Legg Mason’s (LM) Bill Miller To Manage Another Fund…WTF?

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Bill Miller is the Legg Mason (NYSE: LM) money manager, whose two funds have each lost more than 50% this year, has been asked to help run a third fund as the firm tries to halt record outflows.

Before we get into the minutiae of the fund that Bill Miller will assist in managing, I just wanted to remind potential investors of some of his recent top stock picks. He loaded up shares of Citi (NYSE: C) and Amazon (Nasdaq: AMZN), but where Bill Miller really fell apart is buying shares hand over fist of Countrywide, Yahoo (Nasdaq: YHOO), American International Group (NYSE: AIG) and Freddie Mac (NYSE: FRE).

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