Keep pulling the thread on Bill Miller IV.
For the past decade, Miller Value Fund has held the view that Bitcoin is a "massively undervalued technology."
Bill Miller IV asserts that the "Magnificent Seven" tech companies no longer have large incremental free cash flow margins due to their massive capital expenditures in the AI space.
Bill Miller IV argues that the future revenues required within five years to justify the "Magnificent Seven's" current AI investments are larger than their current combined revenue.
Bill Miller IV believes AI tools like ChatGPT can now perform the research and summarization tasks that were previously core responsibilities for junior consultants at firms like McKinsey & Company.
According to Professor Ken French, it takes over 20 years of performance data to determine with statistical significance if a money manager is skilled.
Bill Miller IV believes Bitcoin is a functionally superior technology to gold.
Bill Miller IV predicts that despite its volatility, Bitcoin is "headed to much bigger places" over the long term.
Digital assets collectively represent approximately 10% of the Miller Value Fund's MBPA fund.
Miller Value Fund recently eliminated its entire investment position in Google.
The managers at Miller Value Fund are the largest investors in their own funds.
A research provider for Miller Value Fund recently described mid-cap value as an "inferior asset class," which Bill Miller IV interprets as a sign of market capitulation.
Miller Value Fund is currently overweight the Financials sector.