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Legg Mason Opportunity C Message Board

  • marklibera marklibera Jul 18, 2008 12:32 AM Flag

    Most overrated manager ever

    Bill Miller sucks. If I have to hear one more time how he beat the S&P for how many ever years. Who cares. Tell me what was your total performance instead. This guy is a fool for not owning any energy stocks and owning too much Countrywide. This fund is rated one star by Morninstar, but my non-conflicted broker at Smith Barney swears that Miller is the greatest. All of these brokers never tell you when to sell, they just keep saying "it will come back." I've ridden this down from $18. Ken Hebner from CGM is kicking Miller's ass. What an idiot. did he not know what kind of loans Countrywide and Indymac were making. don't they have all of these research analysts to find out? Citigroup and legg mason both suck.

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    • Hell yeah! And the wants us to him and co. 2% annual expense to be in his fund. Look at his current track record!......

      You people ought to be ashamed of yourselves!

      This is downright awful!!!....

    • Yeah. My entire 401k is in Opportunity Trust. Our company fired Legg Mason Capital Management Group earlier this year. Our firm was shocked when he bought a big position in Freddie Mac in the firm's portfolio. The sick part is that some of this money is gone forever in some of these financial and other investments like Bear Stearns, Countrywide, Freddie Mac, ect.......Mr. Miller is one arrogant person. I have heard him speak and he just goes on and on. He needs to go. Had a haol effect on the entire Legg Mason operation and has been completely out of sync with the market. I remember listening to him talk down the energy sector in 2001 as too capital intensive in HIS opinion. Like a god. Mia culpa for holding so much Opportunity Trust.

    • I wonder if Miller is like one of those 60's hippies walking around Madison - not necessarily stupid, but a little too out of it to make any positive contribution. Miller was buying Freddie Mac to the tune of $500M as recently as August 2008! Tells me he doesn't do his DD any more. My 86 year old mother has taken it on the chin thanks to this burnout, so f*** him.

      • 4 Replies to tickerseven
      • No 86 year old should own any stock - period. CDs at that age.

      • like your 86 year old mother, this 49 yr old has taken it on the chin from lmopx.however in your mother's case i dont blame bill miller, i blame YOU!you are apparently smart enough to invest and research the internet so why in the world is your mom in the market to begin with much less a very aggressive stock fund like lmopx?
        i got my mom completely out of the market in 07 after she turned 72.i only wish i had been as wise with my own were obviously managing her money as your own inheritance and not in her interests so save the us the whining ace.

      • "My 86 year old mother has taken it on the chin thanks to this burnout, so f*** him."

        What in the world were you thinking putting your 86 year old mother's money in a fund like Opportunity Trust. This is hardly the type of fund that a retiree should have in their portfolio.

      • I agree 100%, also.
        I had $220K with the worth $55K!
        should have gone with my gut 9 months ago...and put it into Vanguard Cap. Opportunity

    • It's all relative. If you owned his funds for the 10+ years he was killing - you'd have been ecstatic.

      If you bought in the past two years and watched him become a joke during this period - you'd post what you just did on a message board on YAHOO!

      Quite frankly - people need to learn things for themselves and then move. I just bought a bunch of this fund at $10.75 because it will rebound to $20 level in the next 18-24 months. Bank it. Miller will still be performing poorly at that level but if you get in at these levels - you'll have a huge return.

      The market shifts and his strategy on financials and tech vs. oil failed for the short term. Now is the time to buy into his funds while they are completely beaten to a pulp.

    • all your post does is make me more inclined to buy Bill Miller.

      Similar rants culminated in an article written by Fortune Magazine back in 1999 titled "Where Have The Geniuses Gone" Who was the focus of that article? Yup, Ken Hebner. He struggled then because he didn't own tech, he didn't understand it, didn't know how to price it. He finally started buying some when the bubble neared the breaking point...he didn't stick with his convictions. If you were a holder of Ken's funds back then would you have sold? Would you have said he "sucks". If you had gone with your gut and sold, you'd be out of some serious $$$.

      Same thing with Bill Miller now. Go ahead and sell. Buy more of Hebner. He's done great, no doubt. But last time Miller's fund underperformed so badly was in the late 80's. He was bottom of the heap. He was nobody. But, he stuck with his convictions and went on a 15 year tear. Fund manager of the know the rest.

      I wrote down two prices on 06/30/08
      CGM fund @ $61.46 is now off about 15%
      Opportunity Trust @ $11.16 is only off 2%(with strong upward momentum)
      Will the trend continue...only time will tell, but it wouldn't surprise me if it does.

      • 2 Replies to ivorybill01
      • Hey ivorybill,

        Just wanted to visit again. Opportunity Trust now is less than $5. Hope you didn't double down at $11. Also wanted to admit that my comparison to Heebner was wrong. These "star managers" all stink. Overpaid. Only Rodriguez from FPA was on record for years as saying a crash was coming. None of these stars -- Miller, Heebner, Davis, etc. could see the amount of leverage in the system. What do they get paid for?

      • My wife's IRA has been with LMOPX since the first day it was offered.
        She's a Charter Member....for whatever that's worth.
        On 12-30-99, she bought 2278 shares at 10.00 each.
        With dividends and Cap Gains, she now has 5934 shares.
        Total value today is 66K. She started with 22k.
        If it ever gets back up to 20.00 per share, she'll have 110-120k.
        But....tripling your money after nine years is not bad.
        If you can give Bill Miller your money for 10 years, he does a good job.

        What I'm wondering is this....
        LMOPX can go per it's charter.
        Was Miller smart enough to go short last year ???
        If he was.....we probably have a nice gain coming.
        Does anyone know if he did go short ??

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