Conviction Investing: Masters in Business with Bill Miller IV

Bill Miller IV, Chief Investment Officer at Miller Value Fund, discusses his investment philosophy and current market opportunities. He emphasizes a flexible definition of value beyond traditional accounting metrics, citing Bitcoin as an undervalued technology due to its potential as a superior capital governance system. Miller draws parallels between the current market environment and 1999, suggesting small and mid-cap value stocks, particularly in the energy and financials sectors, are mispriced. He also highlights the importance of insider buying as a signal and the transformative role of AI, both as a disruptor and an efficiency enhancer. Miller advocates for concentrated positions based on high conviction and probabilistic fundamental value.