Ethics We assumed that Bill Miller was an educated investor and among his intellect and investment skills

thinking long term helped him to be successful and beat the market for 14 consecutive years. Miller was a believer of Fundamental analysis and his buying strategy often involved buying low-priced high intrinsic value stock. Almost half of Value Trust assets was large cap stock that are growth stocks and are generally riskier than average stocks but offered a higher yield and paid little or no dividends. Bill Millers case proves wrong that efficient market hypothesis theory which states that all the current prices reflect the true value of the underlying securities, hence it would be impossible to beat the market with skill or intellect. This theory can also be broken down into three forms, weak, semi strong and strong form of market efficiency. Weak form stated that prices of securities are random and have no correlation with past performances. Semi strong form says that todays prices are related to past prices and public available information. The Strong form states that stock prices reflect all information relevant to the firm, even including information available only to company insiders. This version of the hypothesis is the only version that could prove that Bill Millers success was not just due to a skill, luck or Intellect. Witch could prove that Value Trust performance was unethical because they would have had access to information before it was publicly released. The SEC is the organization responsible for preventing insiders from profiting by exploiting privileged information. According to the case nothing was ever found about someone from Value Trust having inside information and making profits based on this type of information. This proves that Bill Miller success can be only explained by his market knowledge, investment skills and luck. The only conflict that could arise would be someone from one of the major companies that Bill Miller invested in started working for Value Trust and made profit using inside information from the former company where they worked. This could generate a conflict damaging Value Trusts image and credibility among investors.