Bill Miller’s Impressive Returns
Bill Miller’s hedge fund achieved a remarkable 46% growth in the first half of 2019, and guess what played a significant role? That’s right—Bitcoin! Yes, the cryptocurrency that often seems more unpredictable than your Uncle Larry at family gatherings.
Diverse Bets Yield Big Gains
According to documents cited by Bloomberg, Miller’s astute investments included not just Bitcoin but a mix of well-known stocks like Amazon, security firm ADT, and Avon Products. It’s a classic buffet approach: why stick to just one dish when you can feast on everything?
A Proven Investment Strategy
This isn’t Miller’s first rodeo. At a sprightly 69, he brought the same investment strategies to his current fund that saw him thrive during his three-decade tenure at Legg Mason. His philosophy? Scoop up assets that are trading at a significant discount to their intrinsic value. In simpler terms, if it looks like a deal, grab it before someone else does!
A Fund Worth Noting
Miller’s fund currently manages $126 million in assets, while he oversees a whopping $2.3 billion in total at his Baltimore-based firm. Yes, that’s billion with a ‘B!’ Just don’t ask him to split the check at dinner.
Volatility: A Double-Edged Sword
But those returns haven’t come without their ups and downs. Just last month, the fund saw a wild swing: a 39% surge after a steep 29% drop. You might say it’s more action-packed than a summer blockbuster at the local cinema.
Bitcoin: A Technological Experiment?
Miller views Bitcoin as both a potential goldmine and a curiosity science project. Earlier this year, he mentioned that its value could skyrocket—or drop to zero, making investing in it feel like playing roulette on the moon. While he’s not an ardent Bitcoin believer, Miller considers the lack of correlation between crypto and traditional markets as a key reason for its inclusion in his portfolio.
Future Predictions
Certification of Miller’s success came from Galaxy Digital CEO Mike Novogratz, who boldly predicted that institutional interest could push Bitcoin back to its previously unprecedented highs of $20,000 by the end of 2019. Will the market comply, or will it be an epic faceplant? Only time will tell!
