Bill Miller is drifting from an industry at sea. The veteran money manager once captained both a $21 billion fund with stellar returns and a gargantuan yacht named for Sir Thomas More's Utopia. He is leaving Legg Mason after 35 years with a far humbler record. His fate reflects the stormy seas afflicting the investment business.
Miller enjoyed most of his success in a period marked by solid economic expansion and deregulation in areas such as banking that sparked stock-market booms. They helped underpin an impressive 15-year streak, until 2006, of beating the S&P 500 Index.