MI366: Bill Miller: The Man Who Beat the Markets 15 Years in a Row w/ Shawn O'Malley

The Intrinsic Value Podcast - The Investor’s Podcast Network

The Investor's Podcast Network

Business, Education, Investing

4.6 • 592 Ratings

🗓️ 26 August 2024

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down the life and career of the great Bill Miller, the only investor to ever beat the market for 15 consecutive years. You’ll learn how Miller invested in his first stock, Miller’s investment approach and how it differs from classical value investors, what Miller recognized as an early investor in Amazon, why he’s bullish on Bitcoin, how Miller bounced back from the 2008 Financial Crisis, how philosophy shaped his performance as an investor, plus so much more! IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 00:08 - How Miller got his start as an investor 03:27 - How philosophy shaped Miller’s investment approach 05:26 - What is different about how Miller thinks about value investing 08:52 - What Miller recognized about Amazon before Wall Street 10:07 - Why most investors don’t have enough factor diversification 11:22 - What Miller learned from Peter Lynch 17:36 - How the cost of capital impacts companies’ ability to create shareholder value 20:57 - What went wrong for Miller during the Financial Crisis 24:09 - Why Miller decided to go solo and leave Legg Mason 31:02 - Why Miller and his son are bullish on Bitcoin 35:07 - Why Miller is usually worried about nothing in markets *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. R.J. Shook's book, The Winner’s Circle. Peter Lynch's book, One Up On Wall Street. William Green's book, Richer, Wiser, Happer. Check out The Value Investor’s Case for Bitcoin. Check out Why I’m Still Betting on Bitcoin. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Fiscal.AI Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.8	Hey, everybody.
0:03.9	Welcome to the millennial investing podcast.
0:06.5	I'm your host today, Sean O'Malley.
0:08.5	On today's episode, I'll be going through the career and life story of the legendary investor Bill Miller.
0:15.2	Bill Miller is the founder of Miller Value Partners, which manages hundreds of millions of dollars worth of clients' assets.
0:21.6	Miller's career has spanned five decades from serving as an intelligence officer in the U.S. Army in the 1970s,
0:28.6	to studying philosophy in a PhD program at Johns Hopkins, and then beginning his investment career as an analyst at Lake Mason.
0:36.6	He has the most unbelievable accomplishment of
0:39.4	beating the S&P 500 for 15 consecutive years, with much of his outperformance coming from
0:45.2	extreme concentration in big winners. Miller is the largest single shareholder of Amazon,
0:50.9	who isn't a member of the Bezos family, and at various points in the last few years,
0:55.8	around 80% of his net worth was held in just two things, Amazon and Bitcoin.
1:00.7	I'm always thrilled to learn from iconic investors like Bill Miller.
1:04.8	It's a chance to glean actionable knowledge from those who've carved out a name for themselves
1:09.2	in this business.
1:10.5	With that, I hope you enjoy today's episode, covering the life and wisdom of billionaire Bill Miller.
1:19.8	Celebrating 10 years, you are listening to Millennial Investing by the Investors Podcast Network.
1:25.9	Since 2014, we have been value investors' go-to source for studying legendary investors,
1:31.3	understanding timeless books, and breaking down great businesses.
1:35.3	Now, for your host, Sean O'Malley.
1:39.3	A quarter of the According to his 2002 book, The Winner's Circle, Bill Miller's relationship with investing
	...

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