Bill Miller Says Rally Is Real

One-by-one, the longtime bulls are coming out of the woodwork and declaring that, well, they’re still bullish.

This morning we heard from Abby Joseph Cohen, who says the S&P 500 has another 20% to run.

Now: Bill Miller, the legendary Legg Mason (LM) fund manager who had his reputation destroyed during the market collapse.

But anyway, he says the rally is for real now.

MarketWatch: “This move has been led by the classic early cyclical [sectors]: financials, housing, and consumer discretionary names such as retailers and restaurants — an encouraging sign that may be signaling the end of the long period of economic decline that began in December 2007,” said Miller in his note.

“If it is a bear market rally, it is one we have not seen since the late 1930s,” he added. “Its behaviour is much more like the rally that ended the 1973-1974 bear market, or the one that began off the bottom in 1982, or even that which erupted in March 2003 from the last debt deflation scare.”

2009-04 Miller Commentary

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