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To: Glenn D. Rudolph who wrote (148289)	9/30/2002 12:37:55 PM
From: H James Morris	Read Replies (2) \| Respond to of 164684

Bill Miller is having a tough year. Who isn't? >>Though bad-loan fears have been weighing on MGIC stock for more than a year, the Milwaukee company has enjoyed the backing of a loyal band of investors, most of whom consider themselves able to spot stocks that seem to have low valuations. This includes Bill Miller of the Legg Mason Value Trust, which as of June 30 had 6% of its $7.9 billion fund in MGIC. But bulls may have to rethink their positions after Monday, when the stock plunged $6.44, or 12%, to $48.79. It's quite feasible that MGIC could fall an added $15 if its problems persist, because distressed financial companies shouldn't trade much above the value of their equity, or assets minus liabilities. In MGIC's case, that's equivalent to about $32 a share. The company didn't return a call requesting comment