Legg Mason’s Miller Favors Housing, Dividend-Paying Stocks
Bill Miller, chairman and chief investment officer of Legg Mason Capital Management, said he’s bullish on U.S. housing stocks and is buying dividend-paying equities.
Miller, who gained fame for beating the Standard & Poor’s 500 Index for a record 15 straight years through 2005, said there are “great opportunities” in U.S. stocks and predicted the S&P 500 may extend its 13 percent jump since Oct. 3. The Legg Mason Capital Management Value Trust (LMVTX) that he helps oversee has fallen 4.9 percent this year, compared with a 1.2 percent decline for the S&P 500.
Miller said the Occupy Wall Street protests stem from the weakness in the U.S. economy and compare with demonstrations during the Vietnam War. He was speaking at an investment forum in Hong Kong.
“I think that even people on Wall Street are sympathetic to the problems that people are having with unemployment and the difficulties with economic growth,” said Miller. “The broad popular support doesn’t appear to be there, but that doesn’t mean it can’t grow.”
To contact the reporter on this story: Lynn Thomasson in Hong Kong at email@example.com
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org