- Bill Miller ( Portfolio Manager’s Quarterly Commentary – Third Quarter 2005, Legg Mason Value Trust, LMVTX )
Here is the summary of the market commentary:
- Bill Miller finds it curious that every stock market in the world has gone up this year, except China, Slovenia and the US.
- There are two things holding down the US market: Oil price rise after the Hurricanes, and relentless rise of the fed funds rate.
- The oil prices may have already peaked and fed may be about to stop after a couple of more fed fund up moves.
- Bill Miller likes mega cap S&P 500 names, and finds that “financials and technology appear most attractive”.