Bill Miller's Miller Value Partners

Miller’s firm, Miller Value Partners, posted a return of 119.5% last year net of fees, he told investors in a Jan. 15 letter.

Very impressed till I read this…

Those gains more than made up for the firm’s 33.8% loss in 2018.

So a $1M in 2017 will become $662k which become $1.453M, annualized return of two years = 20.5%, @manch Did you do better than this for the two years? Annualized return of the two years for AAPL = 31.7% :crazy_face:

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Normally funds like Bill Miller hedges using standard asset allocation software. With speculative algorithmic run, Even today, I made considerable amount from SPY put !

I made YTD 28% this month alone realized value (and BYND & other shares holdings appreciation are not accounted)

I would have waited until Monday evening, but did not have confidence how market will behave on Monday.


Good job.

As a % of the worth of the trading portfolio as at Dec 31, 2019 or of the invested $ value of the stock/option?

As a % of stocks (not invested $ value of the stock/option) portfolio worth Dec 31, 2019.


A passive index fund is as good as Miller :roll_eyes:

You’re one of the greatest mutual fund manager until you’re not.

Look at Bruce berkowitz and the Fairholme fund

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Historically annualized return of S&P of 7-11% is not myth, according to Fidelity is 10.50% before taxes, within 7-11%. The annualized return for the past 10 years is 13.53% above the range because of the recovery from 2009, further into the future, it will fall back to within the 7-11%. Btw, inflation is about 2-3%, so inflation adjusted should be above 10% for the past 10 years, how do @pandeyathotmail get inflation adjusted number to be 2-3%?

Not inflation adjusted. Buffet adjusted. :rofl:

On the other hand, adjusted for flat screen TV price s&p returns 50% a year. :thinking:

Yes, is why I said general inflation is not of much relevancy to an individual consumer. Their basket of goods & services is likely to be quite different from those used in computation of the general inflation index. Even if the same, the weightage is likely to be different. Btw, adjusted for prices of SFHs in SV, you may get negative :scream: returns. May be also negative :sob: return after adjusting for college tuition. Using AAPL as the reference (like $), almost every assets are deflating :rofl:

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More or less: Services are inflationary, manufacturing products are deflationary. Time for some tech startups to disrupt the service industry! Robots for hospital, child care and medical care? More with less using AI/ML and cameras? A system of graduating people taking online courses?

Do wages ever deflationary? May be time to do that :scream: Services have to be delivered by labor! So use less of them! Robots! Cameras! AI/ML! Undocumented immigrants H1Bs