Bill Miller, the celebrated manager of the Legg Mason Value Trust Fund, which beat the S&P 500 for 15 years straight until last year, issued a report to shareholders acknowledging “mistakes,” The Baltimore Sun reports. Most notably, he regretted not investing in energy in 2003 when it was cheap and holding too few stocks.

The fund rose a mere 2.9% in 2006, compared to 15.8% by the S&P 500, including reinvested dividends.

Miller said he used the same value-oriented investment strategy that has worked in years past, but that it failed him last year.

“We are paid to do a job, and we didn’t do it this year, and I am not happy or relieved about that,” Miller said.

Still, he didn’t hang himself entirely out to dry, telling investors that the likelihood of beating the S&P 500 in that period of time is  one in 2.3 million.

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