NEW YORK (CNN/Money) - Bill Miller is continuing to gamble.

At a Legg Mason year-end luncheon in New York on Wednesday, Miller talked about his latest stock purchases. And some aren't for the faint of heart.

Miller, whose Legg Mason Value Trust has beaten the S&P 500 11 years in a row and is on pace for a 12th, said he recently bought shares of Tenet Healthcare, the troubled hospital operator. Tenet has come under fire of late for aggressive Medicare billing practices as well as allegations that doctors at a California hospital owned by Tenet performed unnecessary surgeries.

Recent buys by Miller Stock  Price  % off high  Comcast  $23.46  42%  General Electric  $26.05  38%  Home Depot  $26.61  49%  Tenet Healthcare  $17.06  68%

In response to these problems, Tenet unveiled more conservative pricing policies last week. By doing so, the company had to lower its earnings outlook for 2003 and 2004. But Miller says the stock's drop, from $50 in October to about $17, is overdone. He thinks the stock is worth about $30.

Another risky bet for Miller is Comcast, which recently completed the acquisition of AT&T's cable business. The company is now the largest cable company in the U.S. but Comcast's debt load has ballooned to $30 billion as a result of the deal. Still, Miller thinks Comcast's stock will double within the next three years.

Miller also has recently purchased stakes in two blue chips that have had a rough year: General Electric and Home Depot. Miller described both companies as being above average quality at below average multiples.

GE's stock has tumbled more than 34 percent this year as the company's earnings outlook has weakened. But Miller likes GE's 2.8 percent dividend yield and its history of dividend increases.

Home Depot has plunged nearly 50 percent this year on concerns about its valuation and increased competition from rival Lowe's. Miller says he's encouraged by the company's strong balance sheet ($4 billion in cash and $1.3 billion in long-term debt).

Miller said that he bought these four stocks in the third and fourth quarter of this year but declined to be more specific.

He also discussed some of his longer-term holdings. He's still very bullish on Tyco, which he said is now the fund's largest holding. Miller says he thinks the stock is worth twice its current market value. And Miller says he's still a fan of Eastman Kodak, which had been struggling to adapt as digital cameras have gained popularity. Kodak recently hit a new 52-week high and has a dividend yield of 4.9 percent.