Bill Miller sees US stocks up 20% in next year

Legg Mason veteran Bill Miller, the renowned manager who beat the S&P 500 for 15 consecutive years, believes US equity markets could climb by as much as 20% over the next year.

Miller, the Legg Mason Capital Management chairman and CIO, told CNBC it may be the best time to buy equities for almost 30 years. "The last ten years have conditioned people to think short term as opposed to long term," Miller says. "Now, stocks are cheap and people should buy good, quality companies at reasonable prices, put them away and ignore the day-to-day fluctuations of the markets. It's the best time since the early 1980's to buy. "I wouldn't be surprised if the market isn't up 20% in the next 12 months." Miller, who shared his insights on current markets with Investmen...