Credit crisis crunches Bill Miller

In the annals of investing, Bill Miller remains a big name. Recall that he beat the S&P 500 for 15 years in a row until last year. In 2007, his Legg Mason Value Trust fund fell nearly 7 percent against a 5 percent gain for the S&P 500. Many thought that was an aberration. But the credit crisis is dashing hopes of a return to historical form, Fortune reports. The Legg Mason Value Trust lost 20 percent in the first quarter; Miller was long on a whole lot of financial stocks, including Citigroup and Countrywide. He told shareholders the worst was over, but clearly he was wrong. As of now, the fund is down a staggering 40 percent. He's hardly alone. Fortune notes several big-name funds--such as Fidelity's Growth and Income fund the Oakmark Select fund--that have gotten tripped up on financial stocks.  

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