Bill Miller's Value Bets

Where in the market does the manager of Legg Mason Value see opportunity? His answers may surprise you.

You can't accuse Bill Miller of equivocating in his outlook for the stock market in 2007. When we reached the famed Legg Mason fund manager on March 14, he told us: "It's hard to find a better environment for equities than we have right now. I'll be surprised if the market's not up in the double-digits this year."

Why is he so optimistic? Miller points to solid corporate balance sheets, high returns on equity, huge share buybacks, a robust buyout market, strong global economic growth, tame inflation and low interest rates.

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Contributing Writer, Kiplinger's Personal Finance

Andrew Tanzer is an editorial consultant and investment writer. After working as a journalist for 25 years at magazines that included Forbes and Kiplinger’s Personal Finance, he served as a senior research analyst and investment writer at a leading New York-based financial advisor. Andrew currently writes for several large hedge and mutual funds, private wealth advisors, and a major bank. He earned a BA in East Asian Studies from Wesleyan University, an MS in Journalism from the Columbia Graduate School of Journalism, and holds both CFA and CFP® designations.