Bill Miller Letter to Shareholders

[Bullitt]

I still believe he's one of the sharpest minds out there- even after his disastrous decisions in 2008.


Bull Markets typically begin when the following four conditions are present: the economy is bottoming, profits are bottoming, the Fed is stimulating, and valuations are low. That's where we are now.

http://www.lmcm.com/pdf/miller_commentary/2009-07_miller_commentary.pdf

[Bullitt]

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Bull Market Celebrates a Birthday! I must have been in the Bear Cave for that party.

http://www.lmcm.com/pdf/MonthEndCom/2010-04-Commentary.pdf

[Birchtree]

A very nice read Bullitt - thanx. "Following a bull market peak in Net New Highs since 1940, the median bull market has lasted another two years and delivered an additional S&P gain of 32%."