Looking for The Bottom? Legg Mason's Miller Says We've Hit It

Legg Mason fund manager Bill Miller — who once beat the S&P 500 for a remarkable 15 straight years before hitting an ugly patch over the past couple years — said Wednesday that “it looks as if the bottom has been made” in U.S. stocks, Reuters reports. Miller, speaking at Legg Mason’s annual luncheon for media, said that all long-term investors believe that stocks are now cheap, but he also said credit markets must regain health before the market can rally.

Miller also said the Federal Reserve should buy stocks and junk bonds to help the U.S. avoid a deeper financial crisis, and added that “the taxpayer would make a killing” as markets rebound, according to Reuters. “At the end of this quarter, every sector in the market has companies that represent what we think are exceptional value,” Miller said.