The last time we checked in with Legg Mason’s Bill Miller he was taking a pounding on Kodak shares.
He sold and sold as fast as he could, but he still lost $551 million, and at the end of September, he was still holding 6% of the company.
Now the Wall Street Journal reports that he is finally rid of all of his Kodak shares:
“Legg Mason sold some 11 million shares in the Rochester, N.Y.-based imaging company in the third quarter and the remaining 7.9 million shares last month. Earlier this year, it owned 32 million shares.”
There are tons of reasons to think that Kodak is dead in the water — the increasing quality of cell phone cameras being one of them. But Miller stuck to his guns. He bought shares in the company in 2000 when the stock had just fallen from $60 a share to $41.
Now the company has lost 90% of it’s value, and shares are selling at a $1.41.