Tags: Fund | Manager | Bitcoin | Venture

Fund Manager Miller Owns Bitcoin as 'Venture Bet'

Thursday, 20 Mar 2014 03:47 PM

Bill Miller, the fund manager best known for value stock picks at Legg Mason Inc., said he owns virtual currency Bitcoin through his personal investments.

“Bitcoin is like making a venture bet,” Miller, who is head of LMM LLC, said Thursday in an interview on Bloomberg Television’s “Surveillance” with Tom Keene. “The potential return is huge.”

Bitcoin, created by an anonymous developer or developers using the name Satoshi Nakamoto, is the most popular digital currency. Governments around the world are grappling with how to classify and regulate virtual currencies while exchanges have struggled to defend holdings from theft. Hackers may have stolen more than $390 million in Bitcoin from Tokyo-based Mt. Gox, once the world’s largest exchange for digital currency transactions.

Miller called Bitcoin “an interesting intellectual and technological experiment.”

Miller, 64, is best known for beating the Standard & Poor’s 500 Index with his Legg Mason Capital Management Value Trust for a record 15 years through 2005, luring assets to the Baltimore-based money manager. He stepped down from that fund in April 2012 after returns slumped following the financial crisis.

Miller continues to oversee the $2.2 billion Legg Mason Opportunity Trust, co-managed by Samantha McLemore. It has returned an annual average of 31 percent over the past five years, beating 97 percent of rival funds, according to data compiled by Bloomberg. He also opened his own new fund, the Miller Income Opportunity Trust, on Feb. 28. Miller manages the fund with his son, William Miller IV. The fund is overseen by LMM, an investment firm that is owned in equal parts by the Millers and Legg Mason.

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Bill Miller, the fund manager best known for value stock picks at Legg Mason Inc., said he owns virtual currency Bitcoin through his personal investments.
Fund,Manager,Bitcoin,Venture
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2014-47-20
Thursday, 20 Mar 2014 03:47 PM
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