The Bullish Case: Great Investor Bill Miller

Part Two: We are living in extraordinary times. We are calling it the Pandemic Pivot: the changes that have occurred or accelerated because of COVID-19 and the dramatic response to it, from economic shutdown to massive life support.

The stock market performance has been largely driven by a small group of well-known mega-cap tech stocks which explains the NASDAQ and S&P 500’s stellar performance and the lagging broader markets. Apple, Microsoft, Google’s parent Alphabet, Amazon, and Facebook make up 40% of the NASDAQ’s market capitalization and 20% of the S&P 500’s.

Is the stunning rally off of the recent March lows durable? Are stock prices running on anything other than Fed fumes?

Yes, says legendary value investor Bill Miller! He will explain why he joins us for the second of our two-part interview with him.

WEALTHTRACK Episode #1702 originally broadcast on July 10, 2020

[DexterHaven]

As the years pass since his stumble in 2008, Bill's continued success and interviews establish him as one of the best ever. I'd rate him above Drukenmiller as a stock picker.

[ravindramehta]

I listen to mr Miller .. I have benefited so far from his forecast

[rocking]

Excellent interview Consuelo. I liked that you asked Bill Miller to explain his bullish case. Hearty Congrats on completing 17 years! I have been following your show for more than 10 years now...

[itsamess]

Miller blew up in 2007-2009, exactly the years not mentioned. He was very long banks and home builders. He admitted it in the interview.

[InvestingEducation]

Being bullish over the longterm has never failed.

[jhsieh]

He has been right when called to buy in Dec 2018 and March 2020. Pretty smart guy

[frankyfourfingers]

"You default position should be bullish unless something is really crazy"

is really crazy.
But the questions is: are central banks crazier?

[henrikvendelbo]

And in a model with -1% interest and 5% inflation, what is Nestle value?

[zzdry]

Thanks for hosting really great financial investors and thinkers week after week ! Make it a point to watch to every episode!

[audiophileman]

I'm not sure what Bill has been drinking. Give me some, so I can feel that good about things. Like anything you drink, it always wears off, and you're left with the hangover. That's the reality of it all.

[cjdch]

He should bow out gracefully. Consuelo was interviewing someone less knowledgable than herself. What awful stock picks. ADT is loaded up with debt and 83% owned by Apollo management. You can bet they cut costs too far and did bad bolt on acquisitions - all blowing up once they exit. Never buy from a PE fund. And airlines? He is just being stubborn there which is the sign of a bad investor.

[PRU]

It is super clear that the markets are due to a big correction

[ssr]

Love all episodes — it’s a rare great opportunity for general audience to get know all great investors & this possible just because of all wealth track teams hard work !!

[mikhaillindan]

Miller is an absolute Master! The video is a gem

[kingkang]

Recorded on June 26, 2020 - good for context

[SijanModz]

Bill is right about the banks, they are in good standing and significantly discounted with high payout ratios.

[SFreedberg]

He congratulates her for being on the air for 17 years, and her response is "you're welcome Bill'. I am almost 60 years old and perhaps behind the times, but I thought the usual response when someone says congratulations is to say thank you with perhaps a little humility. I must be missing something.

[tourist]

Bill Miller has a PhD in philosophy. He's trained to be a logic, reason-based thinker.

[gdc]

Way to optimistic given current conditions. This guy must have lived through the stagflation years - must have forgot.

[squidboy]

Impressive credentials. What is the expense ratio and turnover % of his funds that have "beaten" the SP500? I don't even need to look.