Bill Miller, The Dunce
With the collapse of Freddie Mac (NYSE: FRE), Legg Mason's Bill Miller looks like a complete dunce.
By the end of July, his Fund raised its stake in the just bailed-out Freddie Mac to 79,880,998 shares. This was up from the 53,282,703 Freddie Mac shares held at June 30 and 50,244,068 Freddie Mac shares held at March 31.
Bill Miller was once considered one of the best value managers in the country. Now he should be lucky he has a job. He has navigated this credit crunch horribly and investors in his fund, Legg Mason Value (OTC: LMVTX), which is down 35% YTD, should demand his head.
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