The Intrinsic Value Podcast - The Investor’s Podcast Network

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

10 snips
Aug 26, 2024
Guest
Bill Miller
Bill Miller, a legendary investor celebrated for beating the market for 15 consecutive years, shares insights with Shawn O'Malley. They discuss Miller's unique investment philosophy, contrasting it with traditional value investing. He recounts early recognition of Amazon's potential, his bullish stance on Bitcoin, and the lessons learned from the 2008 financial crisis. Miller emphasizes the importance of factor diversification and the role of philosophy in shaping investment strategies, offering a compelling look into the mind of a successful investor.
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ANECDOTE

First Stock Sparked A Career

  • Young Bill Miller bought RCA as his first stock and turned it into a six-fold gain.
  • He used the proceeds to buy his first car and that early win sparked his lifelong passion for investing.
INSIGHT

Pragmatism Shaped His Process

  • Miller's study of pragmatism reshaped his investing to focus on possible futures, not just past data.
  • He weighted probabilities of future outcomes over backward-looking models to find mispriced opportunities.
INSIGHT

Value Is Discount To Intrinsic

  • Miller rejects strict 'growth vs value' labels and values any stock trading below intrinsic value.
  • He applies discounted future cash-flow thinking even to early-stage tech where value depends on distant outcomes.
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