The former Legg Mason star beat the markets forever, until crashing badly in 2008.
He now runs Miller Value Partners with $2.3B in assets. Among those is a $154M hedge fund, MVP1. That fund is up 72.5% YTD, in part thanks to having 30% of its assets in bitcoin.
Miller’s not buying more at these levels, but takes pride in his contrarian stance, noting a “Murderers Row” of big shots – The Oracle, Jamie Dimon, Larry Fink, Ray Dalio, and Howard Marks among them – calling bitcoin a bubble.
Miller: “I believe there is still a nontrivial chance bitcoin goes to zero, but each day it does not, that chance declines as more venture capital flows into the bitcoin ecosystem and more people become familiar with bitcoin and buy it.”