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Monday, December 15, 2008

WSJ Chronicles Miller's Missteps

by: Armie Margaret Lee

The Wall Street Journal's Tom Lauricella last week penned a lengthy feature on where Bill Miller went wrong. The piece is part of the WSJ's series on prominent personalities whose fortunes have taken a big hit in the financial crisis.

Miller's Value Trust fund had $16.5 billion in AUM a year ago and now that number is down to $4.3 billion following losses and redemptions.

"The thing I didn't do, from Day One, was properly assess the severity of this liquidity crisis," the 58-year-old stock picker told Lauricella. "I was naive."

Miller stock picks included the likes of Washington Mutual, Countrywide and Citigroup.

Amid the speculation about his future at Legg Mason, Miller said he has no plans to quit. Legg Mason CEO Mark Fetting has expressed support for Miller and his plans to improve performance. 

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