RWH007: Investing Legend Bill Miller On Amazon, Bitcoin, & Buffett
We Study Billionaires - The Investor’s Podcast Network
Stig Brodersen
4.6 • 3.6K Ratings
🗓️ 24 May 2022
⏱️ 110 minutes
🧾️ Download transcript
Summary
IN THIS EPISODE, YOU’LL LEARN:
- 00:06:41 - Why he views plunging prices and widespread pessimism as signals to buy stocks.
- 00:08:19 - Why this period has been “extraordinarily painful” for Miller and many of his peers.
- 00:08:54 - Why war, inflation, and rising interest rates mean we’re in a new investment environment.
- 00:15:06 - Why he believes the battered stock market looks poised for a rebound.
- 00:15:32 - How to handle the emotional pressure of brutal downturns in financial markets.
- 00:17:31 - How he came to be the biggest individual shareholder of Amazon not named Bezos.
- 00:26:28 - What stocks he’s looking at now that seem wildly cheap.
- 00:25:13 - Why he’s bullish about Chinese tech and internet stocks like Baidu and Alibaba.
- 00:49:39 - Why he regards Bitcoin as an insurance policy against financial catastrophe.
- 00:55:59 - What he thinks Warren Buffett and Charlie Munger don’t understand about Bitcoin.
- 01:15:58 - Why he has over 80% of his personal investment portfolio in Bitcoin and Amazon.
- 01:22:36 - What other major investments he owns in his personal portfolio.
- 01:23:49 - Why he plans to retire at the end of 2022 and what he’ll do with his new-found freedom.
- 01:34:08 - What gives him satisfaction when he looks back on his career as a legendary investor.
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES:
- Bill Miller’s investment firm, Miller Value Partners.
- William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
- “On a Certain Blindness in Human Beings” by William James
- Is Crypto Re-Creating the 2008 Financial Crisis? An interview with Hilary Allen.
- A Meeting of Great Minds: Bill Miller & William Green interview each other in 2021.
- Preston Pysh’s interview with Bill Miller’s son and successor, Bill Miller IV.
- Related Episode: Legendary Investor Bill Miller - TIP247.
- Related Episode: Legendary Investor Bill Miller On Stocks, Commodities, & Crypto - TIP180
- Related Episode: Investing Legend Bill Miller On Apple, Amazon, Bonds, & Tesla - TIP117.
- William Green’s Twitter.
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | You're listening to TIP. |
| 0:02.9 | Hi there. |
| 0:03.9 | I'm really excited to introduce today's guest, Bill Miller, who's one of the most legendary |
| 0:08.4 | investors of our time. |
| 0:10.3 | Bill famously beat the S&P 500 for 15 years running, which is an unprecedented feat that |
| 0:16.2 | may never be repeated. |
| 0:17.6 | He then got absolutely crushed during the global financial crisis back in 2008 and 2009, |
| 0:24.0 | and then staged an equally remarkable comeback over the next decade. |
| 0:28.0 | I've interviewed Bill for the best part of 100 hours over the last 22 years, and I wrote |
| 0:33.4 | about him at some length in my book, Richard Weissahapier. |
| 0:37.2 | I've always been struck by the sheer brilliance of his mind, and the independence and originality |
| 0:43.4 | of his thinking. |
| 0:44.9 | This is a guy who's never afraid to go against the crowd, and he's made some incredibly |
| 0:49.4 | bold contrarian bets that worked out well enough to make him a billionaire. |
| 0:54.4 | Because you'll hear in this conversation, Bill currently has more than 80% of his personal |
| 0:59.0 | investment portfolio riding on just two assets, Amazon and Bitcoin. |
| 1:04.8 | He explains in depth why he's still so bullish about Bitcoin, and why he thinks Warren Buffett |
| 1:10.2 | and Charlie Munger are dead wrong about it. |
| 1:13.2 | He also explains how he came to be the biggest individual shareholder of Amazon, other than |
| 1:18.0 | members of Jeff Bezos' family. |
| 1:20.5 | He talks about some of the biggest bargains that he's seeing in the stock market right now, |
| 1:24.9 | and he talks about what it's like emotionally to be him at a time when the financial markets |
... |
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