Yeah Baby, It’s Miller Time

I have been tough on Bill Miller over the past 18 months, but it is time to cut him some slack.

His performance has been absolutely dreadful, but I think he will start to outperform, or at least closer to median, again. His lousy companies are finally priced right, and his financial bets have had all the blood drained out of them.

He will have a great day today, but will have to continue to swim upstream against redemptions. Too, it is about time that rear view mirror bloggers and the media turn on him. Why did he get so much praise but very little criticism? His numbers would have felled lesser men long ago, they are beyond horrendous.

We will call it as we see it for the Legg Mason Value Trust (LMVTX)

Its Miller time.

His halo is gone, however. He is just another dude running money. He was never as good as he was made out to be.

That was a creation of the media. But it is time for the worm to turn.

But the next time the media makes a mutual fund manager into a god, be sure to run the other way. Good luck Bill; and don’t make me look stupid.

Update: Miller’s Value Trust was up 5.60% today. Enjoy it Bill, and I hope you rebound, but chances are your assets in the fund will be approaching $10 billion by year end, half of what you ran not long ago.

Top 25 Positions

12.31.07

Amazon.com, Inc.
AES Corporation
UnitedHealth Group, Inc.
Aetna, Inc.
J.P. Morgan Chase & Co.
Qwest Communications International, Inc.
Sprint Nextel Corporation
eBay, Inc.
Yahoo, Inc
Google, Inc.
Citigroup, Inc.
American International Group
Sears Holdings Corporation
General Electric Company
Eastman Kodak Company
Hewlett-Packard Company
Time Warner, Inc.
Electronic Arts, Inc.
Expedia, Inc
International Business Machines Corp
Cisco Systems, Inc
IAC/InterActiveCorp
Texas Instruments, Inc
Pfizer Inc.
CA, Inc.
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The content contained represent the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.

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