We spend our time trying to understand the environment, not forecast it. By observing the path of the economy and by studying industries and companies, we hope to be able to put together a portfolio of stocks trading at large discounts to what those companies are worth. If we are right, over time the market price will tend to converge on business value, and investors will earn satisfactory returns.
Bill Miller, CFA
At Miller Value Partners, we think and invest differently.
We believe that our best investment opportunities come from a behavioral edge, while other investors look for an informational advantage. We value research from uncommon sources to help us understand the market as a complex adaptive system.
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We are an independent investment manager led by Bill Miller. We offer distinct strategies to investors seeking long-term returns.