For decades, Bill Miller has been one of the most fascinating figures in investing—a thinker, a contrarian, and a relentless believer in long-term value. From rising to fame by outperforming the S&P 500 for 15 consecutive years to weathering the brutal 2008 financial crisis, Miller’s journey is a masterclass in resilience and conviction. Now, he’s back in the spotlight—not just for surviving adversity, but for thriving in it.
With bold bets on Amazon, Bitcoin, and General Motors, Miller has once again proven his ability to spot transformative opportunities before they become mainstream. His story isn’t just about financial success—it’s about understanding technological shifts, embracing volatility, and staying ahead of the curve.
The Rise, Fall, and Reinvention of a Market Legend
Miller’s career began humbly. As he recalls, “When I joined Legg Mason forty years ago, my net worth was negative. I made $39,000 a year.” A former philosophy major and military intelligence officer, he climbed the ranks through disciplined thinking and deep fundamental analysis. As manager of the Legg Mason Value Trust, he delivered unmatched returns—until the 2008 crash.
His heavy investments in Bear Stearns and AIG turned toxic overnight. The fund lost 55% in 2008 alone, and assets under management plummeted from $77 billion to $20 billion. Critics wrote him off. But Miller didn’t quit.
Instead, he founded Miller Value Partners—and quietly rebuilt his track record. By March 31, 2025, the Miller Opportunity Trust (LMNOX) ranked in the top 1% across one-, three-, five-, and ten-year periods among mid-cap blend funds according to Morningstar. From the market low on March 23, 2020, to March 31, 2021, the fund returned 201.7%, compared to the S&P 500’s 78.5%.
Amazon: A Long-Term Bet That Paid Off Exponentially
Few bets have defined Miller’s resurgence more than his stake in Amazon (AMZN). While many investors fled during the dot-com bust or the 2008 crisis, Miller doubled down—buying call options as the stock dropped.
Today, he believes he may be the largest individual shareholder of Amazon who doesn’t have the last name Bezos. Not even MacKenzie Scott holds more personally.
At one point in 2020, Amazon made up 83% of his personal portfolio—a level of concentration that would make most investors nervous. But Miller sees it differently: “It’s not expensive based on price-to-gross-profit or enterprise value to EBITDA. It’s right in the middle of its historical range.”
He points to Amazon Web Services (AWS), which—if independent—would be worth around $500 billion** today. Advertising, another growing segment, could reach **$500 billion in value within years. AWS itself could hit $1 trillion.
And what’s left? The entire retail business—plus a fast-growing B2B segment now worth $25 billion—essentially comes at no extra cost.
Amazon is also building its own logistics empire: planes, electric delivery vans, and fulfillment networks rivaling FedEx and UPS. Once fully scaled, excess capacity can be monetized—further boosting margins.
“If antitrust regulators break up Amazon,” Miller says with a smile, “that would actually make it more valuable.”
Bitcoin: The Digital Gold That Outshone Amazon
Even more surprising than his Amazon bet? His early move into Bitcoin.
Miller began buying Bitcoin when it traded between $200 and $300, with an average cost of about $500. At current prices near **$53,000**, that position has grown so large that it now exceeds his Amazon holdings.
Why does he believe in Bitcoin?
“Bitcoin is a decentralized, permissionless, peer-to-peer network—permanent and incredibly hard to hack,” he explains. With only 21 million coins ever to exist, and roughly 18.5 million already mined, supply growth is slowing—from 2.5% last year to just 2% this year.
Meanwhile, demand is rising fast. Major institutions like Morgan Stanley and Goldman Sachs are preparing to offer Bitcoin access to clients. Bitcoin ETFs are live in Canada and Brazil—and multiple applications are pending in the U.S.
There are an estimated 47 million millionaires worldwide. If each wanted just one Bitcoin, they couldn’t all have it—there simply aren’t enough.
“Supply-demand imbalance explains where we are,” Miller says.
He compares Bitcoin to gold—a digital alternative to analog value storage. Gold has a market value of around $10 trillion** globally. Bitcoin? About **$1.1 trillion.
Under reasonable assumptions, Miller believes Bitcoin could grow 10x—reaching parity with gold’s total value.
“You can’t carry millions in gold across borders,” he notes. “But you can send millions in Bitcoin anywhere in seconds—with minimal cost and infinite divisibility.”
General Motors: An Undervalued Player in the EV Revolution
While Amazon and Bitcoin grab headlines, Miller also sees opportunity in an unexpected place: General Motors (GM).
Once seen as a symbol of industrial decline, GM is now leading the charge in electric vehicles. It’s transitioning its entire lineup from internal combustion engines to EVs—and doing so at scale.
Yet the stock trades at just 8 times earnings, while the broader market sits near 20x.
“You can conservatively value GM at 50% higher than today—and realistically double it,” Miller argues.
Tesla (TSLA) may dominate investor attention, but competition is intensifying globally. New models like Cadillac’s upcoming electric lineup show GM isn’t just keeping up—it’s innovating.
“The idea that Tesla will capture all EV profits is unrealistic,” Miller says. “Everyone is racing toward electrification.”
Frequently Asked Questions
Q: Is Bill Miller still actively managing money?
A: Yes. Through Miller Value Partners, he manages several funds including the Miller Opportunity Trust (LMNOX), which continues to deliver strong long-term performance.
Q: How much of his portfolio does Miller still hold in Bitcoin?
A: He hasn’t disclosed exact percentages, but confirmed that his Bitcoin holdings now exceed his Amazon position in value—despite owning Amazon for over two decades.
Q: Why does Miller trust Amazon despite regulatory risks?
A: He views antitrust scrutiny not as a threat but as potential upside. If Amazon is broken up, he believes its parts would be worth more than the whole due to improved focus and valuation clarity.
Q: Does Miller recommend individual investors copy his concentrated bets?
A: He emphasizes these are personal decisions based on deep conviction and risk tolerance. Most investors should diversify—but understanding why these companies win matters more than replicating positions.
Q: What makes Bitcoin different from other cryptocurrencies in Miller’s view?
A: Scarcity, security, and network effect. Bitcoin’s fixed supply and decentralized structure make it uniquely positioned as digital gold—unlike tokens with inflationary models or centralized control.
Q: Can traditional automakers like GM really compete with Tesla?
A: Absolutely. GM has manufacturing scale, brand strength, and engineering expertise. Combined with aggressive EV investment, it’s well-positioned to capture significant market share.
Final Thoughts: Conviction Over Consensus
Bill Miller’s comeback isn’t luck—it’s strategy. Whether through Amazon’s digital dominance, Bitcoin’s scarcity-driven rise, or GM’s industrial transformation, he bets on change before others see it.
His story reminds us: true investing isn’t about following trends. It’s about seeing what others overlook—and having the courage to act.
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