Legg Mason fund manager Bill Miller, known for his S& P beating performances for a record 15 years (until 2005) is stepping down from his main fund. Miller, 61, has run Legg Mason Capital Management Value Trust since its inception.  He has been a value investor and has had bullish views of the economy and stock markets until he became mired in the worst slump of his career as he wagered heavily on financial stocks during the 2008 credit crisis. Value Trust lost 55 percent that year as the S&P 500 dropped 37 percent, including dividends, prompting a wave of withdrawals. The fund’s assets have plunged from a peak of $21 billion in 2007 to $2.8 billion.  Miller, will be succeeded by Sam Peters as manager of the fund on April 30. He will remain chairman of the Legg Mason Capital Management unit while Peters will be chief investment officer.  [bloomberg 11/17/11]