Bill Miller Sees Light at the End of the Tunnel
The most respected pro in the fund world thinks stock prices have bottomed and is buying stocks most of us wouldn't touch with rubber gloves.
Bill Miller, the only mutual fund manager to beat the S&P 500 in each of the past 10 years, says sluggish corporate earnings and the economy should revive in the second half of next year. In light of that sunny scenario, laid out in a report to shareholders of his $9 billion Legg Mason (LMVTX Quote)Value and $1.3 billion (LMOPX Quote)Opportunity funds filed with regulators Thursday, he listed a roster of ravaged shares that he added to the funds last quarter.
The list includes sagging telecom shops such as Lucent(LU Quote), Qwest (Q Quote) and Comverse Technology(CMVT Quote), as well as the tattered credit card concern Providian(PVN Quote). All are down more than 75% over the past year. ...
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