Miller: No 'extraordinary value' left in US markets

Legg Mason's Bill Miller is struggling to find the ‘extraordinary' value in the US he did last year, and said equity markets could rise even higher in 2014.

A number of stocks Miller added to his Opportunity fund last year have tripled or quadrupled in value, but he does not expect to see opportunities for these kinds of returns moving in to 2014. “A year ago, you could have bought Netflix at $60, and we did, and now it is up at $300. You cannot do that anymore,” he said. “Overall, the market is approaching fair value for the first time in five years. It is unusual for markets to remain fair value for a long time, they usually either drop to undervaluation or become overvalued.” However, Miller said there is potential for the US market...