MutualFundWire.com: Bruce Berkowitz and Bill Miller Find Coal in Their Stockings

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Monday, December 19, 2011

Bruce Berkowitz and Bill Miller Find Coal in Their Stockings

Chuck Jaffe finished up his annual Lump of Coal Awards this weekend, but this is one award that fundsters definitely don't want. The MarketWatch columnist recognizes mutual fund industry 'winners' for "action, attitude, behavior, execution or performance that is misguided, bumbling, offensive, disingenuous, reprehensible or just plain stupid." Six more fund firms should brace themselves for shareholder reactions to the negative press.

Jaffe named the first nine 'winners' last week [see MFWire, 12/12/2011]. Then yesterday, in the second of the two-part series, Jaffe highlighted the eight final 'winners' for this year. They are:

1. the Securities and Exchange Commission (SEC);

2. Trust Company of the West (TCW [profile]);

3. American Century [profile];

4. management at the Schwab [profile] funds;

5. Kevin Landis, PM of Firsthand Technology Value [profile];

6. the U.S. Department of Labor (DoL) and Congress;

7. retiring Legg Mason Capital Management Value Trust [profile] PM and fallen star Bill Miller; and

8. Fairholme Fund [profile] PM and fallen star Bruce Berkowitz, as "the Lump of Coal Mis-Manager of the Year."

Printed from: MFWire.com/story.asp?s=38623

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