![]() The objective of investing is not to own productive assets, the objective is to make money."ġ0. If the only thing that you think you can value are productive assets, then no one's making you buy it, right? So ignore it. "Buffett said, ' I wouldn't give you $25 for all the bitcoins in the world.' He's said that bitcoin is a non-productive asset and therefore he can't value it. "I consider bitcoin an insurance policy against financial catastrophe." (Miller gave the example of a national government privatizing a country's banks and emptying its citizens' accounts, and suggested bitcoin would provide an escape from the seizures.)ĩ. "Bitcoin is the only economic entity in the world where the supply is unaffected by the demand." (Miller noted that if the gold price soars, more people will mine gold and supply will increase, whereas there's a fixed supply of bitcoin.)Ĩ. The best thing that happened to them is inflation, because the debt is fixed cost, and interest rates are rising, so the value of their debt obligations is falling in real terms."ħ. They've got a lot of debt on their balance sheet, but that debt is going to disappear over the next several years. ![]() "One of the things that I really like in this market is that you can basically buy public leveraged buyouts. The kind of business he likes to buy and stick in Berkshire Hathaway."Ħ. If that valuation target keeps moving forward at a pretty rapid rate, then that's great because you can just keep it, as Buffett says, forever. "We've tended to look for things that ideally you wouldn't have to sell because they've hit your valuation target. 'What's the worst ever?' Selling a share of Amazon."ĥ. "When people say, 'What's the best investment decision you ever made?' Buying Amazon in the IPO. It's a different investing environment when you have secularly rising interest rates, secularly rising inflation, the Fed tightening, and war in Ukraine."Ĥ. I don't like to pay tax any more than the next person does." (Miller noted his cost base on Amazon stock and bitcoin was effectively zero, so he would have to pay significant taxes on his gains.)ģ. Then once the things are sold, you also have to pay tax. "I've gotten margin calls, and that's painful because you have to sell stuff that you do not want to sell. I should ask President Biden for some student-debt forgiveness here for the tuition payments that I've made." (Miller was joking about what he's learned from seeing Amazon, bitcoin, and other key holdings plunge in value.)Ģ. "Since November of last year, the tuition has been very high for me, a very expensive lesson. Here are Miller's 10 best quotes, lightly edited for length and clarity:ġ. ![]() The founder and investment chief of Miller Value Partners - who keeps 80% of his personal wealth in Amazon and bitcoin - also bemoaned the current market downturn, and underscored the buying opportunities emerging for brave investors. Bill Miller trumpeted his signature bets on Amazon stock and bitcoin, diagnosed a new paradigm for investors, and took aim at Warren Buffett's infamous criticism of cryptocurrencies during a recent episode of the "Richer, Wiser, Happier" podcast. ![]()
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