Bill Miller Calls a Bottom

He also thinks the Fed should buy stocks and junk bonds to head off the crisis.

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At Legg Mason's annual media luncheon Wednesday, star fund manager Bill Miller said "the bottom has been made" in U.S. stocks.

It's worth noting that he doesn't have the best record for calling market bottoms.

Miller also said the Fed should buy stocks and junk bonds to head off a deeper financial crisis, and that taxpayers could make a killing on the market rebound.

As for his performance this year, Miller told Reuters his fund returns were "far worse" than he predicted, and that the year has been "terrible, a disaster and awful." That's fair. So far this year, his Legg Mason Value Trust--best known for beating the S&P 15 years in a row--is down nearly 60 percent and is lagging behind 99 percent of its peers.