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I think it is essential to understand a fund manager's philosophy if you are going to invest in stocks he or she owns. Bill Miller is a genius and his track record is incredible. But his approach is not without risk. While Warren Buffett's approach is aimed at eliminating nearly all risk when buying a particular stock, Bill Miller is willing to take on much higher levels of risk if he believes that there are very large rewards available. It is all probabilities to him.

Look at Legg Mason's fairly recent investor conference. The transcript is available on the Legg Mason website under the link Bill Miller webcast. All of the speeches are well worth the read. Miller references the hedges he placed in the Opportunity Trust and other pertinent topics.

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