Big Investor Miller Has 1% of Net Worth in Bitcoin

Investing, News | July 20, 2017 By:

Add value investor Bill Miller to the list of true believers in bitcoin.

Continuing a recent string of pronouncements from other wealthy individuals that bitcoin prices will soar, Miller told Forbes he invested 1% of his net worth into bitcoin in 2014. Miller said the potential gains appeared far better than the chances of a complete loss.

Miller controls the LMM fund, which CNBC claimed had $2 billion in assets as of February. While his net worth is unknown, Miller has long been touted as a “value investor” on Wall Street, a man willing to take risks on stocks.

In a letter to his fund shareholders, he once noted, “Value investing means really asking what are the best values, and not assuming that because something looks expensive that it is, or assuming that because a stock is down in price and trades at low multiples that it is a bargain … Sometimes growth is cheap and value expensive. . . . The question is not growth or value, but where is the best value … We construct portfolios by using ‘factor diversification.’ . . . We own a mix of companies whose fundamental valuation factors differ.”