Bill Miller: I'll bounce back from worst ever quarter

Miller saw his Legg Mason Value trust vehicle drop 14.9% in the first two months of 2008, with more losses recorded in March. But while Miller and the team apologised to investors for the recent barren spell, he remains confident he can deliver strong returns in the near future, even if a “recession appears to be underway”. Speaking at the Legg Mason investment conference yesterday, Miller pointed to a strong track record of fighting back when the chips are down. “My previous two worst quarters (prior to Q1 2008) were in 1987 and 1990,” Miller says. “But in 1998 I had the best performin...