Miller seems to be doing well again. Not sure his investors will do as well. This is not because there is any doubt that he had a great year this year. He certainly did have a great year. It is rather because of a simple mathematical truth - capital losses in a fund (or a business) are setting you back way more than most people imagine.

For example, if you could have avoided the worst 10 days of trading in the S&P 500 in the past 20 years your return for the same period would double compared to the return on the index at the same time. Check Earn $370,000 in 10 Days?- - to see the actual chart of those returns.

So, while it is good that Miller is going back to his old performance levels the investors who suffered the big losses may take few years just to get back to even.