Once a media darling, always a media darling, at least in the world of high-profile, money manager gurus.
Today the Journal comes back to Legg Mason manager Bill Miller: “Blindsided by Bear, Mr. Miller Sees Bull.”
The subtitle should be: “Long-only, high-beta investor does well when the market goes up.”
You know the story. He got killed last year, but didn’t waver. Now because he owns last year’s losers, he’s beating the S&P 500 (just like he used to do year in and year out).
In a new note, he expressed more bullishness, but foresaw these risks to his forecast:
…rising interest rates; a sharp spike in commodity prices, especially oil; and mistakes by policy makers in their efforts to restore confidence in the financial system.
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