Bill Miller - Legg Mason

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Last quote by Bill Miller

The Fed seems to have a normalization fetish.feedback
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Jun 19 2017 Amazon
We can learn a lot about a person if we know what types of things he or she talks about or comments on the most frequently. There are numerous topics with which Bill Miller is associated, including Legg Mason, Google, and market. Most recently, Bill Miller has been quoted saying: “The market thinks that is a good deal. It's going to be value-accretive. It indicates that Amazon is serious about the grocery business. This means they're in it for the long haul.” in the article Bill Miller likes Whole Foods deal, plus Valeant and bitcoin.
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Bill Miller quotes

Feb 02 2017

It's hard to see an M&A [deal] that would be big enough to actually create a lot of shareholder value ... just given the market cap of the company.feedback

Jan 18 2017 - Amazon

It's a bit of a struggle in here. I think it's a hugely valuable platform but there's very little in the near term that you can see that would be a catalyst to it.feedback

Jan 18 2017 - Amazon

The addressable market for what they're doing is just gigantic.feedback

Jan 18 2017 - Amazon

That's actually a bullish sign because it indicates they now believe they can actually address another market very successfully.feedback

Nov 15 2016

The free cash flow there is running close to $2 billion and that coupled asset sales will enable them to delever fairly quickly over the next few years. We'd expect something in the order of $5 [billion] to $10 billion of disposals in the next 12 months and then another couple of billion in free cash flow.feedback

Nov 15 2016

They'll be doing disposals. But they'll be cleaning up the business. They'll be putting money in [research and development]. You know, products will get approved. I think it's going to be a completely different business model from what it had before.feedback

Nov 15 2016

Stocks are already discounting probably 3 to 4 percent [on the] 10 year [bond yield]. So you have clear sailing for another 75 basis points easy.feedback

Oct 24 2016

I think people have misunderstood Amazon's valuations almost from the beginning.feedback

Oct 24 2016 - Facebook

Facebook and Google, in their core business, are attacking the global ad market. That's where most of their revenues are coming from. That's a $500 billion market.feedback

Oct 24 2016 - Twitter

If a part-time CEO makes sense, then so does a part-time CFO, part-time chief technology officer. That just makes no sense whatsoever.feedback

Oct 24 2016 - Bull market

Bonds are unattractive in my view. I believe we hit a double bottom in bonds in the summertime and we're in a benign bear market in bonds. The 35-year bull market in bonds is over, in my view.feedback

Oct 24 2016

I think the caution, in terms of the real world, is warranted, but it's already expressed in the overall market and again, the stock market is ridiculously cheap compared to bonds.feedback

Sep 13 2016

Broadly speaking, if the yield curve is shifting up, then that's going to be good for banks, good for financials, credit-sensitive names.feedback

Sep 13 2016

Many of the deep value names, as expressed in a low price to tangible book, have already had a big move this year but in a strengthening global economy, even if it's not strengthening very much, those names should continue to do well.feedback

Sep 13 2016

You're talking a 6 percent rate of return on stocks versus 1.5 percent return on the 10-year Treasury. It strikes me that as I think (hedge fund investor) Paul Singer said, Treasuries are hardly a risk-free asset,' and I think the environment right now is the exact opposite of September 1987.feedback

Sep 13 2016

We think with Valeant right now, it's a completely different company. It's just a slow-growth specialty pharma company that will generate a lot of free cash and you should be able to make, I think, 25 to 30 percent on Valeant over the next five years.feedback

Sep 13 2016

Look at what the Fed is doing and global central banks. I think they're beginning to rethink the efficacy of these ultra-low interest rates.feedback

Sep 13 2016

They are an impediment to the system. So I think just the rethinking of that policy is something that's likely to lead the curve to shift up.feedback

Aug 11 2016

I am thankful to Legg Mason for our 35-year relationship and to the many great people I've worked with along the way.feedback

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