Here's a link to an article that discusses Bill Miller.  It contains a paragraph which quotes Jack Bogle, and his views of Miller's fund.

"'The number of investment opportunities just shrinks radically' when a fund swells, says John C. Bogle, the founder of the Vanguard Group, the mutual fund powerhouse, who describes himself as a fan of Mr. Miller. 'The bigger you get, the fewer the number of stocks you can hold with a meaningful position.'”

Petrocelli 

I have never understood Miller's reputation... there are managers who run larger funds than Miller who dont have a problem in not losing their clients money... FAIRX is larger and takes larger positions in large cap companies and hasnt had too much trouble in keeping up its stellar returns... is it the size of the fund or the skill of the manager? 

The sub-prime mess is exposing a lot of respected fund managers who didnt really know what they owned or what it was really worth... you could have managed a fund twice the size of Legg Mason Value and done fine if you had your BS detector tuned in correctly and held cash or avoided massively leveraged companies which were bound to explode eventually

Ajw

I did find it interesting that Jack Bogle described himself as a "fan" of Miller.  I wonder why?  Miller seems to be at the opposite end of the spectrum from indexing.

Petrocelli