087经济学家读译参考之八十七：米勒传奇－基金领导神话终结？.docxVIP

TEXT 87 Fund management基金治理 A Millers tale 米勒传奇（陈继龙 编译） Dec 7th 2006 From The Economist print edition The winning streak of a super-investor comes to an end 一名投资大师的连胜势头终结。 （1）BEATING the SP 500 index over one year could be put down to[1] luck. But doing so 15 times in a row is about as likely as Elvis Presley landing a spaceship in the grounds of Buckingham Palace. So the success of Bill Miller, a fund manager at the Baltimore-based Legg Mason, has been a conundrum 在某一年战胜SP500指数可能是运气使然，但持续15年都维持不败，这种可能性可能就跟猫王埃尔维斯·普雷斯利驾驶宇宙飞船降落到白金汉宫差不多。因此关于那些信奉有效市场理论（有效市场理论以为市场价钱已经包括了所有的能够取得的信息。依托观察过去的信息或以往价钱转变的