AES (AES), the global power company, is Miller's biggest single holding. It trades around 15, or for 12 times forward earnings. "It's had lots of ups and downs," Miller says. "It was one of our favorites in the 1990s but after the Enron collapse at the start of this decade, it fell out favor. But it is widely diversifying, including into wind and solar power, and most of its earnings are locked into growth contracts."

International exposuer as energy supplier. Will benefit from low interest rates and oil prices, offset by lowered demand.

Natural Gas Under valued

He said he also likes AES Corp. (AES) because it's willing to diversify into any kind of cost-effective energy source.

utility world wide

world wide power

stability

not allowed to say

growth energy

power generation globally

a dog

Major supplier of electrical power; legal and accounting problems have damaged the appeal of the stock.