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Legg Mason's Miller cool to commodities
Submitted on 04/26/2006
Famed Value investor Bill Miller is steering investors from the hot commodities sector and suggesting they look instead to areas of the market that have underperformed.
"I can't help but be skeptical of the advice to start or increase a position in commodities after the biggest bull move in 50 years," Miller wrote in the latest quarterly letter to shareholders. "The excitement and enthusiasm surrounding commodities, and the belief that they will continue to rise, is not surprising," noted Miller. "People want to buy today what they should have bought 5 or 6 years ago; call it the 5 year psychological cycle.
Read 1Q 2006 shareholder Letter.
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