Two writers took note of Bill Miller, the PM known for beating the S&P 500 for 15 consecutive years, who recently fell on hard times and is making a comeback. His fund, Legg Mason [profile] Opportunity Fund, beat 98 percent of its peers, gaining 44 percent year-to-date, Morningstar's associate director of fund analysis, Dan Culloton writes. Large holdings of companies such as Pandora, Netflix and MGIC Investment, which have more than doubled this year, have helped fuel the fund's performance, Culloton writes.

Chuck Jaffe of MarketWatch warns of PMs like Miller, however, saying that investors who try to make money off a star manager's hot streak will only get burned. Jaffe says investors have a tough time knowing when the streak is heating up too much, and heading towards tough times. Jaffe argues that the best fund managers offer consistency, rather than "short, great runs."

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Edited by: Casey Quinlan


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