Bill Miller Turns Tail on Tech; Loves Countrywide

In Legg Mason’s Bill Miller’s letter to shareholders today he says he will be reducing capital devoted to his top ten holdings, a tech-centric set of stocks. Here (via Eric) is the list:

  1. Amazon (AMZN): 8.8%
  2. AES Corp. (AES): 5%
  3. Sprint (S): 4.8%
  4. Google (GOOG): 4.7%
  5. Qwest: (Q): 4.6%
  6. J.P. Morgan (JPM): 4.3%
  7. Aenta (AET): 4.2%
  8. United Healthcare (UNH): 4.2%
  9. eBay: (EBAY): 3.5%
  10. Yahoo (YHOO): YHOO 3.4%

Where is Miller re-allocating to? Again according to the letter, he thinks consumer and finance stocks will lead over the next five years. Interesting and entertainingly contrarian calls from Miller, especially his comment that he thinks Countrywide is worth $40, as opposed to its current $15 price.

More here and here.


  1. No link to the letter? What century is Legg Mason living in?