Only 12 other funds even achieved a double-digit streak since 1980; the second-longest streak, by Matthews Asian Growth & Income (MACSX), ended at 12 years in 2010. Millers streak did not mean the fund made money in each of those 15 years, just that he beat the benchmark. Still, that made him the anomaly, the active manager who did better than an index fund in all conditions. And then it all went south, and investors woke up to the folly of chasing unicorns, looking for the guy who always topped the benchmark. In 2007, when the market was up, Miller was down; read here in 2008, Legg Mason Value Trust lost 55 percent of its value (Legg Mason Opportunity lost a stunning 65 percent that year). Miller became the poster boy for star managers letting egos take over while performance suffers, believing that they can somehow bend the market to the power of their will and their investment style. While there are still a few managers who gain notoriety, Miller effectively shut the book on the genre. As that book closes, however, here are the lasting lessons investors should remember from his career: Its not how you start, but how you finish. As performance was unraveling, investors held on to Millers fund too long.
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Jeffrey McIntosh joining Marshall Browning staff Provided by Marshall Browning Hospital McIntosh Marshall Browning Hospital is adding Board Certified Orthopedic Surgeon Dr. Jeffrey McIntosh to its list of providers. McIntosh practices at the Neuromuscular Orthopedic Institute in Mount Vernon, and he will see patients every Friday morning at Marshall Browning starting Aug. 26. McIntosh has been in practice for 30 years, earning a degree from Johns Hopkins School of Medicine. He was award Compassionate Doctor Recognition in 2011, Patients Choice Award in 2012, and Best of the Best Surgeons in 2014 by the Mount Vernon Register. He is accepting new patients. For an appointment call 618-242-4750. The Southern
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