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Bill Miller : In Freddie, Legg Mason maverick met his match

By admin - Posted on September 9th, 2008
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Legg Mason money manager Bill Miller built his reputation on making contrarian picks, betting on downtrodden stocks to make a comeback. His Value Trust mutual fund beat the S&P 500 Index for 15 straight years before the streak ended in 2006.

So Wall Street took note when Miller gambled on Freddie Mac this summer, adding 30 million shares to his already-sizable holdings of the mortgage company. It made Baltimore-based Legg Mason Freddie's largest shareholder and signaled that Miller believed the stock could turn around. But yesterday, Miller and other Freddie shareholders saw the company's stock lose more than 80 percent of its value in the aftermath of a government bailout of Freddie and Fannie Mae, the nation's other mortgage giant.

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Bill Miller

Submitted by Anonymous (not verified) on Wed, 09/10/2008 - 10:25.

Good bye, Billy Boy. What's left of your shareholders will be very happy.

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