The fund is fairly volatile. Investors need to have a long time horizon.

Classic Bill Miller is to find companies that other people don't like and see if the projections were incorrect.

Clearly he underperformed badly during his tenure. He had a large bet in place on some of the biggest stocks on the market.

If you're thinking about buying an Internet fund, you have several options. But people are waking up to the risks of the sector. All of a sudden you've got a smaller group of people who want to take the plunge.

Investors should never go into a tech fund expecting stability.

Investors are more aware of the risks associated with these offerings. We'll see more consolidation of technology funds and that's a healthy thing.

Any time you see a substantial deviation in returns with a fund compared to its category, it's usually because it's taken a substantial risk to get there. These funds aren't less risky now. It's just that the stocks they've invested in have finally started to come back.

It's an enormous change from what they've done in the past. I think it's been late in coming, but I think it's going to benefit them.

It's a nice marker of his consistency, but I wouldn't think less of him if he didn't make it.

A lot of the companies these funds have invested in have run pretty hard. Chasing performance here is probably a recipe for disaster.