Miller: Why Buffett is right and how equities can rally

Legg Mason Capital Management's Bill Miller believes equity markets are capable of seeing solid gains by year end as investors become more confident in the US recovery.

Miller agrees with friend and fellow renowned investor Warren Buffett, with both expecting the US to avoid the dreaded double dip scenario. Also, like Buffett, Miller is seeing positive signs from a host of US companies. "I think we are getting to a point where it is slowly beginning to sink in there is not going to be a double dip," Miller says. "Buffett has been very good in the times I have talked to him about this subject. In July of 2008, he said the economy at the end of June had turned off the light switch. He has got a good feel because he owns so many different businesses. ...