21 of 21
Bill Miller's bad bets
Bill Miller's bad bets
Bill Miller, chief investment officer at Legg Mason Capital Management
The Legg Mason manager famously beat the market 15 years in a row, but now the market is returning the favor - with a vengeance.

Miller's Legg Mason Value Trust was down 59% this year through Dec. 2, posting a far worse showing than the S&P 500, which was down "only" 38%.

Miller's problems stem mostly from big bets on beaten-down financial companies earlier this year, many of which then got even more beaten down. Among the biggest losers for Miller were Bear Stearns, AIG and Freddie Mac - in which Miller had amassed an 8% stake on the eve of its government takeover in September. -- By Colin Barr, Fortune senior writer

What do you think was the year's Dumbest Moment in Business?Join the discussion now.

More galleries
Last updated December 31 2008: 10:36 AM ET
Lamest roadtrip ever The Big 3 CEOs' drive from Detroit to D.C. to request a bailout was classic. More video
How to lose an electionJohn McCain's statements about the economy may have killed his campaign. Morevideo
The ballooning bailout Expanding from three pages to 451, the TARP bill was loaded with pork, eventually resulting in a flip-flop by Paulson. Morevideo
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.