This week, we speak with Bill Miller. He is the legendary stock picker who while at Legg Mason Capital Management beat the Standard & Poor’s 500 Index for 15 consecutive years from 1991-2006.
In a wide-ranging discussion, Miller talks about everything from his stock selection process, his infamous streak, and what he got wrong during the financial crisis.
He recently said that “stocks are stupidly cheap but bonds are ridiculously over-priced.” Miller also has an intriguing theory about why investors have been abandoning active investments — he blames the Active fund managers are actually high-priced closet indexers. His fund’s biggest position is Amazon.
I found him to be thoughtful, honest and quantitative in his analysis, and a deep philosophical thinker about markets and investing. Miller is widely read, enjoying everything from books on market history to philosophy, quantitative analysis, biography, military history as well as classics (all of the books mentioned can be found here).
You can hear the full interview, including our podcast extras at iTunes, Soundcloud and Bloomberg. All of our earlier podcasts can be found iTunes, Soundcloud, and Bloomberg.
Next week, we speak with Lawrence Levy, former CFO of Pixar
About the Masters in Business Podcast:
About Masters in Business
Coming July 12: Masters in Business on Bloomberg Radio (July 8, 2014)
100th Episode of Master in Business Podcast (July 25, 2016)
All prior podcasts can be found at:
Books referenced are after the jump.
