can say with little doubt that this one doesn't cut the mustard.

To give you a flavor before you decide whether to buy the book, consider the following:
- The real text of the book is about 160 pages (not 262). Lowe wastes 50 pages highlighting two dozen stocks with outdated valuation numbers, a bare bones line chart with no volume, color, or an indication of where Miller's transactions took place, and a razor thin assessment from Miller which appears to be borrowed from his previous comments. Useless.
- Miller's approach to portfolio management isn't seriously discussed until p.79 (halfway into the book) and you don't get any serious stock analysis until p.112
- Lowe makes several erroneous statements, such as claiming that Microsoft Word is packaged free with most computers (news to me - and probably to Microsoft) and that AOL beat Prodigy by giving away its browser for free (uh, wasn't that Microsoft killing Netscape?). She also butchers the concept of "pro forma" earnings, even suggesting with one statement that fraudulently booking sales is simply dressing up the numbers.

Why give it two stars instead of one? Simply because I believe that any text you can get on Bill Miller is worth something. I had already read a lot about Miller and I understand new economy principles like "network effects" and "winner take most" markets. So, I found the book repetitive and would not have bought it knowing what I know now. If you've had less exposure to Bill Miller, then the book may still be worth reading. But keep your expectations low.

I was extremely disappointed in this book. It's a very expensive book that's light on content. It only has about 140 pages of actual text. The rest is endnotes and filler of Miller's portfolio holdings over the years. The book is nothing more than quotes from past articles and books containing interviews with Miller. If you've read past articles and books about him, don't waste your money on this weak book. I'm sending mine back for a refund.

Bill Miller has been outperforming the stock market for more than a decade but he isn't as outspoken as other fund managers. Fortunately, Janet Lowe has been able to learn how Miller chooses investments--how he evaluates companies, decides when to buy and sell and more. She has interviewed Miller, his colleagues as well as industry experts to provide an interesting and enlightening portrait of Miller.

No need for a lengthy review here. This is simply a superb book. We should all thank Janet Lowe for taking the time to write a book about Bill Miller's investment philosophy and process. What a treat this book is. I couldn't put it down. Bill Miller is one of the most gifted (and unique) investors on the planet today. Lowe's book is filled with investment wisdom. In my view, it is destined to become a classic. If you are one of the many people seeking to improve your investment performance, this is a must have book. Read it, study it, and prosper.

This book contains few new revelations about Miller. If you've read any magazines articles about him, you've got the just of how he invests. This book adds nothing to this. His record of late is also showing that he's no god. Maybe his time has come and gone.