Bill Miller (mai saka hannun jari)

**William H. Miller III** (an haife shi a shekara ta 1950) ɗan Amurka ne mai zuba jari, manajan asusun, kuma mai taimakon jama'a. Ya yi aiki a matsayin shugaba kuma babban jami'in saka hannun jari na Legg Mason Capital Management da kuma babban manajan fayil na Legg Mason Capital Management Value Trust. Ya kasance manajan fayil na tsohon asusun Legg Mason Opportunity Trust, wanda yanzu yake zaune a kamfanonin Patient Capital Partners da Miller Value Partners tun daga 2023. 

## Rayuwa ta farko
An haifi Bill Miller a shekarar 1950 a Laurinburg, North Carolina .  Mahaifinsa ya yi aiki a matsayin manajan tashar jiragen ruwa a wani kamfanin jigilar kaya. 

Miller ya halarci Makarantar Sakandare ta Miami Palmetto, inda ya kammala karatunsa a shekarar 1968.  Daga nan ya kammala karatunsa da girmamawa daga Jami'ar Washington da Lee a shekarar 1972 tare da digiri a fannin tattalin arziki . Ya yi aiki a Rundunar Sojan Amurka daga 1972 zuwa 1975. Yayin da yake aiki a soja a matsayin Laftanar na Farko, Miller ya sami lambar yabo ta Soja saboda aikin da ya yi, yayin da aka tura shi ga Kamfanin Hukumar Tsaron Sojojin Amurka na 502d. Matsayinsa bayan ya bar Rundunar Sojan Amurka shine Kyaftin. Daga nan Miller ya ci gaba da karatun digiri na biyu a fannin falsafa a shirin digiri na uku a Jami'ar Johns Hopkins yayin da yake aiki na ɗan lokaci a fannin lissafi .  

## Sana'a

### Kamfanin JE Baker
Kafin ya shiga Legg Mason a shekarar 1981, ya yi aiki a matsayin ma'ajin kamfanin JE Baker, babban kamfanin kera kayayyaki na masana'antar ƙarfe da siminti .

### Mason Mai Kafa
Ya shiga Legg Mason Capital Management a shekarar 1981 a matsayin mai sharhi kan harkokin tsaro. Miller ya sami mukamin CFA a shekarar 1986. A shekarar 2007, an zabe shi a matsayin shugaban kamfanin da kuma babban jami'in saka hannun jari, inda ya jagoranci asusun hadin gwiwa na Legg Mason Value Trust. Ya mika wa Sam Peters Value Trust a shekarar 2012, inda ya kawo karshen dangantakarsa da Legg a shekarar 2016. 

Miller ya yi asarar sama da dala miliyan 100 saboda manyan jarin da ya zuba a Bear Stearns a lokacin rikicin kuɗi na 2008.  An nuna shi a cikin *The Big Short* yana muhawara da Steve Eisman yayin da jarin da ya zuba ya rasa daraja. 

### Abokan Hulɗa na Miller Value
Bayan ya bar Legg Mason, Miller ya fara wani ƙaramin kamfanin saka hannun jari mai suna Miller Value Partners. 

### Wani
Miller ya kasance mai saka hannun jari na farko a Amazon kuma ya zuba jari sosai a lokacin da yawancin masu sharhi suka yi shakku.  Ya kuma zuba jari sosai a Bitcoin  da Valeant Pharmaceuticals . 

## Falsafar saka hannun jari
Ana ɗaukar Miller a matsayin mai saka hannun jari mai daraja wanda ya yi imanin cewa "kowane hannun jari na iya zama hannun jari mai daraja idan aka yi ciniki da shi a rangwame ga ƙimarsa ta asali".  Miller ya sake nanata falsafar saka hannun jarinsa sau da yawa a cikin wasiƙu ga masu hannun jari, yana rubuta wannan a cikin wasiƙarsa ta 2006:Zuba jari a cikin ƙima yana nufin tambayar menene mafi kyawun ƙima, kuma ba za a ɗauka cewa saboda wani abu yana da tsada ba, ko kuma a ɗauka cewa saboda hannun jari ya faɗi a farashi kuma yana ciniki a ƙananan riba cewa ciniki ne ... Wani lokaci girma yana da arha kuma yana da tsada ... Tambayar ba girma ko ƙima ba ce, amma ina ne mafi kyawun ƙima ... Muna gina fayil ta amfani da 'bambancin factorsification.' . . . Muna da haɗin kamfanoni waɗanda abubuwan ƙimar asali suka bambanta. Muna da babban P/E da ƙaramin P/E, babban farashi-zuwa-littafi da ƙarancin farashi-zuwa-littafi . Yawancin masu zuba jari galibi ba su da bambanci dangane da waɗannan abubuwan ƙima, tare da masu zuba jari na gargajiya waɗanda aka haɗa su cikin ƙarancin ƙima, da masu zuba jari na ci gaba a cikin manyan ƙima ... A tsakiyar shekarun 1990 ne muka fara ƙirƙirar fayil ɗin da ke da ƙarin bambancin factors, wanda ya zama ƙarfinmu ... Muna da ƙaramin PE kuma muna da babban PE, amma muna da su saboda dalili ɗaya: muna tunanin ba su da kyau. Mun bambanta da masu zuba jari da yawa wajen nuna sha'awar yin nazarin hannun jarin da ke da tsada don ganin ko da gaske suna da tsada. Yawancinsu, a zahiri, suna da tsada, amma wasu ba sa da su. Gwargwadon yadda muka sami hakan daidai, za mu amfanar da masu hannun jari da abokan ciniki. 

### Ingantaccen hasashen kasuwa
Ribar da kamfanin Legg Mason Capital Management Value Trust ya samu bayan biyan kuɗi ta zarce ma'aunin S&amp;amp;P 500 na tsawon shekaru 15 a jere daga 1991 zuwa 2005.  Ana ɗaukar ribar da ta fi kowacce riba a kasuwa a matsayin abin da ba zai yiwu ba bisa ga hasashen kasuwa mai inganci .

Miller ya taɓa cewa, "Dangane da abin da ake kira jerin, wannan haɗari ne na kalanda. Idan shekarar ta ƙare a watanni daban-daban ba za ta kasance a wurin ba kuma a wani lokaci lissafi zai same mu. Mun yi sa'a. To, wataƙila ba sa'a 100% ba ce - wataƙila sa'a 95%. " Michael Mauboussin, tsohon babban mai tsara dabarun saka hannun jari a Legg Mason Capital Management, ya duba bayanan tarihi kan kashi na asusun haɗin gwiwa da ya doke kasuwa a lokacin jerin shekaru 15 na Value Trust. Saboda adadin asusun haɗin gwiwa da ya doke kasuwa ya faɗi ƙasa da kashi 8% a cikin shekara ɗaya da kuma kashi 13% a wani, ya kiyasta yuwuwar doke kasuwa a cikin shekaru 15 da suka ƙare a 2005 shine 1 cikin miliyan 2.3.

Duk da haka, Leonard Mlodinow, a cikin *littafin The Drunkard's Walk*, ya lura cewa binciken Mauboussin bai yi daidai da tambayar ba, kuma idan aka tsara shi yadda ya kamata, yuwuwar faruwar irin wannan jerin ya fi girma, kusan kashi 3%.  Bugu da ƙari, nazarin Mauboussin kuma bai yi la'akari da wasu yiwuwar shekaru 15 inda irin waɗannan jerin za su iya faruwa ba, amma ba su faru ba. Idan aka haɗa waɗannan lokutan a cikin binciken, yuwuwar wani ya doke kasuwa shekaru 15 a jere a wani lokaci a Amurka kusan kashi 75% ne—a wata ma'anar, da ba zai yiwu ba idan ba a sami irin wannan faruwa ba.

## Rayuwa ta sirri
Miller yana zaune a Florida . A shekarar 2018, Miller ya bayar da babbar gudummawa ga sashen falsafa na Jami'ar Johns Hopkins, inda aka ba shi takardar shaidar digirin digirgir kuma ya bar don samun digirin CFA kafin kammala karatun.  Ita ce babbar kyauta ga sashen falsafa. Ya bayyana cewa falsafa "ta yi babban canji ga rayuwata a wajen kasuwanci... da kuma ainihin shawarwarin da na yanke wajen saka hannun jari".  A shekarar 2021, ya bayar da babbar gudummawa don tallafawa sashen kimiyyar lissafi da ilmin taurari na Johns Hopkins  da kuma daya ga Cibiyar Santa Fe don ci gaba da kimiyyar tsarin rikitarwa. https://www.santafe.edu/news-center/news/santa-fe-institute-receives-50-million-bill-miller

A watan Yunin 2022, Miller ya auri abokiyar aikinsa ta JHU, Heather Miller . 

A watan Oktoba na 2024, Miller ya bayar da babbar gudummawa ga ɗaliban jami'arsa, Jami'ar Washington da Lee, wanda hakan ya sanya ta zama jami'a ta 10 da ke buƙatar makafi a Amurka.  

## Manazarta