Bill Miller — who once beat the market 15 years in a row — has bounced back strong this year after some recent woes. And moving into 2010, he’s sounding quite bullish.

Miller, whose Legg Mason Value Trust is up about 35% this year, said while speaking at the London Stock Exchange that “the outlook in the US for equities is as good as it’s been for some time,” and that 2010 returns of 20% to 25% are “not beyond the realm of possibility”, Global Pensions magazine reports.

The consensus outlook for stocks has been too cautious and conservative lately, Miller said. “I believe that it continues to be that way,” he said. “I think that the next 12 months, the path of least resistance for stocks is higher. … We had a 10-year period where equities, especially large-cap equities have been down. … That’s always been followed by a period of consistently high returns.”

Miller is particularly high on the technology, financial, and consumer discretionary sectors, Global Pensions reports. He likes tech stocks’ balance sheets, and says financials should keep rebounding.

And, he says, “mega-caps” are primed for outperformance in coming years because of growth in emerging markets. “Large multi-nationals who are participating globally will have relatively faster growth than their smaller counterparts,” he says.