William H. Miller III (born 1950) is a renowned American investor and philanthropist who served as chairman and chief investment officer of Legg Mason Capital Management, most notably managing the Legg Mason Value Trust. He earned legendary status by beating the S&P 500 index for 15 consecutive years from 1991 to 2005, a feat considered highly improbable under the efficient market hypothesis. A value investor, Miller believed that "any stock can be a value stock if it trades at a discount to its intrinsic value" and used a "factor diversification" strategy, famously making early and heavy investments in Amazon and Bitcoin. However, his career also saw a major setback when he lost over $100 million on Bear Stearns during the 2008 financial crisis, a struggle dramatized in the film The Big Short. After leaving Legg Mason in 2016, he founded his own firm, Miller Value Partners, where he continues to apply his philosophy that the real question for investors is not growth versus value, but where the best value lies.