Ask Bill Miller

Good Morning:  I will be interviewing Bill Miller, manager of Legg Mason Value Trust, this week. He's famous for beating the S&P 500 for 15 years straight from 1990 to 2005. I'm including him as a new master investor in the third edition of "The Neatest Little Guide  to Stock Market Investing," chapter two, "How The Masters Tell  Us To Invest."   I would like to invite you to submit one burning question for Mr. Miller to me prior to my interview with him. Please, just one question and only after you've put in some time to understand his approach. Please don't waste this chance by asking basic questions such as, "What's a P/E ratio?" or "Do you think Dell is a good buy now?" Let's try to get something of lasting value from him.  To better understand his style, please read the following:  His Fourth Quarter 2006 commentary  A November 15 article about him in Fortune  His Third Quarter commentary  After you've read those, consider whether there's anything you'd like to ask him, and send your question to me.  I'll provide his responses later.  Warm regards, Jason Kelly  Jason Kelly & Co. Plaza Kei 101 Wakamatsu-cho 615-6 Sano, Tochigi 327-0846 Japan