Bill Miller Says Large-Cap Stocks Offer Once In A Lifetime Opportunity (XOM)

Noted investor Bill Miller, who manages the $4 billion Legg Mason Value Trust fund, said that large-cap stocks are significantly undervalued compared to bonds, and sees it as a "once in a lifetime opportunity." Compared to Treasury prices, Miller said that the largest U.S. equities are at their cheapest levels in nearly 60 years. U.S. largecapitalization stocks represent a once in a lifetime opportunity in my opinion to buy the best quality companies in the world at bargain prices," Miller wrote. "The last time they were this cheap relative to bonds was 1951. I was 1 year old then, but did not have then sufficient sentience or capital to invest."One company that Miller mentioned specifically was Exxon-Mobil (NYSE: XOM). Exxon shares currently trade at a seemingly cheap forward P/E of 8.65. The stock also has an attractive 3% dividend yield.