CEO of Legg Mason Capital Management
In an April 23 letter to investors, Miller, standing at left, wrote that "the wild card is commodities. If commodities break, or even just stop their relentless rise, equity markets should do well. If they continue to move steadily higher, they have the potential to destabilize the global economy."
Miller is best known for managing the Legg Mason Value Trust, which outperformed the Standard & Poor's 500 Index for 15 consecutive years until its streak was broken in 2006. He echoed the opinion of PIMCO's Gross on rate cuts: "If the Fed stopped cutting rates, that would help the dollar, which in turn ought to stall the commodity price rises, and thus also help the inflation picture."