In a recent interview with CNBC, investor Bill Miller talks about the market opportunities and trends.

“We bought GameStop at a cost of about 4,” he said, adding “and sold it when it got into the 70s, but before it got to the 400s.” Regarding other so-called “Meme” stocks, Miller said, “They’re not of interest right now. You’re not able to analyze them like you can other things because the price is dominating the fundamentals.”

On short-selling in today’s market, Miller argued, “short-selling is always a tough thing because the market goes up about 70% of the time.”

The market, says Miller, is “roughly fairly valued right now,” with an “even spread between the too-expensive names and the names that are too cheap.” He believes that the FAANG stocks are all “pretty attractive,” but that the “SPAC game” is largely winding down.