Airlines, housebuilders, and banks: Bill Miller's big bets

Legg Mason Capital Management veteran Bill Miller is backing airlines in his Opportunity fund, a sector he said has been "uninvestable" until recently.

He has added positions in United Continental, Delta, and US Airways to take the $91m fund's weighting to the sector up to 20%. "I would not call airlines safe, but it is an example of where higher volatility equals lower risk," said Miller. "It has been an uninvestable industry because it has everything you do not want, such as higher regulation, and unpredictable input costs such as fuel...