Every bull, read this post and cheer up!# Stock
y*r
1 楼
我相信，你比他做的好多了。哈哈
Value investor Bill Miller told CNBC on Wednesday he lost 20 percent in a
month, but he thinks it's a good time to buy.
Amazon lost 18 percent in the past month and the stock is a 10 percent
holding for Miller, founder, chairman, and CIO of Baltimore-based LMM. But
he said it's not only Amazon. "Everything is going down."
"It took Bill Ackman and David Einhorn a year to lose 20 percent. I lost it
in a month. My fund is down 20 percent in the month," Miller said on "Squawk
Box," referring to the respective heads of the Pershing Square and
Greenlight Capital hedge funds.
Miller, who has a strong track record, said he's been fully invested, no
cash, since the 2008 financial crisis, and he's still bullish. "Lower prices
mean higher future rates of return."
"The S&P [500] yields about 2.3 [percent] and dividends grew last year 9
percent," he said. "It's sort of hard to see why anyone would own a 10-year
Treasury when they could own the broad market at a higher current yield."
LMM, a partially owned subsidiary of Legg Mason, has $2.1 billion of asset
under management. Miller is also portfolio manager of the Legg Mason
Opportunity Trust fund.
With depressed oil prices and a slowdown in China's economy, stocks logged
their worst January since 2009. February has also gotten off to a volatile
start — raising questions about whether the U.S. economy may go into
recession.
"People think the market has some special ability to see the future. [But]
the market is just people just like you and me buying and selling," said
Miller. "There's disconnect between what's actually going on [economically]
and what the markets are reacting to."
Value investor Bill Miller told CNBC on Wednesday he lost 20 percent in a
month, but he thinks it's a good time to buy.
Amazon lost 18 percent in the past month and the stock is a 10 percent
holding for Miller, founder, chairman, and CIO of Baltimore-based LMM. But
he said it's not only Amazon. "Everything is going down."
"It took Bill Ackman and David Einhorn a year to lose 20 percent. I lost it
in a month. My fund is down 20 percent in the month," Miller said on "Squawk
Box," referring to the respective heads of the Pershing Square and
Greenlight Capital hedge funds.
Miller, who has a strong track record, said he's been fully invested, no
cash, since the 2008 financial crisis, and he's still bullish. "Lower prices
mean higher future rates of return."
"The S&P [500] yields about 2.3 [percent] and dividends grew last year 9
percent," he said. "It's sort of hard to see why anyone would own a 10-year
Treasury when they could own the broad market at a higher current yield."
LMM, a partially owned subsidiary of Legg Mason, has $2.1 billion of asset
under management. Miller is also portfolio manager of the Legg Mason
Opportunity Trust fund.
With depressed oil prices and a slowdown in China's economy, stocks logged
their worst January since 2009. February has also gotten off to a volatile
start — raising questions about whether the U.S. economy may go into
recession.
"People think the market has some special ability to see the future. [But]
the market is just people just like you and me buying and selling," said
Miller. "There's disconnect between what's actually going on [economically]
and what the markets are reacting to."
