Bill Miller is the Chairman and Chief Investment Officer of LMM and the portfolio manager for the Legg Mason Opportunity Trust mutual fund, the Miller Income Opportunity Trust fund and related strategies. He and his partner, Ernie Kiehne, founded Legg Mason Capital Management and served as portfolio managers of the Legg Mason Capital Management Value Trust from its inception in 1982 until Bill took over as sole manager in December 1990. Bill was sole manager of the fund for the next 20 years. During his tenure as sole manager, the fund’s performance exceeded its S&P 500 benchmark index for 15 consecutive years. He was named Fund Manager of the Year in 1998 by Morningstar, The Greatest Money Manager of the 1990’s by Money Magazine, selected as the Fund Manager of the Decade by Morningstar.com and in 1999 was named by Barron’s to its All-Century Investment Team.
Bill was the director of research for Legg Mason from October 1981 through June 1985 and assumed overall responsibility for Legg Mason’s equity funds management division in 1990. Prior to joining Legg Mason in 1981, he served as treasurer of the JE Baker Company, a major manufacturer of products for the steel and cement industries.
Bill earned his economics degree from Washington and Lee University where he graduated with honors in 1972. Subsequent to graduation, he served as a military intelligence officer overseas and then pursued graduate studies in philosophy in the PhD program at The Johns Hopkins University. He received his CFA designation in 1986. Bill is Chairman Emeritus of the Board of Trustees of the Santa Fe Institute where he served as Chairman from 2005 to 2009. The Santa Fe Institute is one of the world’s leading scientific research laboratories, conducting multi-disciplinary research in complex systems theory.