Why Legg Mason's Bill Miller thinks the stock market is still 20% undervalued: When the S&P...

|By:, SA News Editor

Why Legg Mason's Bill Miller thinks the stock market is still 20% undervalued: When the S&P bottomed in March 2009, "the earnings estimate for the forward 12 months was $54. Right now, we're up about 90% from there, and earnings are up about 90%... So even though the market's up about 90%, you're not paying any more today... than you did at the bottom in 2009."