Bill Miller, the venerable captain of the $14.8 billion Legg Mason Value Trust fund, has conceded defeat in his 13-year quest to outperform the Standard & Poor’s 500 index, CBSMarketWatch reports.

Miller’s fund became a celebrated anomaly in the mutual fund industry by demonstrating the potential to trounce S&P’s gargantuan market benchmark – even during turbulent economic times – for more than a decade.

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