Bill Miller faces an uncertain future

Bill Miller is not the only value manager that has been hit hard by some ill-timed bets on financial stocks. Does it call the whole value approach into question? Miller raises the issue in a letter to investors, noting a group of fund managers talking about "how valuation appeared not to matter and had not for the past couple of years, how it was all about momentum and trend, and how we were all losing clients and assets over and above our losses in the market." Well, these are extraordinary times. More than a few got suckered in as the likes of Bear Stearns fell below book value. I mean, who knew? But, as Fortune notes, Miller's letter offers no route back to prominence. Investors will likely continue to pull funds. We may be witnessing the end of an era. Is the Legg Mason Value Trust fund the new Magellan Fund?

For more:
- here's the letter via Fortune

Related:
Bill Miller says worst is over
New era for Bill Miller opening up?