Investors / stance tracking
What Bill Miller is saying
FollowFollowingUnfollowFounder, Miller Value Partners (retired)
86 dated public stances tracked since 2010-04-09, most recently 2026-03-21. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Bill Miller's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Bill Miller is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
Think we got something wrong? Report a misattribution — we correct it or take it down.
86
tracked stances
56
themes
1
side flips
2026-03-21
last heard
Returns 90d +5.3% 43% correct · 58 calls · 180d +7.9% 58% correct · 57 calls · 1y +22.9% 56% correct · 50 calls
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|---|---|---|---|---|
| 2026-03-21 | Big Tech | bearish | -25.6% | -22.1% | — |
| 2026-03-20 | ENERGY | bullish | -8.8% | +9.4% | — |
| 2026-03-06 | long DAL / long UAL / long AAL | basket | +22.7% | +22.7% | — |
| 2026-01-05 | MSTR | bullish | -22.5% | -38.8% | — |
| 2026-01-05 | BITCOIN | bullish | -26.5% | -32.8% | — |
| 2025-08-19 | GOOGL | bullish | +41.5% | +50.1% | +71.5% |
| 2025-07-28 | SOL | bearish | +4.2% | — | — |
| 2025-07-28 | MSTR | bullish | -26.8% | -60.2% | -76.2% |
| 2025-07-28 | ETH | bearish | -10.4% | +23.4% | +48.9% |
| 2025-07-28 | BITCOIN | bullish | -2.9% | -24.5% | -45.9% |
| 2025-04-01 | USTS | bearish | -1.0% | -2.8% | -3.5% |
| 2025-03-31 | MSTR | bullish | +40.3% | +13.3% | -56.7% |
| 2025-03-31 | GME | bullish | +9.3% | +21.9% | +3.2% |
| 2025-03-31 | BITCOIN | bullish | +31.4% | +32.9% | -17.3% |
| 2024-11-30 | BITCOIN | bullish | -12.5% | +9.5% | -6.3% |
| 2024-06-11 | STLA | owns | -27.7% | -36.1% | -48.5% |
| 2024-06-11 | MSTR | bullish | -19.8% | +134.9% | +149.1% |
| 2024-06-11 | CPNG | bullish | +1.3% | +5.9% | +27.8% |
| 2024-06-11 | BLDR | bearish | -15.8% | -23.3% | +20.3% |
| 2024-06-11 | BITCOIN | owns | -15.3% | +50.4% | +61.4% |
| 2024-01-03 | COIN | bullish | +61.5% | +53.3% | +69.0% |
| 2023-12-24 | MSTR | bullish | +207.3% | +145.7% | +450.1% |
| 2023-12-24 | BITCOIN | bullish | +48.8% | +48.9% | +120.1% |
| 2023-01-06 | SPX | bullish | +5.8% | +15.0% | +24.2% |
| 2023-01-06 | DAL | bullish | -6.5% | +34.7% | +16.1% |
| 2023-01-06 | CHS | bullish | -1.3% | +4.2% | — |
| 2023-01-06 | ALK | bullish | -7.2% | +18.5% | -16.4% |
| 2022-12-29 | long BITCOIN / short GOLD | pair | +31.2% | +39.7% | +70.0% |
| 2022-12-29 | BITCOIN | bullish | +70.5% | +84.7% | +153.2% |
| 2022-05-24 | TMHC | bullish | -1.4% | +4.5% | +62.7% |
| 2022-05-24 | SLG | bullish | -23.7% | -31.9% | -60.0% |
| 2022-05-24 | OMF | bullish | -9.2% | -4.1% | -0.4% |
| 2022-05-24 | MSTR | bullish | +38.9% | -18.6% | +47.3% |
| 2022-05-24 | META | bullish | -10.1% | -39.4% | +37.5% |
| 2022-05-24 | LEN | bullish | +14.8% | +17.0% | +52.4% |
| 2022-05-24 | GM | bullish | +9.5% | +12.5% | -7.7% |
| 2022-05-24 | GCI | bullish | -39.2% | -42.3% | -40.3% |
| 2022-05-24 | C | bullish | -1.7% | -5.2% | -11.9% |
| 2022-05-24 | BITCOIN | bullish | -27.8% | -45.1% | -11.1% |
| 2022-05-24 | BIDU | bullish | +13.6% | -18.3% | +2.9% |
Showing the 40 most recent of 58 scored calls.
View flips
Where the tracked view on a theme reversed between appearances — bullish to bearish or back. Dates are the episodes on each side of the turn.
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| BITCOIN | 12 | 12 bullish | 2026-01-05 | |
| MSTR | 6 | 6 bullish | 2026-01-05 | |
| AMZN | 3 | 3 bullish | 2022-05-24 | |
| USTS | 3 | 3 bearish | 2025-04-01 | |
| AAPL | 2 | 1 bullish / 1 bearish | 2022-05-24 | |
| GOOGL | 2 | 1 bullish / 1 neutral | 2026-03-20 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2026-03-21
SMALL/MIDCAP VALUE (SMIDVAL)
bullish
Bill Miller · video
Relative valuation gap between small/midcap value and large-cap growth is at 1999-level extremes, and with economic acceleration and a weaker dollar as backdrop, smidval faces a much lower hurdle to outperform over the next five to seven years
“relative valuation discrepancies today between smidval and large growth are right at the same sort of extremes that occurred in 1999”
Conviction Investing: Masters in Business with Bill Miller IV
2026-03-21
Big Tech
bearish
Bill Miller · video
Hyperscalers have eliminated incremental free cash flow margins by dumping capital into AI infrastructure, and the revenues required to justify that investment in five years exceed both the entire global SaaS market and the combined current Mag7 revenues…
“the total revenues required to justify all the investment is bigger than the combined revenue of Mag 7 today”
90d -25.6% · 180d -22.1%
Conviction Investing: Masters in Business with Bill Miller IV
Energy is only 3-4% of market weight but is likely to contribute 10-12% of market free cash flow over the next year, is under-loved and trading near marginal cost of production despite substantial geopolitical tail risks across Russia/Ukraine, Middle East…
“it's a really cheap call option on global strife right now”
90d -8.8% · 180d +9.4%
Conviction Investing: Masters in Business with Bill Miller IV | At the Money
Said again: 2026-03-21 (Bill Miller)
Bought at a discount to Mag 7 and the broader market on earnings/cash flow with full AI distribution and technology capability, but now fairly valued as massive AI CapEx erodes the incremental free cash flow margins that justified the original thesis
“that's probably fairly valued today”
Conviction Investing: Masters in Business with Bill Miller IV | At the Money
Said again: 2026-03-21 (Bill Miller)
2026-03-20
UTILITIES SECTOR
bullish
Bill Miller · video
Utilities are attractively valued at 10-13x earnings with clear growth pathways driven by structural domestic energy undersupply amplified by accelerating AI and data center power demand, with relatively little risk
“utilities are finally attractively valued again... we don't have enough energy in the country”
Conviction Investing: Masters in Business with Bill Miller IV | At the Money
Said again: 2026-03-21 (Bill Miller)
2026-03-20
FINANCIALS SECTOR
owns
Bill Miller · video
Continued yield curve steepening should drive decent earnings growth for financials
“we're still overweight... you're going to continue to see curve steepening”
Conviction Investing: Masters in Business with Bill Miller IV | At the Money
Said again: 2026-03-21 (Bill Miller)
2026-03-20
SMALL/MID-CAP VALUE
bullish
Bill Miller · video
Relative valuation discrepancies between small/mid-cap value and large growth are at 1999-level extremes, while economic acceleration and deregulation backdrop lowers the earnings hurdle for cyclical value names versus narrative-driven AI mega-caps over a 5-7…
“same valuation extremes... compelling valuations in a lot of the small cap mid cap value space”
Conviction Investing: Masters in Business with Bill Miller IV | At the Money
2026-03-06
long DAL / long UAL / long AAL
basket
Bill Miller · video
Major airline consolidation reduced industry from fragmented (12% max share) to top-3 carriers controlling 75% of capacity, structurally enabling positive free cash flow every year including through recessions — a permanent regime change from the prior…
“top three carriers control 75% of the industry”
90d +22.7% · 180d +22.7%
How Value Investing Can Create Multibagger Returns | Bill Miller | Stocks | Investment
2026-03-06
long VRX / long VRX
other
Bill Miller · video
Valeant has strong underlying businesses and cash flows but excessive leverage; asset sales plus ongoing free cash flow generation will deleverage the balance sheet and unlock equity value from $11 to $50-60 in 3-4 years, analogous to Tyco's multi-bagger…
“from the $11 level, we think it could be a $50 or $60 stock in three to four years”
How Value Investing Can Create Multibagger Returns | Bill Miller | Stocks | Investment
Regulatory clarity, institutional adoption (SEC, Jamie Dimon/blockchain), and improving technicals suggest Bitcoin has put in a higher base and is ready to break out to a new all-time high
“I personally expect it to break out to a higher high than its all-time high from the fall”
90d -26.5% · 180d -32.8%
I expect bitcoin will breakout to new high since fall 2025: Miller Value Partners' Bill Miller
Said again: 2026-03-20 (Bill Miller), 2026-03-21 (Bill Miller)
Strategy now trades at net asset value with positive leverage to Bitcoin, meaning it should outperform Bitcoin in a risk-on environment and could see premium accretion
“something that has positive leverage to Bitcoin should outperform Bitcoin”
90d -22.5% · 180d -38.8%
I expect bitcoin will breakout to new high since fall 2025: Miller Value Partners' Bill Miller
2026-01-05
FIGURE TECHNOLOGY SOLUTIONS
bullish
Bill Miller · video
Figure holds 75% market share in real-world asset tokenization with an $11B enterprise value against a trillion-dollar opportunity, and significantly lowers origination and servicing costs for banks, making it an asymmetric long-term value setup
“that's a really asymmetric setup. So, we love this from a long-term value”
I expect bitcoin will breakout to new high since fall 2025: Miller Value Partners' Bill Miller
2025-08-19
SMALL CAP VALUE / RUSSELL 2000
bullish
Bill Miller · video
Breadth thrust in Russell 2000 (90%+ up days) signals a major inflection point, and macro setup mirrors 2000-2006 when small cap value tripled while large cap growth lost 30%, making small cap cyclicals compelling now
“you want to actually own small caps cyclicals and you want to be very aggressive here”
Bill Miller IV: 'Absolutely' a believer in the market broadening
2025-08-19
MAGNIFICENT 7 / LARGE CAP GROWTH
bearish
Bill Miller · video
Mag 7 capex has surged from under a third to over 60% of operating cash flow with uncertain ROI, while valuations remain elevated relative to the rest of the market, creating an unfavorable risk/reward
“you've gone from under a third of operating cash flow in capex to now a much higher number over 60%”
Bill Miller IV: 'Absolutely' a believer in the market broadening
Alphabet trades at a discount to the market despite superior growth and moat, offering diversified AI exposure through its own models plus distribution assets including YouTube, Search, and Waymo
“Alphabet is the value investor's way to invest in AI when you look at the assets they have”
90d +41.5% · 180d +50.1% · 1y +71.5%
Bill Miller IV: 'Absolutely' a believer in the market broadening
Bitcoin solves the fiscal accountability problem that fiat currencies cannot — its fixed supply protocol and proof-of-work mechanism give it a durable first-mover advantage that competitors like Ethereum and Solana cannot overcome.
“Bitcoin already solved it. It's already got the liquidity, the attention, the momentum behind it to keep going.”
90d -2.9% · 180d -24.5% · 1y -45.9%
Ethereum won't 'win' at the end of the day, says Miller Value Partners' Bill Miller
Strategy (MicroStrategy) and similar Bitcoin treasury companies will outperform as bond and equity managers increasingly seek Bitcoin-linked exposure, creating a snowballing demand dynamic for leveraged Bitcoin accumulation vehicles.
“In 20 to 30 years, every company might be a Bitcoin treasury company.”
90d -26.8% · 180d -60.2% · 1y -76.2%
Ethereum won't 'win' at the end of the day, says Miller Value Partners' Bill Miller
2025-07-28
SOL
bearish
Bill Miller · video
Solana, like Ethereum, is a proof-of-stake blockchain that concentrates power with large stakeholders and solves no real problem that Bitcoin has not already solved, making it structurally inferior in the long run.
“If you think about what problem these other technologies solve, the answer is really nothing at all.”
90d +4.2%
Ethereum won't 'win' at the end of the day, says Miller Value Partners' Bill Miller
Ethereum's recent price pop is a regulatory-clarity-driven temporary boost, but its proof-of-stake governance replicates existing societal power structures and does not represent a true technological revolution, so it will not win long-term.
“I don't think in the end of the day they're going to win.”
90d -10.4% · 180d +23.4% · 1y +48.9%
Ethereum won't 'win' at the end of the day, says Miller Value Partners' Bill Miller
Companies facing secular business decline can use excess cash to buy Bitcoin as a store of value, preserving purchasing power against explicit 2%+ annual monetary debasement policy
“take 2% of everything you have and stick it in the thing that the goal is for that not to happen”
90d -1.0% · 180d -2.8% · 1y -3.5%
Bill Miller IV on Investing in GameStop, MSTR and the Rise of Bitcoin Treasury Companies
Bitcoin trades at one-tenth of gold's market cap despite superior functional characteristics — auditable, non-confiscatable, fixed supply protocol — while only ~200M of a potential 8B users own it, implying massive runway as it displaces gold as the…
“Bitcoin is an entirely different neighborhood... it trades at one-tenth the value of gold and it's got a lot better functional characteristics”
90d +31.4% · 180d +32.9% · 1y -17.3%
The Bill Miller IV Interview: Bitcoin as the Global Denominator of Capital | The Culture Bit
Said again: 2025-04-01 (Bill Miller)
Strategy (formerly MicroStrategy) commands a justified premium because it was first to solve the corporate finance problem of moving large fiat capital into Bitcoin, has compounding network effects, and continues to innovate across the full capital structure…
“I'm enormously bullish just in terms of Michael and what Strategy's doing”
90d +40.3% · 180d +13.3% · 1y -56.7%
The Bill Miller IV Interview: Bitcoin as the Global Denominator of Capital | The Culture Bit
Said again: 2025-04-01 (Bill Miller)
GameStop's announced Bitcoin treasury strategy paired with Ryan Cohen's proven meme-distribution reach and a multi-billion dollar cash balance plus $1.3B convert issuance creates an asymmetric tail on a small position, as corporate Bitcoin adopters have…
“having a small small weight in that at least the second it was announced makes a lot of sense”
90d +9.3% · 180d +21.9% · 1y +3.2%
The Bill Miller IV Interview: Bitcoin as the Global Denominator of Capital | The Culture Bit
Said again: 2025-04-01 (Bill Miller)
Bitcoin's supply is fixed at ~21 million coins growing at ~1.5% annually toward zero while demand should grow faster than that rate, making it the only monetary asset whose scarcity is unaffected by price; it also functions as insurance against government…
“I consider Bitcoin basically an insurance policy against Financial catastrophe of one sort or another”
90d -12.5% · 180d +9.5% · 1y -6.3%
Buffett, Munger, Bitcoin & More! w/ Ray Dalio, Bill Miller, Chris Davis & Michael Berg (RWH052)
Bitcoin is the world's first automated distributed transparent ledger monetary technology, with only ~$1.5T market cap versus a ~$1 quadrillion global fiat capital market, representing enormous upside as it gains share in global monetary accounting
“when we need liquidity or you're looking to buy something we sell anything but our Bitcoin”
90d -15.3% · 180d +50.4% · 1y +61.4%
Interview with Bill MIiller IV of Miller Value Partners
Bought GBTC at a 50% discount to NAV which has closed post-ETF approval, but now stuck due to large tax consequences despite above-market fees making it a suboptimal long-term hold
“it's not a great situation but they know there's people like me that aren't going to sell when they do the math”
Interview with Bill MIiller IV of Miller Value Partners
MicroStrategy is the largest corporate Bitcoin holder with optionality to build financial services on top of that scarce asset base, acts as a Fiat-conversion machine issuing equity at a premium to buy more Bitcoin, and is run by an aligned insider-owner
“there's potentially enormous optionality tied to being the largest owner of that scarce asset”
90d -19.8% · 180d +134.9% · 1y +149.1%
Interview with Bill MIiller IV of Miller Value Partners
Builder FirstSource was trimmed after valuation expanded significantly from original purchase, free cash flow yield compressed to high single digits, buyback pace slowed, and near-term cash flows are declining — no longer the bargain it once was
“it's no longer represents kind of the bargain it did at a much higher free cash flow yield”
90d -15.8% · 180d -23.3% · 1y +20.3%
Interview with Bill MIiller IV of Miller Value Partners
2024-06-11
UTILITY SECTOR (US)
bullish
Bill Miller · video
US utilities trade at a historically large discount to the S&P 500 at a time when realized and implied volatility are both very low, suggesting investor complacency and creating a valuation opportunity
“the utility space trades at a really big discount to its history relative to the S&P 500 at a time when realized volatility is super low”
Interview with Bill MIiller IV of Miller Value Partners
Stellantis trades at approximately 2x EBIT, which is deeply undervalued for a well-run automaker with strong capital returns and buyback program
“we own Stellantis at two times EBIT, yeah it's a beautiful thing”
90d -27.7% · 180d -36.1% · 1y -48.5%
Interview with Bill MIiller IV of Miller Value Partners
Coupang trades at a free cash flow yield above bonds with net cash, rapid growth trajectory, and dominant market position that could exceed Amazon's scale, while valuation is at historical Amazon trough levels
“the free cash flow yield on Coupang is now higher than it is on bonds and this thing's gonna grow and be dominant”
90d +1.3% · 180d +5.9% · 1y +27.8%
Interview with Bill MIiller IV of Miller Value Partners
Coinbase provides broad-based exposure to the entire crypto ecosystem without requiring investors to pick individual winning altcoins, as it will have a hand in all of them.
“Coinbase is a really good way if you want broad-based exposure to do that”
90d +61.5% · 180d +53.3% · 1y +69.0%
"Wall Street Is Here And Bitcoin Is About To EXPLODE In 2024" Bill Miller IV
2024-01-03
Crypto Other
bearish
Bill Miller · video
Altcoins are effectively venture capital in disguise — unproven teams building untested technology where most will go to zero due to path dependence favoring Bitcoin.
“most of them will be zeros, you know, from an investment perspective”
"Wall Street Is Here And Bitcoin Is About To EXPLODE In 2024" Bill Miller IV
Bitcoin halving cuts marginal supply in half every four years while demand grows through institutional adoption and potential ETF approval, making a price increase mathematically inevitable
“when the marginal supply gets cut in half only one thing the price goes up”
90d +48.8% · 180d +48.9% · 1y +120.1%
Bill Miller Interview-2023 Confident! Institutions Will Buy Loads of Bitcoin in January"
Said again: 2024-01-03 (Bill Miller)
MicroStrategy trades above Bitcoin NAV allowing Michael Saylor to accretively issue shares and buy more Bitcoin, creating a mathematically compounding flywheel plus long-term optionality as the largest corporate Bitcoin holder
“we love that as a way to get exposure”
90d +207.3% · 180d +145.7% · 1y +450.1%
Bill Miller Interview-2023 Confident! Institutions Will Buy Loads of Bitcoin in January"
2023-12-24
STABLECOINS
bearish
Bill Miller · video
Stablecoins rely on a central entity's promise of value and face US government opposition, making them structurally inferior to and competitively threatened by Bitcoin
“stable coin is not something we own it's not something we've seen any reason to own”
Bill Miller Interview-2023 Confident! Institutions Will Buy Loads of Bitcoin in January"
2023-01-06
US AIRLINE SECTOR
bullish
Bill Miller · video
Consolidated oligopoly structure with ~80-85% market share among top carriers, incentive structures now based on return on capital, stocks are cheap, and GDP acceleration provides a near-term catalyst for unit revenue and stock prices
“you've got cheap stocks with the catalyst in place”
Airlines have catalyst to grow, says LMM's Bill Miller
After the 2022 selloff, valuations are cheap enough that a random selection of stocks is likely to do well over a 1–1.5 year horizon, similar to 1939 post-crash opportunities
“if you throw 15 darts at the market right now I think you're gonna do quite fine”
90d +5.8% · 180d +15.0% · 1y +24.2%
I'm just trying to figure out where there are cheap stocks out there, says Bill Miller III
Delta trades at a 15% free cash flow yield, is returning 75% of FCF to shareholders, and has near-term catalysts in unit revenue turning positive in 3-6 months plus accelerating GDP growth
“Delta has a 15 free cash flow yield if it were a high yield bond it would be double the current price”
90d -6.5% · 180d +34.7% · 1y +16.1%
Airlines have catalyst to grow, says LMM's Bill Miller
2023-01-06
CHS
bullish
Bill Miller · video
Chico's trades at less than 3x normalized cash flow and is undergoing a meaningful turnaround with strong management, making it deeply undervalued relative to earnings power
“they trade at less than three times our estimate of normalized cash flow”
90d -1.3% · 180d +4.2%
I'm just trying to figure out where there are cheap stocks out there, says Bill Miller III
Alaska Airlines is a high-quality operator that has consistently earned above cost of capital with a protected route structure, but trades at a premium to peers partly due to takeover speculation, making it less attractive on valuation
“Alaska is a high quality name that's more expensive than the other one”
90d -7.2% · 180d +18.5% · 1y -16.4%
Airlines have catalyst to grow, says LMM's Bill Miller
2022-12-29
long BITCOIN / short GOLD
pair
Bill Miller · video
Bitcoin is strictly superior to gold as a store of value because its supply is truly fixed regardless of price, it cannot be confiscated, and it has massively outperformed over 10 years, making gold redundant as a catastrophe hedge
“Bitcoin has gone from a nickel to fifty seven thousand dollars so why would I own gold”
90d +31.2% · 180d +39.7% · 1y +70.0%
Legendary investor Bill Miller explains why 50% of his net worth is bitcoin
Bitcoin's fixed 21M supply is unaffected by demand (unlike gold), so any growth in demand as digital store of value and financial insurance against currency collapse drives prices higher inexorably
“all you have to really believe is that the demand for Bitcoin will grow faster than one and a half percent”
90d +70.5% · 180d +84.7% · 1y +153.2%
Legendary investor Bill Miller explains why 50% of his net worth is bitcoin
Amazon is dominant in its space, generates positive free cash flow under virtually any circumstance, and at ~$2100 trades at a 40%+ discount to its recent high of $3500, making it one of the most attractive opportunities in the market
“I think Amazon you know easily be up…2100 2200…the high was 3500 3600 so that's 50 percent up to get back”
90d +28.0% · 180d -11.2% · 1y +12.2%
Legendary Investor Bill Miller: Signals to Buy Stocks (RWH007)
Said again: 2022-05-24 (Bill Miller)
Bitcoin's supply is permanently capped at 21 million coins with growth slowing toward zero, while demand continues to grow, making it an insurance policy against financial catastrophe and currency debasement that no other asset can replicate
“I consider Bitcoin basically an insurance policy against Financial catastrophe of one sort or another”
90d -27.8% · 180d -45.1% · 1y -11.1%
Legendary Investor Bill Miller: Signals to Buy Stocks (RWH007)
Said again: 2022-05-24 (Bill Miller)
Meta (Facebook) is a very cheap stock and a major personal and fund holding; Miller would put 10% in it as part of a concentrated portfolio alongside Amazon and Google
“you could put 10 in Facebook or Alibaba or Google for example”
90d -10.1% · 180d -39.4% · 1y +37.5%
Legendary Investor Bill Miller: Signals to Buy Stocks (RWH007)
Said again: 2022-05-24 (Bill Miller)
2022-05-24
SI
bullish
Bill Miller · video
Silvergate is the premier bank serving the crypto ecosystem, already regulated under banking law (solving the stablecoin regulatory risk), owns the former Facebook/Meta Diem payments technology, and at ~$60 is an absolute bargain having pulled back sharply
“Silvergate by the way in the 60 range I think is an absolute bargain”
RWH007: Investing Legend Bill Miller On Amazon, Bitcoin, & Buffett
One Main Financial is a subprime lender with an 8% dividend yield, trades at 5x earnings (should be 10x), and benefits from rising wages and inflation which improve borrower credit quality
“One Main Financial... has an eight percent dividend yield it's secure in my opinion and it trades at five times earnings”
90d -9.2% · 180d -4.1% · 1y -0.4%
RWH007: Investing Legend Bill Miller On Amazon, Bitcoin, & Buffett
Said again: 2022-05-24 (Bill Miller)
2022-05-24
TMHC
bullish
Bill Miller · video
Taylor Morrison trades at 2.9x current year earnings with 20%+ ROE and is buying back stock; home prices would need to fall 30-40% to impair it, which is unlikely given a structural 4-million-home shortage
“Taylor Morrison... trades at 2.9 times this year's earnings... with a basically a 20 plus percent return on equity”
90d -1.4% · 180d +4.5% · 1y +62.7%
RWH007: Investing Legend Bill Miller On Amazon, Bitcoin, & Buffett
Said again: 2022-05-24 (Bill Miller)
Bausch Health trades at 2.1x earnings with a market cap of ~$3B, while its 90% ownership of the Bausch+Lomb eye-care spinout alone is worth more than the entire current market cap, creating a situation where you get the core business essentially for free
“Their 90 ownership of that is worth more well more than what the current stock is trading for”
90d -39.7% · 180d -25.2% · 1y -10.8%
RWH007: Investing Legend Bill Miller On Amazon, Bitcoin, & Buffett
Said again: 2022-05-24 (Bill Miller)
Citibank trades at ~45% of tangible book value (~$45 vs ~$70 TBV), and the tangible book at Citi is 'pretty tangible' and predictive of underlying asset value, implying deep undervaluation
“Citibank got like about 70 tangible book value and today it's 45”
90d -1.7% · 180d -5.2% · 1y -11.9%
RWH007: Investing Legend Bill Miller On Amazon, Bitcoin, & Buffett
Said again: 2022-05-24 (Bill Miller)
2022-05-24
GCI
bullish
Bill Miller · video
Gannett, the largest US newspaper company at $3.70, is converting from high-fixed-cost print to digital and paying down debt; the digital transition trajectory points to a $20 target in 3-4 years as debt disappears and free cash generation improves
“We think gannett... can be 20 bucks in three or four years”
90d -39.2% · 180d -42.3% · 1y -40.3%
RWH007: Investing Legend Bill Miller On Amazon, Bitcoin, & Buffett
Said again: 2022-05-24 (Bill Miller)
MicroStrategy at ~$160 is trading at the pre-Bitcoin-purchase value of its core profitable business intelligence software, meaning the Bitcoin treasury (~129,000 BTC protected down to ~$3,800/BTC on the loan) is effectively free
“That price 160 now is where microstrategy traded before they started to buy bitcoin”
90d +38.9% · 180d -18.6% · 1y +47.3%
RWH007: Investing Legend Bill Miller On Amazon, Bitcoin, & Buffett
Said again: 2022-05-24 (Bill Miller)
Silvergate Capital is the premier bank serving the crypto ecosystem, acquired Meta's DM payments technology for $182M and will use it to launch a regulated stable coin, yet trades around $60 vs. $10 before its crypto pivot, and at current levels near $60 is…
“silvergate…in the 60 range I think is an absolute bargain”
90d -23.7% · 180d -31.9% · 1y -60.0%
Legendary Investor Bill Miller: Signals to Buy Stocks (RWH007)
Lennar and other quality homebuilders trade at roughly 3x earnings versus a 10x historical average while buying back stock aggressively, as a 4-million-home supply shortage keeps prices from falling the 30-40% needed to hurt them
“home builders should typically trade at ten times average earnings so it's 2.9 times average earnings”
90d +14.8% · 180d +17.0% · 1y +52.4%
Legendary Investor Bill Miller: Signals to Buy Stocks (RWH007)
Baidu is a dominant Chinese internet company trading at a steep discount to US equivalents; regulatory headwinds are easing as President Xi has signaled support for Chinese national champion tech companies
“Charlie Munger... says they're great companies and they're a lot cheaper than the US versions”
90d +13.6% · 180d -18.3% · 1y +2.9%
RWH007: Investing Legend Bill Miller On Amazon, Bitcoin, & Buffett
Said again: 2022-05-24 (Bill Miller)
General Motors trades at 5x earnings with every car pre-sold, improving margins from EV transition, strong CFO, and even Cathie Wood has started buying, suggesting deep undervaluation
“General Motors is five times earnings they're every car they make is already pre-sold”
90d +9.5% · 180d +12.5% · 1y -7.7%
Legendary Investor Bill Miller: Signals to Buy Stocks (RWH007)
Said again: 2022-05-24 (Bill Miller)
Apple is expensive relative to its trend line and has broken down technically, suggesting more downside ahead compared to other stocks that have already corrected
“I think Microsoft's expensive I think Apple's expensive Apple broke down today”
90d -19.6% · 180d -5.8% · 1y -23.2%
RWH007: Investing Legend Bill Miller On Amazon, Bitcoin, & Buffett
Real rates remain sharply negative relative to headline inflation and the Fed is shifting to active tightening and balance-sheet runoff, leaving no value in the bond market
“i don't think the bond market is attractive at all”
90d +7.0% · 180d +5.0% · 1y +11.1%
Billionaire BILL MILLER On BITCOIN Will See Massive Adoption AFTER THIS
2022-01-12
long BITCOIN / short GOLD
pair
Bill Miller · video
Bitcoin has been the best-performing asset class for 10 years while gold has declined over the same period, making Bitcoin the superior store-of-value and inflation/confiscation hedge; gold should be replaced or supplemented with Bitcoin in any portfolio that…
“gold in the last 10 years has gone down; in the last 10 years bitcoin is the best performing asset category in the world”
90d -8.2% · 180d -24.6% · 1y -30.3%
Billionaire Investor Legend Bill Miller - There Is No Other Asset Like Bitcoin
Showing the 60 most recent of 86 tracked stances.
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