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

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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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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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