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MVP 2026 Stock Contest
Real investing involves the risk of permanent loss of capital. The securities mentioned are not an actual portfolio and are not being offered for investment as a model. Figures cited are as of date of publication and can change over time. Miller Value Partners undertakes no oblig…
Bitcoin’s Setup Looks Increasingly Compelling
Bill Miller IV answered questions on our recent MVP LIVE call about his current perspective on Bitcoin and related topics. Key Takeaways Constructive fundamental backdrop: The investment case for Bitcoin remains supported by persistent fiscal deficits and its role as a potential …
The Set-up for Small & Mid Caps
Key takeaways: Value leadership is broadening: Value stocks—especially small and mid caps—have significantly outperformed across market caps and continue to lead in down markets. Market valuations remain elevated: Despite volatility, overall market multiples have re-expanded and …
Familiar Macro, Different Market Set-up
Bill Miller IV on the Current Market Read Bill’s current market letter: Feels Like 2022 But Isn’t Key Takeaways 2022 parallel—but better backdrop: Geopolitics are hitting growth again, but inflation is much lower today, leaving the economy in a stronger position. Grow…
Feels Like 2022 But Isn’t
Liz Goodier · Feels Like 2022 But Isnt – Bill Miller IV The first quarter was a weak one across markets, as both equities and bonds pulled back – the S&P 500 fell -4.35%, US investment grade bonds were off -0.05% and high yield declined -0.50%. The market texture was remini…
Value and Small-Cap Outperformance Accelerates
Liz Goodier · Value and Small-Cap Outperformance Accelerates – Dan Lysik The year started with further market broadening, favoring lower valuation and smaller market capitalization equities. The Value outperformance cycle that began last year has largely gone unnoticed by m…
The Fed’s Most Important Shift Isn’t in the Headlines
Key Takeaways Media and political narratives have obscured the most important recent shift in U.S. monetary policy. In December, the Federal Reserve executed its most significant policy pivot in at least six years by ending quantitative tightening (QT). While headlines emphasized…
Historic Valuation Gaps Are Pointing to a Major Market Shift
Key Takeaways U.S. equity valuations are elevated: The S&P 500 ended 2025 at ~22x earnings versus a 30-year average of ~17x, with cyclically adjusted valuations near levels seen only in 1999–2000 and 2021—historically associated with muted forward returns. Forward return exp…
Early Innings!
At the end of 2024, we titled our letter Is this a Generational Opportunity , highlighting what we believed to be asymmetric return potential in lower valuation equities and small caps, an opportunity hidden within the concentrated/technology-heavy passive indexes. After about a …
The World’s Biggest Buyer Is Back, and People Don’t Get It
Most investors pay attention to monetary policy given its influence on economic activity and asset prices. However, it is not clear that everyone has appropriately contextualized recent developments from the Fed, which changed its stance in the fourth quarter more than headlines …