Another: former mutual fund impresario William Miller, whose Legg Mason Value Trust bet on cheap-looking financial institutions on their way to getting far cheaper.

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Legg Mason Value Trust has lost more than 29% this year, while its large-blend peers are down about 13% in the period, according to Morningstar.

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In the second-quarter report for Mr. Miller's flagship Legg Mason Value Trust, Freddie is listed as the fund's second-weakest performer, with a 35% loss, just shy of the 39% loss by American International Group Inc.

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Legg Mason Value Trust( LM)?

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For instance, take the Legg Mason Capital Management Value Fund, managed by Bill Miller.

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Rapuano, who spent 10 years at Legg Mason, where she worked with renowned value investor Bill Miller, says most people have never heard of this company though they constantly use its products.

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Once the investment chief at another Baltimore institution, Legg Mason (then called Mackubin, Legg), Price struck out on his own with a philosophy that would challenge value avatar Benjamin Graham.

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