Santa Fe Institute

Bill Miller

Chairman & Portfolio Manager, Legg Mason Capital Management, Inc.


Bill Miller is the Chairman of Legg Mason Capital Management and the portfolio manager for the Legg Mason Capital Management Opportunity Trust mutual fund and related strategies. He and his partner, Ernie Kiehne, founded Legg Mason Capital Management and served as portfolio managers of the Legg Mason Capital Management Value Trust from its inception in 1982 until Bill took over as sole manager in December 1990. Bill was sole manager of the fund for the next 20 years. During his tenure as sole manager the fund’s performance exceeded its S&P 500 benchmark index for 15 consecutive years. Sam Peters joined Bill as co-manager of the Legg Mason Capital Management Value Trust in November 2010 and become sole manager April 30, 2012.

Bill was the director of research for Legg Mason from October 1981 through June 1985, and assumed overall responsibility for Legg Mason’s equity funds management division in 1990. Prior to joining Legg Mason in 1981, he served as treasurer of the J.E. Baker Company, a major manufacturer of products for the steel and cement industries.

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 Ph.D. program at The Johns Hopkins University. He received his CFA designation in 1986. Bill 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 multi-disciplinary research in complex systems theory.