PRIME MOVERS
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Bill Miller

Strategic Concepts & Mechanics

Strategic ManeuverLeveraged Buyouts Solve the Owner's Estate Trap
Structural VulnerabilityRaw Land Is the Worst Inflation Hedge
Mental ModelAvoid Catastrophe Before Chasing Growth
Strategic PatternMarket Price Chronically Understates Intrinsic Value
Mental ModelInvest in Your Own Company, Not Tax Shelters
Identity & CultureReturn-on-Assets Incentives Over Profit-Sharing
Structural VulnerabilityGreed-Driven Capital Floods Kill Every Gold Rush
Operating PrincipleMandatory Sabbaticals Prevent Executive Burnout
Mental ModelTake the First Loss or Drown in Ten
Capital StrategyPension Funds in High Cash Flow, Not Stocks
Risk DoctrineBoth-Sides Dealing Invites Derivative Suits
Strategic ManeuverUnrelated Diversification as Cycle Insurance
Structural VulnerabilityNew Capacity Destroys Its Own Price Forecast
Risk DoctrineBrilliant Chairman as Single Point of Failure
Strategic ManeuverBuy Leaders in Small Ponds, Never Minnows in Oceans
Implementation TacticStop the Party While Everyone's Dancing
Implementation TacticOpen-Ended Incentives Beat Capped Payouts
Operating PrincipleStock Price Monitoring Discipline
Capital StrategyFee Structure as Values Expression
Signature MoveTwo-Year Minimum Hold Rule
Risk DoctrineManagement Personal Stress Assessment
Signature MoveInformation Sequencing Discipline
Decision FrameworkBridge as Investment Training
Identity & CultureInner Scorecard Over Outer Recognition
Decision FrameworkBehavioral Circuit Breakers
Signature MoveNetwork Building Through Giving First
Signature MoveHero Modeling as Learning Method
Signature MoveEnvironmental Design Over Willpower
Operating PrincipleGeographic Arbitrage for Mental Clarity
Strategic PatternEcosystem Win-Win Analysis

Primary Evidence

"ADVICE: I am convinced that it is most important for business executives to take at least four weeks' vacation every year. This is vital in my opinion—to get away from the telephone and any contact from the office. Ifyou can find something exciting, so much the better. It will take your mind offbusiness. To show how important this idea is, since igji , Bill Miller of Textron has re- quired every division head and every principal officer of the company to take a three-month sabbatical every five years. If a busy executive is going to be able to work at a high performance level for many years, it is most important that he take a diversionary vacation of this sort."

Source:How to Lose $100,000,000 and Other Valuable Advice

"Santa Fe Institute, a transdisciplinary research community. I knew that Bill Miller, a remarkably smart fund manager at Legg Mason,"

Source:The Education of a Value Investor

Appears In Volumes

How to Lose $100,000,000 and Other Valuable AdviceThe Education of a Value Investor