Thats how a manager like Miller can have stretches of superior performance the original source but long-term results that ultimately arent much better than their benchmark, if they top it at all. Calendar years arent as meaningful as they seem. Investors measure plenty of things based on the calendar, but they would be better off watching the trends than checking in annually for a snapshot. Had Millers fund been evaluated on fiscal years ending June 30, for example, the 15-year streak never would have happened and investors might not have been lulled into thinking their manager was invincible. Blue lobsters exist, but you wouldnt want to make them your primary food source. Star managers are not mythical creatures, but theyre just extremely rare, kind of like the sapphire blue lobsters that occasionally show up and make news when they are caught in the waters of the Atlantic. If you tried to make a steady diet of them, youd go hungry. Investors can co-mingle active and passive funds in a portfolio, but if they are putting too much faith into a managers ability, they are headed for disappointment. You need performance you can believe in; you dont visit this page need a manager for that. The lasting problem for guys like Miller is that investors never knew what to count on.
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