Bill Miller IV
The Navigator
Judgement in the fog, money, risk and the call others cannot make.
Bill Miller IV, CIO and portfolio manager at Miller Value Funds, reads as The Navigator because he charts deliberate, data-anchored courses through market complexity instead of chasing momentum.
“And if you look at the relative valuation discrepancies today between smid value, and large growth. They're right at the same sort of extremes that occurred in 1999. And so you have same valuation extremes. You have compelling valuations on a lot of the small cap mid-cap value space. And you have an economic acceleration backdrop.”
“I think that's accurate as well. Yeah, and so one of the things that it's very easy to do is a value investor is see multiples coming down and a stock going down, you go, wow, this is way too cheap. The reality is that it could just keep going down because it's going down and people are selling it.”
“Yeah, right now I'm reading a book called The Mattering Instinct. By, I think it's Rebecca Goldstein, but it's a fascinating book on The mattering instinct, and it's about people's desire to matter and what that means So there's a lot of psychology in it, there's a lot of philosophy in it.”
“Well, so if you look at the introduction of running water In households, it took a hundred years for it to go from possibility to ubiquitous. Okay. And that was a clearly better technology than using an outhouse or boiling water to put it on Unite or whatever. So This is an entirely new idea.”
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