Market Comments Q3 2024 (3:46)

Highlights

Bill Miller IV provides Q3 in Review. The stock market had its best first three quarters since 1997, and the bond market experienced its second-best quarter in 29 years, signaling positive market conditions despite concerns over inflation and market froth. The key driver was synchronized global central bank easing, notably by the ECB, the U.S. Federal Reserve, and China’s major stimulus package.

Bill expresses concerns about Chinese equities, explaining that we are avoiding investing in China due to geopolitical risks. Instead, we are focusing on alternatives like Coupang or small-cap US stocks.

Looking ahead, Bill is optimistic, pointing to low unemployment, falling inflation, and strong bond market performance. Bill affirms that central banks’ rate cuts were necessary and believes the market is stable. We’re sticking to our investment approach which seeks undervalued securities and holds them until the market adjusts to their true value.

For more, read Bill’s 3Q Market Letter: Keep on Keepin’ On

Bill Miller IV, CFA, CMT is the Chairman and CIO of Miller Value Partners

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ECB is the European Central Bank. Basis point is one hundredth of one percent. FOMC is the Federal Open Market Committee.