Recession obsession 'pointless' for investors - Miller

Miller, the Legg Mason Capital Management chairman and CIO, believes equity valuations are compelling in the areas hit hardest over the past few years and long-term investors should be well rewarded by opportunities in the current stock market. “Investors seem to be obsessed just now over the question of whether we will go into recession or not, a particularly pointless inquiry,” Miller says. “The stocks that perform poorly entering a recession are already trading at recession levels. “All of the poorest performing parts of the market, housing, financials, and the consumer sector – wi...