Bill Miller, the esteemed Legg Mason Value Trust fund manager, has declared the "panic phase" of the credit crunch over, reports MarketWatch. For him, personally, it has been an ugly trial; the Value Trust fund's performance over the past two years says it all (Recall that he beat the S&P 500 for 15 years, a streak that ended in 2006). His mutual fund tanked nearly 20 percent in the first quarter alone. However, he remained optimistic on the crisis. Even as the credit crunch worsened, he stuck with the likes of Citigroup and Countrywide. He thinks the Bear Stearns collapse marks the nadir. The wild card, he tells clients, is commodity prices and inflation. A spike really could create havoc.  

For more:
- here's the MarketWatch article

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