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Bill Miller Sees Signs of Bull Market

By    |   Monday, 04 May 2009 03:22 PM

Legg Mason’s Bill Miller gained great acclaim beating the S&P 500 Index 15 straight years through 2005 and then great shame getting hammered the next three years.

But he’s up again this year, outperforming 68 percent of his peers, and he sees good things ahead for stocks.

“The rally that began following the March 6 bottom at 666 on the S&P 500 has had a different character from those embedded in the bear market that began with the credit disruptions of August 2007,” Miller writes in his quarterly commentary.

“Whether it is the beginning of a new bull market, which it will be if the economy begins a

sustainable period of growth later this year, or if it is just a solid rally in an ongoing bear market… is of course unknown at this point.”

But he says that if it is just a bear market rally, “it is one we have not seen since the late 1930s.”

“Its behavior is much more like the rally that ended the 1973-1974 bear market, or the one that began off the bottom in 1982, or even that which erupted in March 2003 from the last debt deflation scare,” Miller contends.

It sounds like Miller is a big-time bull.

He’s not alone. Another stock star of the 1990s, Goldman Sachs’ Abby Joseph Cohen, says the S&P 500 could jump 17 percent to 1050 in six months.

“You could see the market sustain at these levels,” she tells Bloomberg.

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Legg Mason’s Bill Miller gained great acclaim beating the S&P 500 Index 15 straight years through 2005 and then great shame getting hammered the next three years.But he’s up again this year, outperforming 68 percent of his peers, and he sees good things ahead for...
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Monday, 04 May 2009 03:22 PM
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