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Friday, November 09, 2012

Miller’s Latest Bet is Bank Stocks Tied to Housing

News summary by MFWire's editors

Legg Mason[profile] PM Bill Miller is betting that bank stocks will rise on an improving housing market, according to Bloomberg.

“Right now we think because housing has done so well, the next move there is in financials,” Miller said in a recent Bloomberg Television interview with Julie Hyman. “There’s a lot of attractiveness, especially with housing getting better.”

Bloomberg reports that Miller is wagering on banks in his $974 million Legg Mason Capital Management Opportunity Trust (LMOPX), which had 40 percent of assets in financial stocks as of Sept. 30.

Miller recently expressed his optimism on the housing markets by placing roughly one third of the Capital Management Opportunity Trust Fund in housing-related firms, including mortgage companies.

Miller, who became a legend after beating the S&P 500 for some 15-years, fell from grace when his equity positions took a beating during the 2008 Financial Crisis. 

Edited by: Tommy Fernandez

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