Renown portfolio manager Bill Miller of Legg Mason recently wrote to his investors in a letter that he is taking advantage of the depressed prices on financial services, housing and consumer stocks because he fully expects a turnaround, The Wall Street Journal reports.

“The greatest gains over the next five years will be made in those securities people are panicked about today,” he wrote. “Today, fear dominates the pricing of housing stocks, of mortgage-related securities, of financials and of many consumer stocks.”

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