Top Value Managers Share Stock Ideas

A recent article in Barron’s shares insights from top value managers who during a virtual meeting earlier this month said they have been “snapping up a wide-range of stocks during the coronavirus-induced volatility.” Most of the seven managers—including Gamco’s Mario Gabelli, Bill Miller and Ariel co-CEO John Rogers, Jr.—said they expect the Dow to rise in 12 months although the U.S. markets are a bit overvalued, and predict a U-shaped economic recovery, the article reports.… Read More

Market Is Not Overvalued, Says Bill Miller

Miller Value Partners founder Bill Miller does not see the market as overvalued, according to a recent CNBC article. “If you look at the overall market,” Miller said, “we’re trading at around 17 times the consensus on bottom-up earnings for 2021, which is about the average for the last five years. It might be a little extended given we’ve got a chasm of bad news to go over here, but I don’t find it as… Read More

Bill Miller Sees Buying Opportunity

In a CNBC interview earlier this month, investor Bill Miller said that the current climate is one of the best buying opportunities of his lifetime.  Miller, who beat the market for 15 straight years while working at Legg Mason, cited four buying opportunities in his adult lifetime: “The first was in 1973 and ’74, the second was in 1982, the third was in 1987 and the fourth was in 2008 and 2009. And this is… Read More

Value Investor Bill Miller Linked to Major League Baseball Team Purchase

A recent article in Citywire reports that veteran stock picker Bill Miller might be looking into the purchase of the Baltimore Orioles. According to an article in Baltimore Business Journal, Miller said that if the franchise became available, he would “definitely be interested in taking a look.” He added, however, that any potential deal would be complicated due to an ongoing legal dispute between the “Orioles-controlled Mid-Atlantic Sports Network and rival MLB team the Washington… Read More

Bill Miller on Outperformance in Era of Indexing

In a recent podcast interview, Miller Value Partners founder Bill Miller shared insights on market trends. Here are some highlights of the interview: “I think it’s always difficult to outperform,” Miller said, adding, “It’s trickier now not because of index funds but because of the charged polarity of the market after the financial crisis. Specifically, it was so devastating to so many people that they have become risk and volatility-phobic.” When people perceive increased risk,… Read More

Bill Miller Loving Life in the Wilderness

Institutional Investor recently published a profile of former Legg Mason “investing god” Bill Miller, whose career hit a bump in the road after the financial crisis—when his signature fund lost two thirds of its value and investors ran for the hills. But Miller is back in the game with his own firm, Miller Value Partners, although managing much less money than he used to. His current fund, Miller Opportunity Trust, ranks in the top 1… Read More

Market Observations from Bill Miller

In an investor call last October, fund manager Bill Miller of Miller Value Partners shared market insights and observations. Here are some highlights: “It’s the beliefs and expectations that really drive things rather than the actual fundamentals.” The health of the U.S. economy is “outstanding” as evidenced by earnings growth, a still positively-sloped yield curve, solid wage growth, low unemployment and strong corporate profits. Looking at earnings and real GDP growth regressed against the long-term… Read More

Bill Miller on Value Investors’ Biggest Mistake

Legendary investor Bill Miller says there’s a smarter way to value-invest than just picking cheap stocks, according to a recent article in Running his own fund after decades at Legg Mason, Miller looks for companies focused on “high returns on invested capital and free-cash-flow growth, as well as large market opportunities. That helps small and large investors alike distinguish stocks that are undervalued from those that are simply cheap.” While the article notes that… Read More

Want Consistent Market Outperformance? You May Want to Think Again

By Justin J. Carbonneau (@jjcarbonneau) —  We run over 40 quantitative models at Validea. They run the gamut of investing styles. Any time we can find a model from a respected source that uses factors and shows long-term outperformance, we will track it and add it to our arsenal. Our models range from deep value to growth to momentum. As we have studied these models over the years, one commonality has become very clear. And… Read More

Bill Miller is Working Toward a Comeback

During his 30 plus-year tenure at Legg Mason, Bill Miller was considered a go-to manager for market beating returns, says a recent article in The Washington Post. “And his fall from grace,” it adds, “was nearly as spectacular.” Miller’s performance fell precipitously during the financial crisis of 2007-2008, the article reports, at which time “once-loyal clients took their billions and left,” and Miller left the firm. Working toward a comeback, says the Post, Miller is… Read More