Legendary Investor Bill Miller: Signals to Buy Stocks (RWH007)
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- เผยแพร่เมื่อ 11 มิ.ย. 2024
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William Green speaks with Bill Miller, an investing legend who famously beat the S&P 500 for 15 years in a row. Bill, the Chairman and Chief Investment Officer of Miller Value Partners, talks about the enticing bargains he sees in today’s beaten-down market and reveals the biggest bets in his personal investment portfolio. He also explains why he’s so bullish on Bitcoin, which he began buying at $200, and why he thinks Warren Buffett is wrong to disdain it.
IN THIS EPISODE, YOU'LL LEARN:
0:00:00 - Intro
0:00:10 - Why this period has been “extraordinarily painful” for Bill Miller and many of his peers.
0:00:10 - Why war, inflation, and rising interest rates mean we’re in a new investment regime.
0:05:04 - Why he believes the battered stock market looks poised for a rebound.
0:07:21 - Why he views beaten-down prices and widespread pessimism as signals to buy stocks.
0:07:21 - What stocks he’s looking at now that seem wildly cheap.
0:16:27 - How to handle the emotional pressure of brutal downturns in financial markets.
0:18:58 - How he came to be the biggest individual shareholder of Amazon not named Bezos.
0:27:00 - Why he has over 80% of his personal investment portfolio in Bitcoin and Amazon.
0:29:43 - What other major investments he owns in his personal portfolio.
0:30:37 - Why he’s bullish about Chinese tech and internet stocks like Baidu and Alibaba.
0:57:25 - Why he regards Bitcoin as an insurance policy against financial catastrophe.
1:10:59 - What he thinks Warren Buffett and Charlie Munger don’t understand about Bitcoin.
1:49:29 - Why he plans to retire at the end of 2022 and what he’ll do with his new-found freedom.
2:02:58 - What gives him satisfaction when he looks back on his legendary 40-year career.
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📖BOOKS MENTIONED:
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I'm thrilled to share my new interview with Bill Miller for the #RicherWiserHappier podcast. We talk about his 2 biggest investments, Amazon & #Bitcoin; why he thinks Buffett is wrong on Bitcoin; & other bargains he's finding now. - William
We hope you enjoyed this episode as much as we did. Please let us know your thoughts in the comments section!
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Another excellent interview. Thank you sir!
I have never seen any big name in the market who has been that generous with disclosing his views, positions/holdings, and forecasts on the market. Really admirable stuff from Mr. Miller. The world needs more like him as Charlie Munger says.
Happy to hear you found it valuable!
And every time he touts something like this he gets destroyed, just like in 2008. He is a loser.
Bill Miller sees things before they happen. And is also super humble and helpful to the next generation of investors. Thanks 🙏
He sees it all wrong. Is that what you mean?
One of the greatest and enlightening interviews. Many thanks to Bill & Bill !
Much appreciated, Maddy!
Thanks for all the hard work, researching Bill and giving access to his mind , for free!
Our pleasure!
Excellent interview, one of the best I've seen in a long time. So many great tidbits of advice, investing wisdom, and general wisdom.
Glad it was valuable for you! Thank you so much.
Great interview, thanks Bills! Just finished Richer, Wiser, Happier and absolutely loved it. Great insight and knowledge.
Wonderful! Glad you enjoyed it, Dan!
If you cannot buy at the price that is falling and falling a lot, you cannot buy at any price. If the world is going to end, it doesn't matter; if not, you are missing out the opportunity.
Truly great interview and is going to take multiple listens to glean all the useful knowledge. Thank you both so much!
Our pleasure!
Indeed, you are a great interviewer! Certainly the most prepared one.
Much appreciated!
Thank you for the great interview, full of insights and wisdom
Our pleasure!
Good Luck and Best Wishes!
Thanks for these amazing insights. You asked very interesting questions, I learnt a lot.
Glad it was helpful!
excellent interview,
thank's
Thank you so much!
Amazon is one of the best companies I have witnessed. Bezos was a visionary
Very interesting talk with lots of good thoughts and ideas!
Glad you enjoyed it, Stefan!
Wow... with Jim rogers, kawasaki etc.. and all those guys.. this is the real oracle.. thank you for interview!
Thanks so much for watching! Glad you enjoyed it.
Any chance of getting nick and zac on the show. Went through all their letters after reading your book. It was one of the best education on investing but listening to them on a podcast with you would tip it off.
0 chance!
Absolutely amazing ❤️❤️❤️
So glad you enjoyed it!
A must for anyone interested in investing.
Its a very strange feeling. Its always scary to buy around the bottom. Because you are thinking that the company is done almost. You start second guessing your ideas. I had that experience last month with one of my stocks.
when was this recorded?
William, great interview. Quick note though that during the flash crash, Buffett did in fact buy heavily.
Thanks for tuning in!
1:16:30. Interesting that Bill didn't have any disconfirming evidence on Bitcoin, until he thought about this piece he read on stable coins, which have nothing to do with Bitcoin. I really hope he understands the assets better than his answer implies.
Will is an excellent interviewer. Bill Miller is a legend. Thank you both for this really enlightening interview! 🙏
Thank you so much for the kind words!
Correction - Bitcoin block rewards are currently 6.25 BTC, not 12. In 2 years at the next halving, the block reward will go to 3.125.
Too bad Bill that Silvergate bank went bankrupt. But that happens in investing. Good interview.
Amazing interview !
Bill tales about Bausch medical but he is not invested 🤔
Do you have a video how to a calculate the value of the stock M
I prefer Warren Buffett's investing style.
Great video. I love Bill’s thesis on Bitcoin. Everyone needs an allocation to BTC
Thanks for tuning in!
Has Miller given his reasoning for BTC? Is it the same reasoning he used when he bought it? I’m unsure how BTC fits with the rest of his investments.
Surprised the talked about crypto proxies without mentioning bitcoin miners
how many bitcoins does Bill have?
This interview was simply golden. Some great wisdom was shared by Bill Miller. Thank you William Green for artistically structuring your interview and posing great questions to respected figures in the investment world. Your history and years of friendship with Bill Miller (and other guests from previous episodes) leads to great conversations filled with buckets of wisdom.
So happy to hear you're enjoying the series!
Green Sir,
You are the best. I hadn't heard Bill Miller before. Though of course I have read your book and Janet Lowe's (The Man who beat the S&P...). It was a very enlightening podcast. Bill Miller is highly underrated! He deserves to be amongst the greatest investors HoF! 😄
Can we have more of Miller? Another podcast? Or even some good reading material
Happy to hear you enjoyed the episode!
The host was pressing on some great questions. Thanks. Great insight.
Glad you enjoyed it!
Great Episode, Thank U!
Thanks for tuning in!
I'm at 1:35 and I already love the interview, William as always thank you!
You are simply the best!
Glad you enjoyed it!
@@TheInvestorsPodcastNetwork this one was something, your inquisitive soul mixed with the calm and carefull personality it's just the best. Keep on doing it you are giving us a lot more than you think.
Guy says buy amazon now yet he promoted stronghold digital at the top, beware!
At 30 minutes listen to how he says GCI is a big personal position
Who said," A bull market makes you money, a bear market makes you rich," ?
IMHO anything can be overdone, including reading and learning about investing. In my view, listening/reading about different styles of investing can be detrimental to one's investment. Obviously, the guest's investing style is way different than Warren Buffett's. Personally, I would stick to the latter's tried and tested safe style. Even though I bought Richer and Wiser book, I don't think I'm going to read it, to avoid getting confused. I'll stick to Buffett's shareholders letters.
MSTR 800 recently wow
56:00
Bill Miller's performance has been pretty bad recently, I hope he recovers. he takes big concreted bets. risk taker for sure.
"Silvergate in the $60 range is an absolute bargain." -Bill @2:55
He must love it now at 12 cents!
Its up to 30 cents! Only a 98% loss last 5 years
Great podcast! First time listen to Bill Miller's long form podcast =)
Thanks so much for watching!
It was Lithuania, not Estonia :)
Ok good
Thank you for watching!
The hypeeeeeeee thanks for this!! Work isnt so boring listening now
Enjoy the episode, Roni!
Awesome. Like your last book and the finance lessons are good, it's the stories and characters that make it fun and memorable.
Glad you liked it, Todd!
Bill Miller is one of my favorite super investors. Great interview
Glad you enjoyed it!
His fund slightly beat snp, had high fees and higher Standard deviation than SPY he has earned zero alpha...how to make money in market, start a fund!
Why don’t you make hydrogen fuel through electrolysis by the excess natural gas flares 🔥 out on the ocean asf.? Why?
this aged well
How? Silvergate bank closed down Lolol
@@jaredaleman3682 that's the point.
Amazing video and really useful, much better than TH-camrs.. Having a professional asking the questions
Glad you think so, Steve!
Not a very good call on silvergate.😢
Why doesn't anyone ask these older investors when will they retire? They don't because they love making money. That's their life. I really doubt they give away all they make so only death priest it from their fingers.
Lolol, I dont think Cathy Wood adding a position to a portfolio is a good catlyst at this point!
10 months later and silver gate is kaputs
I sure hope no one followed him into silvergate.
For the Bitcoiners, 49:42 is where they auger in on Bitcoin specifically
Phenomenal
Thank you so much, James!
Wow so much valuable info here 👍🏻🙏
Glad it was helpful!
Thanks for posting. Great content
Thanks for watching!
Btc is deflationary theres probably only 14million tokens in circulation because of hodlers and those who lose there keys etc
This is a great video, I learn a lot watching your videos and it has been helpful to me. Building a steady income is quite difficult for newbies.. Thanks to Mrs. Ashlyn Primm for improving my portfolio. keep up with the good videos
Kfhy
"Don't let the fear of losing be greater than the excitement of winning."
$Dexa
You pay a high price for a cheery consensus
It’s very interesting that a person that studied logic, attacks Munger&Buffett’s argument against Bitcoin by using an ad hominem argument of calling them “old”.
Maybe, he isn’t wrong though.
Ikr missed opportunity
How is silvergate capital looking now? How did this guy value bitcoin exactly? He talks about stocks and their free cash flow but yet has half his portfolio in a unproductive asset? Yikes
People are gonna get REKT BUYING AMAZON… JUST BUY ALPHABET
Why?
Yes, listen to random comment on YT video instead of the guys in the pod itself who have proven track record.
/s
I’m bs’n I hold 13
great interview by an investing legend, but bitcoin is an unproductive asset with no tangible value. how a value investor is invested in it makes no sense to me (and that too 50% of his portfolio); also his comparison of btc to insurance doesn't make sense to me - in a catastrophe like a health/life crisis, you will get paid if you have an insurance policy, but what guarantee is there that in a financial catastrophe that btc will still be worth anything
lol, are you sure? like paper money ? running paper schemes distribution is waste more than running btc network p2p on green energy. Non green energy is not profitable coz its expensive. Think twice before writing BS online thx
@@przeor 100%. I agree!
@@przeor i have a right to comment my thoughts, just as you have a right to comment urs even tho it sounds incoherent and stupid af
I think what he's saying is that during a financial catastrophe, governments will print money to fix problems, which leads to an increase in asset prices, like Bitcoin. We've seen the price of Bitcoin increase during the pandemic. Would you consider the fallout from the pandemic a "financial catastrophe"?
Miller thought Tesla was overvalued at $30 per share in 2017. Now up 1200% and Amazon only up 120% slightly outperforming S&P 500. Guess Miller hasn’t done too well over the last 5 years 😂
Miller has bitcoin, which has gone up over 3000% Since early 2017. And that's compared to current prices after 65% drop 😂
We'll see how they both hold up in this inflation/energy squeeze
Tuition payment🤪
56:30 Holy shit, this guy has 50% of his net worth in Bitcoin and he doesnt even know whats the miner reward (6,25)
Guest is. Boring
44:44 if you want more on that search youtube for "Pat Doresy Moats 2.0"
When was this recorded?