When Sam Peters joined Legg Mason Capital Management as a portfolio manager in 2005, he described himself as an avid student of Bill Miller, the money manager who made himself famous by outperforming competitors with bets on undervalued stocks for more than a decade.

Student will become teacher at the end of April when Peter takes over Miller's role as chief investment officer of the Legg Mason Value Trust mutual fund, a position the investment veteran has held for almost three decades.