Bill Miller thinks that the market's underpriced broadly! In his interview with SmartMoeny, he said that the market is actually remarkably homogeneous in its pricing. Miller's fund, Legg Mason Value Trust (LMVFX2), has beaten the Standard & Poor's 500 every year for the past 14 years. He likes PFE, NTL, IACI etc
http://www.smartmoney.com/print/index.cfm?printcontent=/mag/ceo/index.cfm?story=june2005
http://www.smartmoney.com/print/index.cfm?printcontent=/mag/ceo/index.cfm?story=june2005