I'm much less likely to be stubborn about pursuing a path that isn't achieving results. For investors, the question of who's right is irrelevant. What's important is that Miller's approach is working. Its numbers are better so far, too. But as with Value, most of its holdings are more conventional value fare.
Opportunity has about three times as much money in financial stocks as it does in technology issues.
Its largest holding is Republic Services, a garbage hauler whose shares trade at ten times estimated 2001 earnings. Cisco, Dell and Nokia were among his buys. But this fund is hardly a high-octane fund like Janus Mercury. He says his stocks sell, on average, for 30 times estimated 2001 earnings. Puglia looks for companies with leading market positions, little debt and seasoned management.