O/t, Bill Miller is retiring this year, from Barron’s interview this morning,

You are known as a value investor, yet your top personal holdings include Amazon.com and Bitcoin. How do they fit with your definition of value?

I don’t have my own definition. I take it right out of a Finance 101 textbook. The value of any investment is the present value of the future free cash flows. There’s nothing in there about a low P/E [price/earnings multiple] or a dividend yield.

Take a look at Amazon, my largest personal holding by a mile. In the very first annual report, Jeff [Bezos] talks about their objective being to grow the present value of the future free cash flow at the highest possible rate. Today, Amazon stock is about $85, below where it was at the market low on March 23, 2020. It was $170 a year ago. It’s going to be hard for Amazon not to double over the next three years given how much cash AWS [web services] and the advertising business are throwing off. It is one of cheapest stocks overall, despite the fact that it looks expensive today.””


Bill “whacko-whammo” (that’s the personality, drunk by the way, that gives 15 years of beat followed by one year of royal friggin’ disaster) loves the Bit and Tes. Ride it Bill…wherever it goes and however it goes.

But sell brother, your job is to sell yourself and gain assets and ride it as long as you can. Followers and believers? Yea, that’s the game; play smart, wise, and never forget that the more you ruin 'em the more they’ll cult.

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the comments to that interview, were not kind, to be nice. The, opportunity trust, is down 37 % this year.

Do you have a link?


if you aren’t a Barron’s subscriber I don’t think you can open a link. If you can contact me I’ll send it to you. Good luck.

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