YouSaid · the spoken record

Bill Miller IV

lines on the record: 75
first: 2026-03-20
most recent: 2026-03-20
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Well, you know, we were talking about books earlier. Personally, I think that the best book on personal finance is the psychology of money. By Morgan Houselad, anyone that gets a bank account should be required to read that and just internalize the concepts. I know if you've been in the industry a while, not all of it's new, but a lot of it's a really good reminder on how you should behave to create wealth over the long term for yourself.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Investing is about optionality and creating more options for yourself down the road. And so anytime you can invest in yourself and create additional options is a good thing to do.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“I do golf. So that's something I've just started taking. I'm terrible. You know, I'm an 18 handicap. High variance, 18 though, so I can have some pretty good days. But it's interesting because there's a similarity to investing in golf, which is golf, so you get better at golf by narrowing your misses And I think that's also true with investing. If you start narrowing the misses, it's a way to get better.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“That's one of my things I don't really do Is Netflix? No Netflix. No, I'll watch competitive events. I'll watch sports. I'll watch an occasional stand-up comedy show, but I don't watch the series.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. And I have read that, and that's a phenomenal book as well. It's just good to have more modern stories that you can relate to.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“It's good advice. And I mentioned that to my dad because he sees me reading it. And he's like, haven't you ever read Marcus Aurelius' meditations? This is not a new idea.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Last year, right? So I can sum that one up pretty succinctly, and it's focus on what you can control and don't let anything else get to you.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“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. The basic premise is that we're all just trying to overcome entropy. So the tendency for disorder and systems to increase and we're all going to die eventually. I was going to say it's a losing battle, but while we're here, let's do something interesting, right? So that's what I'm reading now. I just read prior to this, Let them, the Mel Robbins book.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“An individual mentor, but just one liner from business school that I remember over the years. So that line I gave you earlier about Ken French and how long it takes for a manager to prove whether or not his work is statistically valuable or not. The other one liner he told us is never pay a load for a mutual fund. He said, if there's one thing you take away from my class, it's never pay a load on an investment fund, and that's certainly still true today.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“So he was a very smart guy, generous to a fault. One of my favorite stories about him and him and my dad were hanging out for lunch one day downtown Baltimore and a homeless person comes up and says, starts with the story I haven't eaten in this many days and blah blah blah. And Mr. Keeney sits there listening to it and he gets out his wallet. He gives her, you know, I think it was like a $50 bill, certainly inflation adjusted. He says, oh, ma'am, you're just go get yourself some hot soup, take care of yourself. And she looks at it, she looks back at him. She looks at it. She goes, the hell with soup. I'm going to get me some whiskey. But, you know, so he was incredibly generous human being, contributed a lot to animal welfare stuff. I'm a big believer in animal welfare causes. So he was an influence on me. I can also think of a handful of times just from business school that not necessarily”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Wow. So Mr. Keeney was my dad's original business partner. He's a fascinating human. Worked until the day he died, I think 92. Wow An incredibly nice human being. I don't think I ever said a bad word about anyone. One of the things that was so interesting to me about Mr. Keeney is he didn't start his career at Leg Mason in research until he was 50. So, you know, a lot of people, young people think, oh, here I am. I'm locked in this career. There's always time to switch. And then he hopped over at 50 to start this role where he had a prolific career and influenced a lot of people and did that for 40 something years.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. So I think the 2% is, I know it was thrown out there, but I think it actually has to be higher over the long term to kind of make the math work for most people.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. Well, I mean, if you think about the fact that most consumers overwhelming saving vehicle is their home, okay, what's the blended rate on mortgages right now out there that's just in the system? More than F? Yeah. Well, so if house prices in the aggregate don't appreciate by more than that interest rate, right, people are going broke in their primary savings vehicle. So housing actually does need to increase in value over a long period of time, or people slowly go broke.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. And so that's why huge growth had the run it did because capital had no opportunity cost. And now if you look at where we are with mortgages at 6% and capital actually has a cost again, it has major implications for the kinds of assets that are likely to do well in the future. And it comes back to the whole theme we talked about earlier around smid value, more capital intensive things, potentially having a better decade now that capital has a cost again.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“2010 roughly and call it 2020 or so. And so that has an enormous implication, I think, for the way all kinds of different assets perform. And I think that's why massive growth had the run it did over the past decade, right? Because when capital has no cost, you're willing to look out a huge distance.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think one really big picture change sort of going back over the past decade to today is coming out of the financial crisis, capital effectively had no cost. I mean, you saw the insane amount of money printing that occurred, but that's because that was to offset a huge hole in CapEx that had gone into housing that wasn't necessarily needed, right? And we had to work that out from a demand supply-demand perspective, and we've now done that. But if you go back and read what the Fed said, there was a study that came out of, I think, the San Francisco Fed, where they used computers to look at the language that was used in meetings about how to set rates. And what they found was that the 2% inflation number that's kind of the bogey, supposed to be a quote-unquote symmetrical goal, it wasn't symmetrical at all the way they were setting rates for between 2020.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know if it's fear just as much as the ability to cover so much more ground in the same amount of time or less. It's just a super powerful technology, and we use it a lot”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“At the moment, we have ChatGPT and Gemini going for business, both for business, and then we're also adding Claude here soon.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's an enormous time saver, and it's not necessarily always a time saver on the investment front, although it often is. It can just be a time saver personally. Like if you have an interpersonal issue that is weighing on you, sometimes you throw it into AI and you get a better answer than you could have gotten from asking your three closest friends and move on. So if you're thinking in units of time, it's a huge time saver for me personally. I think a lot of life is about asking the right questions. And you got a pretty good set of answers there or method for answering questions you pointed out earlier. It can be wrong often and you have to consider that. But it's got a lot of good perspectives in there that can bring to bear on a lot of different things.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. And you have to match the investment process to your IP. So, you know, for us, thinking that the edge is on the 37th page of the Excel spreadsheet is just not realistic, right? Or if you're Fidelity and you got a guy that's been following a certain industry for a long period of time and really understands the nuances of every single company and what could change, that might make sense, but it just depends on what you're trying to do and you have to match up those two things.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“The more likely you are to underperform it, right? Because you're just layering higher fees on something that looks more like the benchmark. So we're very comfortable taking bets entirely outside of the index with the obvious caveat that there are going to be periods when we're going to underperform meaningfully just because we're taking entirely different risks and there'll be some periods where we outperform by a lot. So I think that's really the only way to do it.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, that's a good way of putting it. I mean, if you consider that most stocks underperform the index for their lifetime in it. It's an interesting exercise to come at it from the entire other side and just say, okay, what are the 10 to 15 names that you think have the highest probability of actually outperforming instead of effectively what most active managers do is they have these risk constraints and they can only overweight certain”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“And that should be a decent earnings growth in those. I think utilities are finally attractively valued again at 10 to 13 times earnings in a lot of cases with very clear growth pathways and I'd say little risk. You know, we don't have enough energy in the country and utilities are pretty attractive here.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, they are. They've started to turn up, and energy has done well over the past few weeks. It could continue to do really well. So that's why we're overweight energy.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know if it's that large, to be honest, that gap. And so, you know, energy is under love. It's underperformed for so long. It's not the best industry from a capital allocation alignment perspective, but it's gotten a lot better over the past few years. And I think you can see those types of stocks do really well. Sadly, I do think it's a really cheap call option on global strife. Right now, energy prices, you know, they're pretty bouncing pretty close to marginal cost of production, which is shocking.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think that those snapbacks can be violent, right? We actually had one of our research providers recently call SmidCap Value a quote-unquote inferior asset class. I mean, that sounds like capitulation to me. There's a lot of underloved stuff out there that's really interesting. Energy is interesting to me right now. If you look at its weight in the market, it's three or four percent. But if you look at its free cash flow contribution over the next year to the market, it's going to be 10 to 12 percent most likely.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“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. So that means that a lot of more cyclically oriented things, value-oriented names that are care more about what's going on in the economy. There's a much lower hurdle rate for those guys to exceed the expectations embedded in the valuations, right, over the next five to seven years than there are in the massive AI space.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think aspects of the current environment remind us of 1999, right? So you've had a narrative-driven performance led by AI. You have a very narrow market for the most part with MAG-7 leading huge returns to momentum, momentum factor last year. But then if you look at the actual macroeconomic backdrop, you're seeing deregulation. You are seeing Weaker dollar, and you're seeing economic acceleration potentially in the US. And so when you think about all those things combined and you look at what happened between call it 1999, 2000 all the way until 0607. You had the market go effectively nowhere for seven years. I mean, it went down and bounced around, right? Because I think valuation heading into that period was very high. But what did really well during that period? Actually, small mid-cap value”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's a potentially high signal source of information. So in the aggregate doesn't necessarily guarantee it? No, but if you can contextualize and say, okay, this CEO is really smart. He's done this sort of thing in the past. He has a plan for this company. Here's what it's looking like. And he just put a huge amount of personal capital in. That can be a really good thing.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. But it's a first principles-based approach. So one of the things we pay special attention to, I think more so than most and can be opportunistic about moving on it is insider activities. So when you see a big insider buy, if you can then reverse.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think there always has to be a quantitative value perspective and anything we're buying and thinking about, often from a total addressable market perspective versus the current valuation. One of the big themes for us also is alignment. So we want to see managers actually using their cap. So it's capital allocation alignment. So are they using their capital in ways that align with our view of the stock? Are they buying back a lot of shares if it's mispriced? Hopefully yes. Are they aligned with you as a manager of the company, you know, principal agent conflict is one of the biggest sources of value destruction. You can possibly imagine. And so that's important to us as managers. We are the biggest investors in our own funds as well. Oh, really?”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“In revenues five years out. They're so substantial. Number one, they're bigger than the entire software as a service business right now globally around the world. And number one, number two, the total revenues that are required to justify all the investment that's gone in is bigger than the combined revenue of MAG-7 today. And those companies have been scaling for $30 to 40, 50 years in some cases. And so you got to find that in five years to make all this investment worth it. And if you think about the structural the way it works, it's all this CapEx investment up front. And then it's very little marginal cost, right? So you potentially have a race to the bottom on pricing on the top line in a few years as well. So that gives us a little bit of pause whether or not it's right. Who knows?”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly, and they had a ton of funding to build it with. And Waymo and all these other, you know, YouTube, all these other insane businesses and was trading at a discount to the market. It just didn't make any sense. So we bought that. That's probably fairly valued today, I think. And obviously one of the classic mistakes is selling things too early. Could it continue to compound? Yes. But if you look at why the whole MAG-7 hyperscalers have done so well over the past two to three years, the answer has been, well, they're number one growing faster than everything else. And number two, they've got these huge incremental free cash flow margins. But if you look at what's been going on recently, they don't really have big incremental free cash flow margins anymore because they're dumping so much money into the AI space that there really is no free cash flow. And now you're betting on it materializing down the line. So where we take the other side on the AI situation is if you actually look at the dollars required to be found.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Did and we actually got the, I think the investment thesis right. Hopefully, we got the exit right. But the thesis there was, okay, here's Google. This should be a huge AI winner. Everyone was concerned about their search business at the time and AI replacing search. And our position was hold on, this trades at a massive discount to the MAG7. It trades at a discount to the market on an earnings and cash flow basis. Yet it has all the distribution mechanisms for AI. They're in seven out of ten phones globally.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“It depends. So, I mean, we just know you don't like to talk about short-term stuff and market related things, but we just eliminated our Google position a few days ago Right, so we”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“We don't always, unfortunately And just because something is undervalued doesn't mean that other people are going to agree that it's undervalued. So I think that's an important thing to keep in mind too. And it's important to use the markets to help you figure out how to change your position sizes because sometimes you start legging into something and it just keeps going down. You should probably heed the market's feedback a lot of the time relative to your own positions and their sizes. So one of the key reports that my dad looked at every day I still look at every day is our daily performance report. And basically it just says the entire portfolio ranked by weight and then how it's done over the past, how each name has done over the past day, week, month, quarter, six months, year.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“The investment thesis completely changed with the latest earnings report or something went out the window, and then we'll have an ability to either add something new or bump something up. But it's always about constantly looking for new ideas that could be undervalued and then trying to figure out the right way to weight them. Because as unconstrained investors, all of our torque is in a position sizing in the weights. So we made a lot of mistakes and oftentimes the answer to those mistakes is sitting right in our portfolio. You know, it almost always is. We should own more of that and less of that. So I spend a lot of time just going through the portfolio and figuring out where the relative weights should be. But I would say at a high level, probabilistic fundamental value.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think a lot of it starts with the appreciation that most assets are efficiently priced, right? So we have a portfolio of things that we believe are undervalued. And so all day, every day, we're constantly running through screens, we're reading research, we're looking at price movements, we're looking at insider action a lot of the time when insiders are buying or selling to potentially point something out to us. But then we have to then, once we identify something that looks interesting, it has to then be better than what else we have in the portfolio. So we have a group of things that we own and like, but at the same time, we're constantly comparing new ideas to see if it can be a fit coming to the portfolio. And so how we make changes is going to be obviously directly relevant to that thesis. In some cases, we'll have a name that”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“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. And you have to be able to read that on the chart. And when the volumes change and when the investor behavior changes. So it teaches you to look at investor behavior. It teaches you how to figure out what other investors are thinking based upon. Price trends in action and volume, and it's been a really valuable skill set and complement to the CFA.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so the analogy I make is if the CFA teaches you to play your cards on the poker table, the CMT teaches you to play the other players at the poker table. And that one of the interesting things about the CMT is number one, it takes a lot less time than the CFA. But number two, I use that in some of the teachings from that more often now than I use the CFA.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and so I think that taught me, you know, to run one of these businesses, you obviously want to have some extra gas in the tank at all times. You don't want to run it too thin from an operating capital perspective if you want to build it for the long term. And so it's a good idea to keep those fixed costs lower than you might even anticipate.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Wow, start with a hard hitting question here. So as you point out, I joined right at the top. I think when I joined capital management, there were roughly 150 people working there. And then by the time capital management merged with Clearbridge, There were a substantially fewer number of people working there just because Assets flew out the door, performance struggled, and that could be a pretty ugly compounding effect on an asset manager. For sure. By the way.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“And people may not come around to that view, but from my perspective, the quantitative inevitability of the technology is pretty compelling. When you look at just the Bitcoin versus gold, right? Gold's done amazing in the past year. I get it. It's a deep part of the debasement trade. Bitcoin hasn't. But when you think about, you know, if gold is the predominant check and balance on fiat's a lack of accountability, and then you look at the functional attributes of Bitcoin, it's so far superior to gold.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and I think you bring up a good point with regard to the United States and the deficit's not making a big impact. And that's because we are the best house in a bad neighborhood from a fiat perspective. I mean, we have the reason America is the most desired place to be from an immigration perspective. I think we have multiples the number of immigrants as the next four closest countries combined. Again, that comes down to stability of process, rule of law, and property rights. And so if there's now a form of currency that wasn't possible 20 years ago, call it, that has more stability of process and more certainty around property rights over the long term, I think it's an education issue as much as anything else.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, this is a valuable thing because it takes energy to produce, and having that be the arbiter of value. And so if you look at the political process today, it's not a process issue more than anything else in that oftentimes the least accountable party ends up winning an office because of all the promises they make. And what happens then? Well, more units get printed, right? And they just get printed and printed over time. And that's what ultimately causes inflation. And it's not a rudder issue or blue issue. Most of the time, Republicans are cutting taxes in a way that probably doesn't make sense from a systemic perspective. At the other side of the equation, oftentimes the blue side of the aisle increases entitlements without an offset. And so both of those are bad things for the overall medium through which we transact over time. And so now you've got a system that offers a promise of effectiveness.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. So, this is a capital denominator whereby energy input is actually required to create new units. What happens now? What happens now is a bunch of congress people sign something, Fed goes and prints money to keep roughly rates roughly in line, prices roughly stable, employment roughly full. And so it's There's still some issues with that from a process perspective, right? So they're trying to control the money.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. You know, you don't pay your taxes, we'll throw you in a box and lock the key away, throw the key away. This, and if you think about actually around the world, the countries you want to visit, most of them are going to have stability of process and rule of law, right? And the places where that's not the case, there's a much less distinction between who controls the ledger and who controls the guns. So the farther apart those two things are, the better. So in this case, we now have a distinct ledger, entirely apart from any state. And its units can't be controlled by anyone, right? In that they're controlled by actual energy. So you need to have energy to crank out a new Bitcoin because that's what the whole mining process is about, right? You verify a transaction, takes a lot of energy to do that, and in exchange for expending that energy, you get more Bitcoin. That's a minor reward.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“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. And again, from my perspective, it's a capital denominator. It's not a numerator. It's a capital denominator. So it's Bitcoin is a denominator for capital. And the reason I think it's so superior to what we've known before is that... Money, the way it works right now, it's ultimately backed by the thread of state ordered violence.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. So that's a big part of my personal financial situation In our MVPA, it's roughly our digital assets collectively are about 10% of that fund.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source
“It wasn't possible prior to 2009 or 2010 when the white paper came out. And so now you've got this new emerging system of capital governance that I think it's one of the most dynamic areas of finance in general, as a matter of fact. So it's an area I'm very optimistic about over the long term. Bounce around, it'll be volatile, but I think it's headed to much bigger places.”
2026-03-20 · Masters in Business · Conviction Investing: Masters in Business with Bill Miller IV · IDENTIFIED FROM THE TRANSCRIPT · source