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William "Bill" Miller III

Senior Advisor

Bill Miller, CFA currently serves as a Senior Advisor and minority owner of Patient Capital Management. Prior to Patient Capital, Bill founded Miller Value Partners, where he served as Chairman and Chief Investment Officer and co-Portfolio Manager of the Opportunity Equity and Income Strategies. Prior to Miller Value Partners, Bill co-founded Legg Mason Capital Management and served as portfolio managers of the Legg Mason Capital Management Value Trust from its inception in 1982. Bill took over as sole manager in December 1990 and served in this role for the next 20 years.

During his tenure as sole manager of the Legg Mason Value Trust1, its performance exceeded the S&P 500 index for a record 15 consecutive years. He was named Fund Manager of the Year in 1998 by Morningstar2, The Greatest Money Manager of the 1990s by Money Magazine, Fund Manager of the Decade by, and was named by Barron's to its All-Century Investment Team. He received the Sauren Golden Award in 2015 and 2017 for Best US Equity Manager, and Two Gold Medals in 2019, 2020, and 2021 for Excellent Fund Management.

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, where he currently sits on the Board of Trustees. He received his CFA designation in 1986. Mr. Miller 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 multidisciplinary research in complex systems theory.

Legg Mason Value Trust-Class C beat the S&P 500 on an annual basis from 1990-2005.  Bill Miller no longer manages the fund. 

Morningstar’s Award for "Domestic Equity Fund Manager of the Year 1988" recognizes portfolio managers who demonstrate excellent investment skill, the courage to differ from consensus, and the commitment to shareholders necessary to deliver outstanding long-term performance.

William "Bill" Miller III

Recent Blog Posts


Bill Miller | 06/27/22

Bill Miller’s Interview with Richer, Wiser, Happier Podcast Host William Green

Bill Miller’s Interview with Richer, Wiser, Happier Podcast Host William Green

Bill Miller's Historical Letters

Bill Miller | 03/22/22

Bill Miller’s Market Perspective: March 2022

Bill Miller on today's market conditions, answering the question where are today's value opportunities?

Bill Miller's Historical Letters

Bill Miller | 10/18/21

Bill Miller 3Q 2021 Market Letter

We believe time, not timing, is key to building wealth in the stock market.