Was Bill Miller just lucky?

The WSJ says Bill Miller's Value Trust lost 58% over the past year, 20 percentage points worse than the S&P 500: "These losses have wiped away Value Trust's years of market-beating performance. The fund is now among the worst-performing in its class for the last one-, three-, five- and 10-year periods, according to Morningstar."

Efficient market guru's are no doubt saying something on the order of "I told you so:"