Bill Miller IV
The Navigator
Judgement in the fog, money, risk and the call others cannot make.
Bill Miller IV, CIO and portfolio manager at Miller Value Funds, reads as The Navigator because he charts deliberate, data-anchored courses through market complexity instead of chasing momentum. His relentless screening process and willingness to hold positions entirely outside the index reflect a captain's temperament: he knows the waters, consults historical valuation maps, and steers toward asymmetric opportunity with confidence, even when the destination lies well beyond conventional landmarks.
“Most assets are efficiently priced. All day, every day, we're constantly running through screens, reading research, looking at price movements, looking at insider action — then comparing new ideas to see if it can be a fit coming to the portfolio.”
“The closer you are to the benchmark, the more likely you are to underperforming, because you're just layering higher fees on something that looks more like the benchmark. We're very comfortable taking bets entirely outside of the index.”
“If you look at the relative valuation discrepancies today between smid value and large growth, they're right at the same sort of extremes that occurred in nineteen ninety nine — same valuation extremes, compelling valuations, and an economic acceleration backdrop.”
Masters in Business: “Conviction Investing: Masters in Business with Bill Miller IV”
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