Despite the market downturn of 2022, legendary value investor Bill Miller remains bullish on his two favorite investments: Amazon, and Bitcoin.
In a recent interview, the former chief of Legg Mason called cryptocurrencies “misunderstood,” and referred to Bitcoin as an “insurance policy against financial disaster.”
Miller voiced his opinion on the market in conversation with Marvin McIntyre – Morgan Stanley’s Private Wealth Management managing director – at the Forbes/SHOOK Top Advisor Summit on Thursday.
On one hand, the investor acknowledged that well-performing companies over the last decade are now getting crushed in the face of a hawkish Federal Reserve. On the other, he said that this makes for a great opportunity to buy more company shares for cheap.
“If your time horizon is longer than one year, you should do very well in the market,” Miller said.
During his time at Legg Mason, Miller was well known for having beaten the stock market for fifteen years straight, from 1991 to 2005. He’s also known for having personally purchased Amazon stock back during its IPO in 1997.