Eric T. Miller, the longtime chief strategist for Donaldson Lufkin & Jenrette who called the stock-market bottom in 1982 and became a go-to analyst of the bull market that followed, has died. He was 85.
He died on Aug. 29 at his home in Carmel, Calif., his wife, Susan Miller, said in an interview Monday. The cause was complications from a brain tumor.
As chief investment officer at the New York-based firm that turned research from a backwater into a premier Wall Street product, Miller synthesized DLJ's company and industry reports, combined them with economic and political forecasts and devised market strategies. His written commentary, widely followed by investors, was titled "Random Gleanings." "At a time when the default mentality on Wall Street was rapidly morphing into 'get-the-deal-done, no-matter-what', Eric stood out for his thoughtfulness, independent-mindedness and integrity," Thomas Brown, chief executive at Second Curve Capital LLC, wrote last week on bankstocks.com, the website he founded and to which Miller occasionally contributed.
Miller was chief investment strategist from 1979 to 1998 at DLJ, after serving in that capacity for Oppenheimer Capital Corp. His DLJ tenure coincided with two U.S. recessions from 1980 through 1982 followed by the start, on Aug. 13, 1982, of what's widely considered the greatest bull market in history, lasting into the 21st century.
Miller was among the market strategists who saw the turn coming. On June 15, 1982, he was quoted in The Wall Street Journal as saying, "We continue to think that most stocks have seen their lows."
Eric Thomas Miller was born on April 26, 1928, in Bronxville, the son of James D. and Helen Miller. His father was an accountant and served as mayor of Bronxville.
Survivors include his first wife, Eileen Stuhlreyer, and the three children they had together.