TIP247: Legendary Investor Bill Miller (Business Podcast)

The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

Stig Brodersen

Business, Education, Investing

4.6 • 3.6K Ratings

🗓️ 16 June 2019

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On today's show we talk to legendary investor Bill Miller. Miller holds the record for 15 consecutive years beating the S&P 500 as a mutual fund manager. Since 2009, Miller has outperformed the market by achieving a 20.4% annual return. IN THIS EPISODE YOU’LL LEARN: How Bill Miller thinks about the Trade War and the implications for the stock investor How Bill Miller are sizing his equity positions Why Bill Miller is fully invested in stocks right now Why the traditional value investing approach has been broken since the 1990s Ask The Investors: How can value investors use momentum strategies? BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Bill Miller’s Investing Website. Bill Miller’s Deep Value Strategies. Listen to Preston and Stig’s interview with Bill Miller about Apple, Amazon, and Tesla or watch the video. Listen to Preston and Stig’s interview with Biller about Stocks, Commodities, and Bitcoin or watch the video. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. 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: ⁠HardBlock⁠ ⁠Human Rights Foundation⁠ ⁠Plus500⁠ ⁠Netsuite⁠ ⁠Shopify⁠ ⁠Vanta⁠ 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 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 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. 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Transcript

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0:00.0	You're listening to TIP.
0:02.6	On today's show, we bring back legendary investor Bill Miller.
0:06.3	Bill holds the record for the most consecutive beats of the S&P 500 index with 15 years straight
0:12.8	outperformance when he was managing the leg mason capital management value trust fund.
0:17.4	Today, Bill is the founder of Miller Value Partners and manages over $2 billion.
0:22.4	Since 2009, Miller's flagship opportunity trust has produced annualized gains of 20.4%
0:29.6	annually after fees. So without further delay, we bring you Mr. Bill Miller.
0:38.6	You are listening to THE Investors Podcast.
0:41.4	Where we study the financial markets and read the books that influence self-made billionaires
0:46.0	the most. We keep you informed and prepared for the unexpected.
0:51.2	Welcome to THE Investors Podcast. Preston, I couldn't be more excited. We're so honored to
1:05.0	introduce your legendary investor Bill Miller once again here on the show.
1:09.3	Bill, welcome to THE Investors Podcast.
1:11.9	Thanks, it's a great pleasure to be here. Thanks for having me back again.
1:14.9	Well, Bill, we're very excited to have you back here on the show. So we had our audience help us
1:20.0	out with the questions for today's show. And we're really excited to jump right into these.
1:23.3	So the first question, let's talk about shocks to the market. We could have a shock to the system
1:28.8	like Brexit, trade wars, tax cuts, you name it. How do you approach the evaluation of a stock if you
1:36.1	think that maybe the market's overreacting to this news? One specific example that we could talk
1:41.6	about is a company called Micron Technologies, which you see right now trading what's digging I would
1:47.4	believe to be a pretty significant discount. But the discounts based on the market's reaction to
1:54.4	the trade war. We don't have to talk specifically about Micron Technologies. You could apply this to
	...

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