Miller: US large caps are bargains of a lifetime

Renowned fund manager Bill Miller of Legg Mason says after years of underperformance, the current market represents a "once-in-a- lifetime opportunity" to buy US large caps at a significant discount.

Having a long-term strategy may seem quaint in a market dominated by high frequency trading, the 24-hour news cycle, the ubiquitous and shrill blogosphere, flash crashes, and where it is repeated as if divinely given that buy and hold is dead. The summer of 2010, though, when most global markets are down, pessimism about the future is high, and macro concerns predominate, is one of those rare periods where one can reliably adopt a long-term strategy that promises (but of course cannot guarantee) returns superior to what just about everybody else is now doing. The public's distaste for...