Bill Miller 2008 Q1 Value Trust Commentary

I am often asked, how long do we have to wait before the fund starts to do better? The real answer here is the same as it is about most such forecasts: no one knows. I am reminded of the story Nobel Prize winner Ken Arrow tells about his experience trying to make long-range weather forecasts for the military during World War II. He told his superiors that his forecasts were so unreliable as to be useless. The word came back that the General knew his forecasts were useless, but needed them anyway for planning purposes.

Related Links :

• Legg Mason Value Trust 2008Q1 Investment Commentary (PDF)
  
• Miller Says Bear Stearns Sale Signaled End of Panic
• ''Credit spreads are already much improved since then,'' Miller wrote in a letter to fund shareholders released by Baltimore-based Legg Mason today. Financial companies may ``even have some write-ups in the second half instead of writedowns,'' he wrote.