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.

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