believes things are better than people believe, and he's betting big money on this optimism.
PM seeks to redeem the company's reputation by
putting money on housing, according to InvestmentNews
The publication reports that Legg Mason Capital Management Opportunity
invested roughly one-third of its assets on a property
rebound through loan insurers, mortgage real estate investments trusts
A notable quote from Miller on his faith in the sector:
“Housing fundamentals are likely to be positive for years. The stocks
have run, but in our judgment are not even close to reflecting that
When it comes to housing, he also believes that "things are better
than people believe, not worse."
Some of his best bets this year are PulteGroup Inc, Ellington
Financial and Bank of America.
Such bets propelled the $952 million fund to a return of 29
percent this year through Oct. 11, surpassing 99 percent of peers,
according to data compiled by Bloomberg. The fund lost 35 percent in
2011, last among its category, when he prematurely bet on a recovery.
To read more about Miller's rosy housing picture, read the full article at the InvestmentNews website
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