Wednesday, February 16, 2011
Are stock prices determined by facts or human nature?
And for every Bill Miller, there's a Charles Steadman, who ran the snakebit Steadman Technology & Growth fund, which managed to lose nearly 90% over 30 years. Those 30 years, incidentally, ended in 1997, one of the best periods ever for stocks.
How do you get people to keep giving you money for 30 years with that track record? He must have lost it all at once but 1997 was not a bad year for stocks especially tech stocks.