21 Bill Miller Quotes on Success (INVESTING)

Top 10 Most Famous Bill Miller Quotes (BEST)

“Time arbitrage just means exploiting the fact that most investors — institutional, individual, mutual funds or hedge funds — tend to have very short-term time horizons, have rapid turnover or are trying to exploit very short-term anomalies in the market. So the market looks extremely efficient in the short run. In an environment with massive short-term data over- load and with people concerned about minute-to-minute performance, the inefficiencies are likely to be looking out beyond, say, 12 months.”
Bill Miller

These words are mine, I tell them to my boys. You have walked in my footsteps, and now you walk beside me, but eventually pass me by, so that I can see you in front of me.

“Everyone tends to see the same things, read the same newspapers and get the same data feeds. The only way to arrive at a different answer from everybody else is to organize the data in different ways, or bring to the analytic process things that are not typically present.”
Bill Miller

In the last month, we have been extremely active in speaking to a wide range of potential customers. — In the last month, we have been extremely active in speaking to a wide range of potential **customers**.

He’s for real. If you look up the definition of patriotism in the dictionary, his picture is there.

“We try to buy companies that trade at large discounts to intrinsic value. What’s different is we will look for that value anywhere we can. We don’t rule out technology as an area to look for value.”
Bill Miller

I know everybody down here. You live in a condo; you don’t even know the guy living across the hall from you.

That’s because he was man of deep thought and integrity. He thought giving away the taxpayers’ money to a large corporation was not in the best interest of the taxpayer. — That’s because he was man of **deep** thought and **integrity**. He thought giving away the taxpayers’ **money** to a large corporation was not in the best interest of the taxpayer.

“Over the past decade or so my letters have been focused mostly on saying the same thing: we are in a bull market that began in March of 2009 and continues, accompanied by the typical and inevitable pullbacks and corrections. Its end will come either when stocks get too expensive relative to bonds or when earnings decline, neither of which is the case now.”
Bill Miller

If I think there is something interesting or useful to say about the market that others are not saying, I will sit down at the keyboard again.

6 Bill Miller Quotes That Will Make You Think About Stocks and the Market

“Most of the returns in stocks are concentrated in sharp bursts beginning in periods of great pessimism or fear, as we saw most recently in the 2020 pandemic decline. We believe time, not timing, is key to building wealth in the stock market.”
Bill Miller

As in most markets, there are areas of overvaluation and of undervaluation, with the bulk of shares appearing to hover in the area of fair value relative to their prospects.

“Amazon is down in the last 12 months, even though all parts of their business have grown. If you look at Amazon web services, and you look at the advertising business alone, and you just mark them to what other similarly public companies are trading at, then you get almost the entire value of Amazon in those two businesses alone.”
Bill Miller

“These are legitimate concerns and seem adequately reflected in the market, particularly so when stocks corrected in September. One thing I am pretty confident of is that 12 months from now those worries will have been replaced by a new set of worries.”
Bill Miller

“We bought Peloton in the IPO. We sold it very close to the highs. My colleague Samantha actually talked about buying it again when it was getting below the IPO price. We missed it, at least on that trade, but it’s one that’s on our radar here.”
Bill Miller

“Meta trades at a lower enterprise by EBITDA than IBM does, and it’s still expected to grow. And I think that, down at these prices, that represents attractive value. We’ve owned it for a long time, so it’s not a new position for us, but we certainly don’t wanna sell it down here.”
Bill Miller

2 Bill Miller Quotes on Bitcoin Investments

Bitcoin is insurance against financial catastrophe, as we see in Lebanon or in Afghanistan and many of these other countries. — **Bitcoin** is **insurance** against financial catastrophe, as we see in Lebanon or in Afghanistan and many of these other countries.

“I put a few percent of my net worth in it a long time ago and it grew to be half of my net worth. Now it’s less than that because it’s down half since November. But it’s still a very big position.”
Bill Miller

3 Bill Miller Quotes About the Federal Reserve Policy and Volatility

“The economy is very strong. Unemployment’s low, earnings for many companies are at records, state tax receipts are rising, way above expectations. All those things say that the economy is strong and a recession is not on the horizon.”
Bill Miller

So, what's happening with volatility is you're getting some probability of a mistake, of recession, priced in, and that's something that you're gonna have to live with for a while. — So, what’s happening with volatility is you’re getting some probability of a mistake, of recession, priced in, and that’s something that you’re gonna have to live with for a while.

“We’re at the early stages of a regime change. So from a Fed-easing, accommodative, bond-buying set of policies to one that’s the opposite. That raises the possibility that they can make a mistake. I mean, they’re not flawless, obviously.”
Bill Miller