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
More info: wealthtrack.co...
Watch Part One: • The Economy: What The ...

[@ravindramehta9087]

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

[@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.

[@rocking1313]

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...

[@InvestingEducation]

Being bullish over the longterm has never failed.

[@j2hsieh]

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

[@itsamess3216]

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.

[@zzd7ry]

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

[@frankyfourfingers1382]

"You default position should be bullish unless something is really crazy" ......Something is really crazy. But the questions is: are central banks crazier?

[@henrikvendelbo1117]

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

[@nrs6956]

Thank you. Good interview.

[@audiophileman7047]

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.

[@P37RU5]

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

[@cjdch6604]

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.

[@DexterHaven]

Judging the great Bill Miller on the basis of two stock picks is a ridiculous generalization.

[@leifseed]

Disagree on the airlines pick. Coronavirus will end. Therefore, airlines will soon be double their current value! Simple.

[@ssr1742]

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 !!

[@SijanModz]

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

[@reyrom3713]

Well interest rates are on a historic low, and the trend has beem downward, a headwind for banks. Of course they have to have strong balance sheets, they are not profitable business in the current low interest rate environments. The minute they raise interest rate, will be when banks will be profitbable, but it will be a big toll becuase the stock marketbwill go down to adjust for the new rates. Trigger that they raise corporate taxes, stocks will go down. Triggee that the inflation of the dollar in the long rung, stocks will go down. Trigger the social security crises that people forgot about, ohhhh yeah...stocks will...people have short term memory. I would be very careful here.

[@mikhaillindan9091]

Miller is an absolute Master! The video is a gem

[@kingkang6877]

Recorded on June 26, 2020 - good for context

[@tourist9862]

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

[@bgates275]

I'm not sure whether that is a criticism or a complement. My opinion is that reason and logic are the foundation of almost any legitimate field of inquiry and can take you a very far way, even without any other kind of additional training. That being said, it should be known that an expert of such, who understood it's nuances, could just as easily employ specious reasoning, if it also happened to suit their ends.

[@tourist9862]

@@bgates275 There's a reason why philosophy grads way out perform any other major on the GREs, especially when it comes to the analytic reasoning sections. It's proven

[@SFreedberg1]

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.

[@VV-lq4di]

Scott Freedberg Happens sometimes in live television. She may hav wanted to say thank you but blurted out you are welcome instead.

[@squidboy0769]

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

[@gdc8403]

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

[@SKWDMDYT]

So what is his average price on TEVA that he pushes the name to the general public. Generics are an issue.

[@chessdad182]

I have JPM stock.

[@Michael-qy1jz]

The collapse hasn't even started- we have years and years of deflation ahead or the opposite where they print tens of trillions and either way, buy lots of gold. Failure of the debt and bond market could send stocks to the 40k on the DOW as a flight to safety.

[@ftbuddy]

So you're predicting deflation and inflation? Pick a color already.

[@bgates275]

@@ftbuddy What often happens is deflation, THEN inflation. It doesn't have to be one or the other.

[@sl50074]

Roth IRA is key

[@Outta12]

Ok Consuelo

[@KUfraskins]

“You can’t predict the stock market in the short run.” - said every boomer wealth manager while they sell to YOU at the top

[@gregmassi2067]

Another goof! Where in the hell do you get these people?