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...stock market has a brutal way of making even the smartest people look foolish. Just ask Bill Miller, America's most celebrated mutual fund manager, whose Legg Mason Value Trust has beaten the S&P 500 stock index for 14 years running. A brilliant polymath whose intellectual passions range from chaos theory to Wittgenstein, Miller has trounced his rivals by thinking differently. But lately the investor, who is based in Baltimore, Md., has looked a tad less clever. In the past two years, oil and gas stocks surged as the price of oil nearly tripled...

Author: /time Magazine | Title: Investing: Bill's Bad Bet | 10/9/2005 | See Source »

...what went wrong? Two years ago, says Miller, he began to home in on oil and gas stocks. He had never liked them, knowing that oil prices had fallen in real terms over 150 years while demand had grown at a desultory pace--"a formula for a bad long-term investment." Still, after years of lackluster performance, the sector was cheap, so he drew up a list of buys, like Devon Energy, Apache and XTO Energy. But he never bought them. "I was preoccupied with other things," Miller admits. "When I got around to doing it, the prices had moved...

Author: /time Magazine | Title: Investing: Bill's Bad Bet | 10/9/2005 | See Source »

...yelled racial slurs at students. A black student named Phillip Jackson found the words “Nigger/I hate Jesus” written on the whiteboard on his room door, according to the university newspaper, the Cavalier Daily. And the Washington Post reported that a black student, sophomore Kyle Miller, found a racist note written in red capital letters on the windshield of his vehicle...

Author: By David Zhou, CRIMSON STAFF WRITER | Title: UVa Strikes Back After Wave of Hate | 10/6/2005 | See Source »

...cases of the New York Times and TIME journalists both involved the surrender of documents, although under different circumstances. Miller, who never actually wrote a story based on her reporting about the Plame leak, was originally subpoenaed along with the Times. After the newspaper said it had no relevant documents to hand over and that Miller's notes--and the decision whether to turn them over--belonged to her alone, the court pursued only the subpoena against Miller. (The notes she gave up were redacted to omit discussions about anything other than Plame.) In the Cooper case, the prosecutor went...

Author: /time Magazine | Title: Let's Make A Deal | 10/3/2005 | See Source »

Whatever the reasons for the delay in the Miller case, the two sides were pushed toward a deal by external forces at work in both camps. Pressure had been growing on Libby from G.O.P. lawmakers to take whatever steps necessary to free Miller from her imprisonment. And there was the possibility that Miller was looking at more time in jail than she had bargained for. Although Fitzgerald is expected to finish this month, he has no obligation to do so. He could have boosted Miller's civil contempt charge to a criminal one or shifted the probe...

Author: /time Magazine | Title: Let's Make A Deal | 10/3/2005 | See Source »

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