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Investors / stance tracking

What Bill Miller is saying

Founder, Miller Value Partners (retired)

75 dated public stances tracked since 2018-06-17, 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.

75
tracked stances
43
themes
0
side flips
2026-03-21
last heard
Returns  90d +5.4% (n=53) · 180d +3.1% (n=48) · 1y +22.2% (n=45)

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.

Most-argued themes

ThemeStancesLeanMixLast
BITCOIN1111 bullish2026-03-21
MSTR88 bullish2026-01-05
GOOGL31 bullish / 2 neutral2026-03-21
AMZN22 bullish2022-05-24
BHC22 bullish2022-05-24
BIDU22 bullish2022-05-24

Tracked stances

bullish / bearish is a view they argued; owns / short is a position they said they hold.

2026-03-21 BITCOIN bullish Bill Miller · video
Bitcoin is a functionally superior capital governance system to gold, with fixed supply and energy-backed unit creation, yet trades at a fraction of gold's market cap implying massive upside as adoption widens
“Bitcoin is still a massively undervalued technology...it's a functionally superior technology to gold”
90d -7.9%
Conviction Investing: Masters in Business with Bill Miller IV
2026-03-21 ENERGY bullish Bill Miller · video
Energy represents only 3-4% of market weight but will contribute 10-12% of free cash flow over the next year, is underloved, trades near marginal cost of production, and offers a cheap call option on ongoing geopolitical strife
“energy is underloved...a really cheap call option on global strife right now”
90d -8.7%
Conviction Investing: Masters in Business with Bill Miller IV
2026-03-21 GOOGL neutral Bill Miller · video
Google was a strong AI winner trading at a discount to Mag7 and the market on earnings/cash flow basis, but after the thesis played out the stock reached fair value and the position was exited
“it trades at a massive discount to the Mag7...yet it has all the distribution mechanisms for AI”
Conviction Investing: Masters in Business with Bill Miller IV
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 UTILITIES SECTOR bullish Bill Miller · video
Utilities are trading at 10-13x earnings with clear growth pathways driven by AI/data center power demand and chronic US energy undersupply, making them attractively valued with little downside 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
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”
Conviction Investing: Masters in Business with Bill Miller IV
2026-03-21 FINANCIALS SECTOR owns Bill Miller · video
Continued yield curve steepening should drive decent earnings growth for financial companies
“financials, we're still overweight...you're going to continue to see curves steepening”
Conviction Investing: Masters in Business with Bill Miller IV
2026-03-20 BITCOIN bullish Bill Miller · video
Bitcoin is functionally superior to gold as a capital denominator because it requires energy input to produce new units, has a fixed 21M supply, operates entirely outside fiat systems subject to political money-printing, and is still early in the education…
“Bitcoin is still a massively undervalued technology”
90d -10.8%
Conviction Investing: Masters in Business with Bill Miller IV | At the Money
2026-03-20 ENERGY bullish Bill Miller · video
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 -8.7%
Conviction Investing: Masters in Business with Bill Miller IV | At the Money
2026-03-20 GOOGL neutral Bill Miller · video
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
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
2026-03-20 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
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
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
2026-01-05 MSTR bullish Bill Miller · video
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 BITCOIN bullish Bill Miller · video
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
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
2025-08-19 GOOGL bullish Bill Miller · video
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
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
2025-07-28 BITCOIN bullish Bill Miller · video
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
2025-07-28 MSTR bullish Bill Miller · video
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 ETH bearish Bill Miller · video
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
2025-04-01 USTS bearish Bill Miller · video
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
2025-04-01 GME bullish Bill Miller · video
GameStop's Bitcoin treasury announcement signals innovation and capital redeployment; Ryan Cohen's meme-spreading influence and ~$3B+ cash position give it option value as a Bitcoin development company
“having a small weight in that at least the second it was announced makes a lot of sense”
90d +7.9% · 180d +20.3% · 1y +0.7%
Bill Miller IV on Investing in GameStop, MSTR and the Rise of Bitcoin Treasury Companies
2025-04-01 MSTR bullish Bill Miller · video
MicroStrategy has solved unique corporate finance problems to maximize Bitcoin accumulation, has first-mover advantage, and continues to innovate capital access at multiple risk levels, justifying its premium valuation
“I'm enormously bullish just in terms of you know Michael and what strategy's doing”
90d +32.2% · 180d +6.8% · 1y -59.8%
Bill Miller IV on Investing in GameStop, MSTR and the Rise of Bitcoin Treasury Companies
2025-04-01 BITCOIN bullish Bill Miller · video
Bitcoin is a long-term solution to monetary debasement, with a 16-year upward trend that skeptics fail to contextualize, and regulatory clarity under the current administration accelerating institutional adoption
“why is your base case a reversal in a 16-year trend instead of contextualizing that 16-year trend”
90d +25.7% · 180d +31.7% · 1y -20.0%
Bill Miller IV on Investing in GameStop, MSTR and the Rise of Bitcoin Treasury Companies
2025-03-31 GME bullish Bill Miller · video
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
2025-03-31 BITCOIN bullish Bill Miller · video
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
2025-03-31 MSTR bullish Bill Miller · video
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
2024-06-11 GBTC neutral Bill Miller · video
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
2024-06-11 BITCOIN owns Bill Miller · video
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
2024-06-11 BLDR bearish Bill Miller · video
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”
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
2024-06-11 MSTR bullish Bill Miller · video
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
2024-06-11 STLA owns Bill Miller · video
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
2024-06-11 CPNG bullish Bill Miller · video
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
2024-01-03 BITCOIN bullish Bill Miller · video
Every four years the Bitcoin halving cuts marginal supply in half, and since all pricing happens at the margin, price must rise unless demand collapses — making it a reliable recurring catalyst.
“there is a catalyst every four years for Bitcoin and it's not much more complicated than that”
90d +52.7% · 180d +46.7% · 1y +125.9%
"Wall Street Is Here And Bitcoin Is About To EXPLODE In 2024" Bill Miller IV
2024-01-03 COIN bullish Bill Miller · video
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
2023-12-24 BITCOIN bullish Bill Miller · video
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"
2023-12-24 MSTR bullish Bill Miller · video
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
2023-01-06 SPX bullish Bill Miller · video
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
2023-01-06 DAL bullish Bill Miller · video
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
2023-01-06 ALK bullish Bill Miller · video
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”
Airlines have catalyst to grow, says LMM's Bill Miller
2022-05-24 AMZN bullish Bill Miller · video
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)
2022-05-24 BITCOIN bullish Bill Miller · video
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)
2022-05-24 META bullish Bill Miller · video
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)
2022-05-24 BITCOIN bullish Bill Miller · video
Bitcoin's supply is algorithmically fixed and growing at ~1.7% annually while demand is structurally growing faster, making it a unique insurance policy against financial catastrophe, currency debasement, and government asset seizure
“I consider bitcoin basically an insurance policy against financial catastrophe of one sort or another”
90d -27.8% · 180d -45.1% · 1y -11.1%
RWH007: Investing Legend Bill Miller On Amazon, Bitcoin, & Buffett
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
2022-05-24 OMF bullish Bill Miller · video
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
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
2022-05-24 BHC bullish Bill Miller · video
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
2022-05-24 C bullish Bill Miller · video
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 -1.8% · 180d -5.2% · 1y -11.9%
RWH007: Investing Legend Bill Miller On Amazon, Bitcoin, & Buffett
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
2022-05-24 MSTR bullish Bill Miller · video
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
2022-05-24 SLG bullish Bill Miller · video
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)

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