Legg Mason’s Value Trust, managed by Bill Miller, outperformed the S&P 500 in each of the 15 years ending in 2005. Is Miller’s performance sufficient to dissuade you from a belief in efficient markets? If not, would any performance record be sufficient to dissuade you? Now consider that in the next three years, the fund dramatically underperformed the S&P 500; by the end of 2008, its cumulative 18-year performance was barely different from the index. Does this affect your opinion?