Is Bill Miller right this time?

Value investors are nothing if not predictable. The approach, unfortunately, has been disastrous this year. This was exemplified most dramatically by Bill Miller, who beat the S&P 500 for 15 years straight until he was undone by the credit crunch. He just kept on loading up on financial stocks, notably Freddie Mac, even as they hit new lows. His Legg Mason Value Trust fund has sunk about 60 percent this year vs. about a 40 percent total return for the S&P 500. In any case, he's now telling reporters that stocks are cheap. He goes as far as to say to Reuters that the Federal Reserve should buy up stocks and bonds now to avert a worsening financial crunch and that "the taxpayer would make a killing." Do you believe him?

For more:
- here's the Reuters article

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