Bill Miller's latest letter to investors

Has Bill MIller been needlessly contrarian? He still has refused to put any money into energy stocks. Not only, is he not buying energy stocks, he's buying housing stocks nad has large exposure to financials. Consequently, on the year, he is trailing the S & P 500. He explains his reasons in his quarterly letter to shareholders of Legg Mason Value Trust.
I am not saying that Bill Miller has lost it. He is doing exactly what great value investors do; he's buying extremely cheap companies that others don't want and being patient. He readily admits to being very early on his housing stock buys. Also, he isn't convinced that we're in the midst of a secular bull market for energy. He shouldn't buy energy stocks because they've been the market leaders for the last five years. He should buy them because they are still cheap and are throwing off record amounts of cash.