Bill Miller on Morningstar

The renowned portfolio manager talks about contrarian investing and his flagship fund

Legg Mason Capital Management's Bill Miller recently talked with a Morningstar analyst about the flagship Legg Mason Value Trust and his unique approach to value investing.

In the video, Bill offers insights into some of his investment decisions. He also talks about how, despite a market that seems to be currently favoring other styles, he is steadfastly adhering to the same nontraditional valuation strategies he's employed throughout his impressive tenure. Select the video clip below to watch the full interview, and read the transcript with important disclosure information.

Investors can access Legg Mason Capital Management mutual funds within Legg Mason's fund families. Talk to your financial advisor to see if exposure to one or more of these mutual funds makes sense for you as part of a diversified portfolio. As with any investment, these funds entail varying levels of risk and may not be suitable for all investors.

Important Fund Risks – Legg Mason Value Trust
The Fund is subject to several risks, including the risk that prices of securities will go down because of the interplay of market forces. Diversification does not assure a profit or protect against market loss. The value approach to investing involves the risk that those stocks deemed to be undervalued by the portfolio manager may remain undervalued. Because this Fund expects to hold a concentrated portfolio of a limited number of securities, a decline in the value of these investments would cause the Fund’s overall value to decline to a greater degree than a less concentrated portfolio. The Fund may focus investments in certain regions or industries, thereby increasing the potential vulnerability to market volatility.

The views expressed are those of the portfolio managers as of April 24, 2008, are subject to change and may differ from other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. All data referenced are from sources believed to be reliable but cannot be guaranteed. Forecasts are inherently limited and should not be relied upon as an indication of actual or future performance. All investments involve risks including loss of principal.

Investors should consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about a fund. To obtain a free prospectus, please view the product specific page on this website and click on the prospectus link. An investor should read the prospectus carefully before investing.