22 Burst results for "Bill Miller"

"bill miller" Discussed on CoinDesk Podcast Network

CoinDesk Podcast Network

02:18 min | 2 months ago

"bill miller" Discussed on CoinDesk Podcast Network

"What's going on guys. It is tuesday july thirteenth. And we're talking about why bitcoin bill miller doesn't think it's a market bubble even though others seem to think so i up however let's the brief i other brief today it is. Cpi day and i don't need to tell you guys as regular listeners of the show how contentious debate around inflation is right now. The fed is invested in trying to convince everyone that the numbers are high but transitory based on specific dislocations related to the world coming out of corona wall street is invested. Because they're worried that the cheap money party will come to an in their minds. Premature end if the fed is forced to take action and raised rates. Bitcoin is are invested because inflation eating people savings and generally making their lives. Harder is a key part of their philosophical thesis for bitcoin. In the first place all of this added up gives the release of new numbers a pretty serious significance. Well the latest numbers are out and they're pretty sure to make this debate rage even hotter the consumer price index jumped zero point nine percent in june month over month. Five point four percent year-over-year. The monthly change was the largest. One month changed since june. Two thousand eight when you excludes food and energy the so called core. Cpi month over month was also zero point. Nine percent in year-over-year was four point five percent. This was more than expected. Bloomberg economists had predicted zero point. Five percent monthly and four point nine percent year over year. The big drivers of inflation are sort of what you'd expect. Increased demand particularly around things like travel. And they're also continues to be supply shortages. Although many commodity prices like lumber are starting to come back to earth there also shifts in employee expectations. A lot of people are making different. Decisions are looking to be paid more for the first time in a long time. Some of these costs are being passed on. Forty seven percent of small businesses rose average selling prices in may and that was the highest share since one thousand nine hundred eighty one now as always. There is a ton of hemming in hong about the implications of all this. And i'll just point to one tweet. That i think nails it from melting mirrors. She writes cost of living. Cpi is up five point four percent year over year with june alone. Seeing zero point nine percent increase median price. To buy a home is up twenty. Three percent year-over-year wage growth is up three point. Seven percent

Bitcoin david
Some Warn of Market Bubble, Bitcoin Bull Bill Miller Disagrees

CoinDesk Podcast Network

02:18 min | 2 months ago

Some Warn of Market Bubble, Bitcoin Bull Bill Miller Disagrees

"What's going on guys. It is tuesday july thirteenth. And we're talking about why bitcoin bill miller doesn't think it's a market bubble even though others seem to think so i up however let's the brief i other brief today it is. Cpi day and i don't need to tell you guys as regular listeners of the show how contentious debate around inflation is right now. The fed is invested in trying to convince everyone that the numbers are high but transitory based on specific dislocations related to the world coming out of corona wall street is invested. Because they're worried that the cheap money party will come to an in their minds. Premature end if the fed is forced to take action and raised rates. Bitcoin is are invested because inflation eating people savings and generally making their lives. Harder is a key part of their philosophical thesis for bitcoin. In the first place all of this added up gives the release of new numbers a pretty serious significance. Well the latest numbers are out and they're pretty sure to make this debate rage even hotter the consumer price index jumped zero point nine percent in june month over month. Five point four percent year-over-year. The monthly change was the largest. One month changed since june. Two thousand eight when you excludes food and energy the so called core. Cpi month over month was also zero point. Nine percent in year-over-year was four point five percent. This was more than expected. Bloomberg economists had predicted zero point. Five percent monthly and four point nine percent year over year. The big drivers of inflation are sort of what you'd expect. Increased demand particularly around things like travel. And they're also continues to be supply shortages. Although many commodity prices like lumber are starting to come back to earth there also shifts in employee expectations. A lot of people are making different. Decisions are looking to be paid more for the first time in a long time. Some of these costs are being passed on. Forty seven percent of small businesses rose average selling prices in may and that was the highest share since one thousand nine hundred eighty one now as always. There is a ton of hemming in hong about the implications of all this. And i'll just point to one tweet. That i think nails it from melting mirrors. She writes cost of living. Cpi is up five point four percent year over year with june alone. Seeing zero point nine percent increase median price. To buy a home is up twenty. Three percent year-over-year wage growth is up three point. Seven percent

Bill Miller FED Bitcoin Hemming Hong
"bill miller" Discussed on Talking To Change - A Motivational Interviewing podcast

Talking To Change - A Motivational Interviewing podcast

04:03 min | 3 months ago

"bill miller" Discussed on Talking To Change - A Motivational Interviewing podcast

"Clinical practice is also scientific. You can use scientific method understand what is happening in what helps people make better and he was primarily interested in the very things that we're talking about in this book of. What is it that therapist does. That makes a difference. What is it that a behavior therapist does that makes them a better behavior therapists. What is the second amick therapist. Does that gets better client outcomes. Rogers really didn't so much create a new school of psychotherapy although it gets cast that as ring scientific method into thinking about clinical practice now we have somehow in psychology recently reduced it to this silly debate of is a technique or his relationship is the technique. You're using or therapeutic relationship that matters and the problem with that is the word work. it's both. i mean no one would say it doesn't make any difference what you do in therapy. I mean if of course it matters what you do. And there's very strong evidence that it matters how you do what you do that. The way in which you deliver a behavioral therapy for example or the way in which he frankness as diabetes. Educator has a real outcome above and beyond the specific technique content of what. You're and this is where i feel like. There was a confluence of things that happened when motivational interviewing I was developed and where it was developed because mit began in the field of alcohol. Misuse and really cool thing about that. Is that alcohol. Use is an outcome variable. That is so tidy. It's so tiny especially if you compare it to. Things like depression and schizophrenia and borderline personality disorder in ptsd in other things that are super important. But we just your messier. We can't measure them as well but alcohol use disorder has tiny little outcome variable and along comes motivation. So here comes this great outcome variable the weekend exploit to get some really good crisp ideas about how people are actually doing after. We're finished with them and then here comes. Motivational interviewing in which the relationship is equally privileged to the technique and band. Here comes that that marriage of those two things right. I call it the world marriage. And i think that's what it was that made a real contribution in the area of psychotherapy process. Research was that you could actually look at relationship elements of an empirically supported treatment for a very clear outcome variable. You could really get some traction on what might be going on there. So i love the fact that I think motivation interviewing may that really simple contribution in this particular area and you're very clear vision in relation to your desire to discover what really worked for people and hiking we as helpers beat as helpful as we possibly can be what of curious about is the fact that we have heard from many of our gas and even bill referred owners. Just that idea that end. The journey through motivational people changed the music motivational. Vince seems to be the notes that explain the jin. Some curious given the fact that you both been around longer than most other people. Would you say that you have changed as individuals as a consequence of meeting and working with motivation. Definitely in my case as i said earlier just learning the reflective listening learning how to do that dramatically improved relationship for me and change to. I am as a person. I think it helps to be a more empathic person. And you're not an empathic person unless you're doing it so it's the inside outside again. Both of them growing together..

Rogers two things Vince Both both second
The Most Important Clinical Skills To Learn That Improve Client Outcomes

Talking To Change - A Motivational Interviewing podcast

02:22 min | 3 months ago

The Most Important Clinical Skills To Learn That Improve Client Outcomes

"Want to just say we won't have time to go into each and every one of these skills but people might be wondering 'cause line you mentioned just a moment ago that there are eight skills at military had referencing the bucks so just to list them and we might look into a couple of these in more depth accurate empathy acceptance positive regard genuineness focus hope eve location and then lastly offering information nodes ice so just to what people's appetites perhaps on what would be available to them if they were to read on and one of the things that glen and i were talking about the store. You all joined us terry was. Is there a skill of those eight that you would consider to be perhaps more important than the others kinda would win out if you had to choose one of her. Would that be if i only teach one of them. It would be accurate empathy. It's the largest effect size of any. It's been around long time. we understand it. Well know what it looks like in how to learn it and we use the first of the chapters on specific methods in our book for that reason that it's the one that just most consistently is associated with better client outcome hard to make the argument against it. Because i i mean i would probably choose them but to believing. Let me make the case for genuineness. Because genuineness is a skill that first of all it's hardest wanted to define it was the hardest chapter two right for me and we almost didn't put it in because the research for it is not as maybe as wrong or pithy as it is for the other characteristics but there is a pretty good case to be made for the fact that all of the other therapists skills. Don't really make a difference if there's not genuineness present. What good is empathy without genuineness would good is acceptance without genuineness and to me. This is a really important skill. Also because i teach a lot of graduate students in brand new therapists and this is always an issue for them right. They don't feel genuine because there's some new and awkward at it and a lot of times by task is to help shape them towards being more themselves as they're trying to do this therapy thing and sometimes i feel like that's my biggest task so i really think the power of genuineness can't be overlooked when you're talking about which when you laying messed

Glen Terry
School bus crash in Tennessee kills girl and driver

Memphis Morning News

00:19 sec | 11 months ago

School bus crash in Tennessee kills girl and driver

"School bus driver and a seven year old girl are killed in a crash in Tennessee Highway Patrol Lieutenant Bill Miller says the driver of utility service truck lost control on a state highway slid into the oncoming lane of school bus bus driver had no opportunity to stop to avoid the crash. Seven Children are hospitalized.

Tennessee Highway Patrol Bill Miller
"bill miller" Discussed on Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)

Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)

06:33 min | 1 year ago

"bill miller" Discussed on Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)

"So we we live every day we run it, we operationalize these solutions. Two seventeen we were spending most of our time setting up platforms in showing cost advantage in value inefficiencies that we'd achieve with net platforms in partner platforms running in our data centers and we were able to then go to customers and say look we found a twenty percent efficiency in eighty percent efficiency in running these platforms in his innovative fashion, and by the way we're happy to share that with you as a customer in certainly as a partner. where we've come from those since then is much more much more aggressive posture. We built out an entire operating platform for our company called cloud one in it is a hybrid multi cloud platform. The route allows us to run specific nap workloads that are containerized in mobile and portable in our private cloud utilities and our public clouds of choice in all of that's connected through a very nimble data fabric, and we branded that cloud one in it. Many of our events we stand up and talk to our customers about how we've built provisioned and run this cloud one environment that gives us a lot of flexibility in a lot of choice. So it's been a great journey of going from running in talking about cost benefits to actually engineering a hybrid multi cloud world that we can live in In last year Peter we've gone beyond that and is this is really really thrilling for me. We've built out a full devops capability on top that cloud one instance. got a minute to talk about that. Can we talk a little bit about that? Please do I'd love to hear more about it. He had. So when we looked it at operating a company like, Nanak right we have legacy platforms, applications. We have modern cloud utilities that we can talk about two, and then we have sort of customize software that gives us competitive advantage and most companies have that most CIO's I talk to on a weekly basis have these particular workloads very Germane in specific to their business. The problem is a lot of those age, right they get they get stale there in yesterday's technology, they're hard to grade because operating systems and databases. Consistent with the platforms and the hardware that you're running in a data center, we used our cloud. Capability our underlying hybrid multi cloud infrastructure to build a whole application development environment to basically convert a traditional enterprise to Endeavour Ready Development Organization. We brought the right people in the do this we designed it. We purpose built it in. We moved a couple of our key customer service applications. I mean applications faced our end user customers in we move them into microcode based new software incarnations. It gets tremendous flexibility in the devops modern world, and it's really hard for traditional companies to do that look if if you're A. You know if you're a Netflix's or an Uber and you're going to start from scratch and build a whole software suite with some venture caps lot easier to do that in a true devops capacity much harder to do that as traditional enterprise. But we've done that in it's given us great value and You know one of the rare benefits I have in my job a forward-looking organization like this is. I. Don't have to worry about future development for for in house custom developed APPs in neither do most of our engineering teams because they've de adopted this devops framework that we built in. So that's a rare pleasure not to have to worry about how been developed my next generation of internal software applications. I, I wanted to also get get back to the points that you yours your company has built this ecosystem which really brings to life at a broader value proposition than simply going in alone and I wonder a great cio also needs his or her own either system partners to deliver all that that's necessary to serve the company first foremost, and ultimately the customer's as well and I wonder how I'm I know having known you from past stops broadcom, for example, I know that you have orientational towards this that the didn't begin with net APP but I wonder if within a company that has really thrived by virtue of establishing these these important partnerships, the extent to which that's colored the way in which you've thought about building your own system in order to ensure that your team is successful. Peter a great question, and it really has been a theme that permeates everything we do and I'll talk about it on on two halves. One half is a follow up what we just talked about and building out this customer one cloud one platform that we run the business on in an shift over and talk about just our our daily dating methodologies and. How use partners? So we couldn't build something like cloud one. We couldn't something like our devops framework without using all of our partners because net. APP. Has Incredible a data management capabilities and storage capabilities but there's a lot more that goes into it than that you know to build out a full suite of platform. So we leverage customers like Cisco where we have flex. pod delivery partnerships utilizing their compute. We have Lenovo is a key partner we lines their compute platforms we depend on red hat, for example, in their in their containerization and cloud ready platform. So we have lots and lots of partners that we build these capabilities outwith in that basically gives us a large ecosystem of capability. Again, it's a round net APP I but. We bring those partners in to build a complete and total solution and to your point we even we even extend that Parker framework to to integrators. So we've used partners. We actually have in our go to market organisation companies like Atas companies like trace three who resell our solutions with partnered with their professional services groups help us build these environments within that..

partner. Peter CIO Netflix Nanak cio Lenovo broadcom professional services Parker Cisco
"bill miller" Discussed on Masters in Business

Masters in Business

02:55 min | 1 year ago

"bill miller" Discussed on Masters in Business

"That the that the markets in the world and the economy is so much more complicated than you have any idea. And and so having Doug Matic views in pontificating about the world's this way or to happen or the Hong Kong pegged is going to do this or the Chinese you're going to do that is a complete waste of time because nobody has any idea. What's going to happen in the in the future? There's certain things that you know, and then psychologically what what you find out is that you know if you make five predictions, and and you know to write in three wrong you'll. You'll remember the tour right and the three. That were wrong. You'll blame on something else. So I think that I think that there's a lot of psychological barriers and problems that people need to overcome, and I would say just being. You know I'd say being skeptical and his humble, as you can be with respect to what you think you know and and the other thing. Is that that? I've found helpful to be able to sit other health but I ask a lot, wh, what do you worry about in the market? What do you worry about? And my answer, which might sound institution, but it's true I. don't really worry about anything. Because the the entire world of investors and and commentators are always worried about everything every time you turn on the television, this is going to go wrong. That's how worried about doesn't worried about that. The markets overvalued. There's too much this is so with all those people worrying about it. There's lots of there's lots of. There's no shortage of people worrying about things, and so what I try to do is focus on. Where are the opportunities in the market given whatever the market appears to be, and not you know doing a bunch of wailing hand wringing about how things are going to get worse. This is a terrible situation. So I. That probably goes back to my old. You know late partner Ernie's would always say well. Let's let's let's see if there's anything positive and the stuff that we can figure out we got. We got plenty of negativism that we got we can. Always we can always. Count on being around. Thank you bill for being so generous with your time man. That was just fascinating stuff, really really good stuff. If you enjoy this conversation, well, be sure and check out all the other three hundred such podcast. We've done over the past six years. You can find that at I. Tunes spotify Google Overcast Stitcher wherever you're finer podcasts are sold. We love comments. Feedback and suggestions write to us at MIT. podcasts at Bloomberg Dot net check on my weekly column at Bloomberg. Dot Com slash opinion sign up for our daily reads at Ritholtz DOT COM. Be Sure to give us a review at Apple itunes follow me on twitter at revolts. I would be remiss if I did not. Thank the cracks staff that helps put these conversations together each week Maruf oil is our audio engineer. Michael Boyle is my producer. A teacup vowel Brown is our project manager Michael Bat Nick is head of research. I'm Barry Ritholtz. You've been listening to masters in business on Bloomberg radio..

Bloomberg Barry Ritholtz Bloomberg Dot Doug Matic engineer project manager Hong Kong Michael Boyle Michael Bat Nick Apple twitter head of research partner I. Tunes Ernie producer MIT.
"bill miller" Discussed on Masters in Business

Masters in Business

05:45 min | 1 year ago

"bill miller" Discussed on Masters in Business

"Yes, so. Among the highest in the country, still that's what we've done for time. So it causes. Angst it causes angst when we have A. You know a year where we're behind the market. Fairly dramatically, but we always come back quickly in two thousand eighteen. Which is interesting in August of two thousand and I'm sorry. Yeah! Two, thousand, eighteen, two, thousand eighteen. Two Thousand Nineteen August two thousand. Nineteen we were. I think I. Think Eight hundred basis points. Or nine basis points behind the market. And we ended up two hundred or three hundred ahead of the market, so we made up like eleven hundred basis points in a quarter month. And I think that that's and the reason for that is that the Fed changes? Reaction Function. The market wasn't worried about a recession, and so all of the fear that drove the two thousand eighteen fourth-quarter decline dissipated and I think that's the kind of thing that you're actually starting to see right now. In the market you look at the people that led. My mentioned earlier in the first quarter and and they just killed it, but now I think that mean we're. We're now think we're. We're less behind now. You know we had a stronger. Fair market decline this year than we did back in two thousand and nineteen and early part of the year, so we're less behind now than we were August of two thousand and. Nineteen so I feel pretty good about our about our chances of doing well again this year. So one of the things you've said before that relates directly to that is volatility is the price you pay for performance? I assume you're going to expect volatility. You can expect big drawdowns like you saw in two thousand eighteen. How do you manage your client base? How do you manage the institutions you deal with when all the sudden during a quarterly review, hayward down eight or nine percent behind our benchmark Is that a challenge to juggle and or do? People understand that you want the upside? You gotta deal with a little bit of downside when things get rough well when I. When I bought the fifty percent ownership, and what was then called Lnm from Lake Mason I brought the mutual funds along. But I did not bring the institutional business along. And, so we don't, we don't really take. We have some separate accounts, but we don't really take institutional business. We not that we won't take it, but that we we're not actively trying to grow it, and we're only interested in having clients that really understand that point that you just made that. You'RE GONNA. Get volatility, and we're talking. We try and monetize the volatility, so we want. Want to do is if the market goes down a lot, you know as it did in in March of this year we will, we will reorient the portfolio around to try and take advantage when it comes back, and as it goes higher, we want to trim the stuff that has done really well and then moved out into stuff. That would tend to be more resilient on the. On the downside, but we don't have that you know. Obviously you know in the papers every day. What we're doing and we have quarterly calls and and and meetings. We don't have those quarterly institutional meetings. that we used to have and those those were were challenging, because every institution has got a different way of thinking about you know risk and reward and what they're looking for. I think I've been doing this long. Enough that most of our clients understand that that's what comes with the territory. And, so we really haven't you know. suffered much in the way of redemption is in the last several years in fact we have. You know I don't know if we have net inflows in our income fund definitely has net inflows so far this year and the other funds. If we if we have outflows, it's it's not much which is kind of unusual. For for an active Mutual Fund Clinton interesting, I have a million other questions for you, but I've kept you for an hour so far so rather than take up too much time we'll have you back when we're finally done with lockdown and let's jump to our speed round are our favorite questions. We ask all of our guests. And since mentioned that flex, let's start there. Tell us what you're streaming these days. What are you watching on either net Netflix Amazon prime more. Were you listening to in terms of podcasts or or anything like that? It's a really easy question, because the answer is nothing so I don't really I don't i. don't listen to podcasts. Yeah I, don't I. Don't stream anything I don't watch television especially since baseball season is on hold. That's about the only time I have the television. Television turned on so I'm I'm. I'm very out of touch with with all of that all of that stuff. So much more focused on You know reading than I am on on listening. We're watching, so let's jump to that question Tell us about what you're reading these days and mentioned some of your favorite. Sure so I just I I just finished Thomas Mann's the Magic Mountain Great Classic that I haven't that I had not read before. I'm currently reading the eight hundred page biography of. Frederick Douglass the you know the African American nineteenth century. I'm working my way through Ralph. Waldo Emerson selected works I. Just finished nature the first book that He. the first book that he published. And and then I read a biography of Frank Ramsey of the great..

Fed Waldo Emerson Frederick Douglass Lake Mason Frank Ramsey Thomas Mann hayward Ralph Netflix Clinton Amazon
"bill miller" Discussed on Masters in Business

Masters in Business

07:27 min | 1 year ago

"bill miller" Discussed on Masters in Business

"And that they won't increase rates until the realized inflation rate, not their forecast, but the realized inflation rate. Is above two percent on symmetrical basis. And, since it's only been about two percent two quarters in the last ten years. We don't know when they're going to start the symmetry. Maybe as a you know what two thousand eighteen when they change their. What's called their reaction function, but you're gonNA. They're gonNA. Let inflation run in my opinion based on what they said unless they change their mind at three to four percent for a while. So you're looking at a case, where interest rates are going to be very very low and no problem at all No competition at all for equities for several years and I think that that leads you to the view that the economy's GonNa grow You need to be long equities. Again a straight line, but I think that even now. Where we now. What, we're doing right now. It's actually interesting enough to me following the two thousand nine playbook. So if you think about the the market bottomed in two, thousand, nine in March and early March. This market bottomed in late March. The market had a big rally in two thousand nine into June That's what this market did. The market had a ten percent correction. then. That's what this market did. And then it continues to rally throughout the rest of the year and again I don't I don't prick the market. I can't predict the market, but certainly that's a that appears to be the direction. That's things are going right now. And and so I think that. Wouldn't. It wouldn't surprise me if the overall if the overall market hit new highs sometime. You know late this year or early next year which I think would probably a surprise to most people but. If the economy's coming back faster, and there's not gonna be any inflation and the. Fed's not going to raise rates. And we could have new high GDP by the first quarter of next year. I can't reason why the market wouldn't be an all time high, then quite interesting. I have to circle back and ask you another. Question, because this has been an internal debate in my firm, and there is no resolution of it, but I'm fascinated by your perspective. If we look back over the past cola century of equity valuations, there has been a gradual increase in what. Are Willing to pay for a dollar earnings, and and I don't mean just like a cyclical move during a bull market I mean over the past many decades. Going back to the twenty nine crash. And some people have argued that it is a function of. How much less capital, intensive companies are today think about railroads or auto manufacturers versus. You know couple of guys, a laptop and a Amazon web services. Are Companies Today, more deserving of higher valuations than the material, labor and capital intensive companies of last century, or is that just an excuse for higher p ratios? Oh, I would think that you know that absolutely I mean not. Every company is deserving of that, but if you look at the valuations of I would say the companies that dominated the top largest companies in the US and the. You know the forties, fifties, or even in the early nineteen sixties and look at their financial characteristics, their return on capital, their free cash flow generation, their debt levels and then look at companies that boost characteristic today. They're not any more expensive today than they were back in the fifties or Sixties? Except that interest rates are lower switch. Make them monitor the more expensive. That was really different. Is that you know the top? The companies are the biggest companies in the US right now they re radically different financial characteristics and growth rates, and also I would say You know moats around them. I mean no one's going to catch up with with Amazon or with or with Google. Where with facebook, in my opinion, no one's GONNA bigger than in global. streaming the net flex, so those companies competitive advantage period. Is is much longer than a than a company like General Motors and faced foreign competition, and now faces other kinds of competition from from electric cars. Stuff like that, so yeah I think it's. I don't think it's A. Hard to explain it all I think it fits writing with financial theory would tell you quite fascinating. I've covered a ton of stuff before we go to our a speed round questions, I have one last question for you, and it's about the cost of active management. Last. We had a conversation about this. You had said it's it's too high and doesn't deliver enough value for what it costs. What are your thoughts today? The prices have come down fairly dramatically both for management and for trading, which is more or less cost costly. What are your thoughts on on the state of the industry and and what? It costs to be an investor. If you're working with a professional manager, yea. I stand by what I said before. Is that That the issue isn't the issue. Is the cost relative to the value that you're getting? And I think that that issue is not so much a question of the skills of active management. As it is the risk controls or the structural impediments that they have which are partly institutional and partly legal, so you know if you the investment, company act of nineteen forty s restrictions about how you construct portfolios, which which don't exist in hedge fund world for sure, and then the business side of of an investment management is such that the reality of of client behavior is that you know they tend to be especially in the current environment, risk and volatility, phobic and if you have tracking it or on the downside that represents a business risk. which kind of leads you then to more of a closet indexing approach, and the only way that approach workers with lower cost currently has? And an ability to kind of surf, the market just ahead of the market, which I think is very difficult, so the challenge active management has is to actually have a portfolio construction dynamic. which which has high active share with the professional hockey share meeting. Your portfolio can't look exactly like your benchmark if your portfolio looks like your benchmark. Exactly then. You'RE GONNA under for your benchmark. If your cost higher, you can't do anything else. So that means mathematically that your probabilities of increasing of outperforming grow as you diverged from your benchmark, but also the that tracking Eric and also go on the downside and said that's the big challenge is to try and. Try and mitigate that downside tracking error relative to the upside. Tracking error as we'll call it, and then, and if that's the case, then that's how you can add value because you'll outperform overtime, and of course lower cost helpful. Last we spoke I recall. You're active. Share was amongst the highest in the industry. What are you running for an active share for for your funds at value the way the way, the cactus roughly around one hundred percent ninety eight hundred percent..

US Amazon Sixties facebook General Motors Fed Google Eric hockey moats
"bill miller" Discussed on Masters in Business

Masters in Business

06:02 min | 1 year ago

"bill miller" Discussed on Masters in Business

"Basically. Money's money's plural should compete with other. And any bank should be able to issue its own money. And he company she'll issue its own money, and then the market will sort out which ones are valuable. and which ones aren't we in the United? States about thirty years didn't work out too well. And the nineteenth century, but it doesn't mean that it can't work some version of it in the future, and I think that's part of what part of the direction at this is going right now. Shift gears a little bit. I. Have to bring up something I'm fascinated by. Twenty eighteen. You made a seventy five million dollars donation to John Hopkins University. Your Alma Mata to the philosophy department turn out to be the largest ever gift to philosophy department. Explain what motivated that. Tell us about your thinking behind that gift. Sure so I went to Grad school at Hopkins. Got A PhD program. There in the mid nineteen seventies, and after I get out of the army, and and I was at my mindset on On becoming a college professor. And that was a very bad time. It's like his right now. It's been a bad time for like four years to get a HD in the humanities, it'd be English philosophy or French or whatever the case may be. And so when it finally became clear to me that that was not going to be something that made a lot of sense I I would probably vagabond bouncing from college to College. Then, shifted gears I'd always been interested in markets, and so I was fortunate to get a job. Initially at a private company, and then moved into their treasury function, and manage the money for them, and then went to Mason. In, nineteen, eighty one. And the thing is I. Look back on was the thing that probably was the most useful practically useful thing to me much more useful than being an economics major. Learn money and banking, and all that kind of stuff and the. Question of exchange. MVP equals P Q where the the analytical habits of thought. And the critical analytical skills that you learn and philosophy, which is very rigorous and and in some cases highly quantitative. Although I would, I was particularly attracted to that part. But I. my view is I would not have had anything like the success that I've had in capital markets. Had I not had that philosophical training? Because part of it is that that you're always trying to figure out what's wrong with your view and not trying to press your view about what's? Right a lot of people in markets as undoubtedly aware have very strong views about lots of things. You know I mean lots of very smart. People were Short Tesla and thought it was a fraud. Lots of very smart. People thought that Amazon was going to go bus barons thought at Amazon Dot. Bomb But when you get when you get kind of your teeth and have a strong view on that, you tend to ignore countervailing information and look for confirmation and. All kinds of psychological things come to play and one of the things going through the. Drilling Grad School Philosophy at least at Hopkins. was imparted to me that you've got to hold all that stuff back because you're what you're really trying to do is get at the at what's called the argument to the best explanation, and so, what? What's what's going on here? Not what do I want to go on her? What do my beliefs? Tell me, but you know you've got to consider evidence from every angle, so it's like a Rubik's cube. Look at things, and that was enormously helpful to me and I would say that it was. It was part of why you know. We bought Google second biggest buyer Google on the IPO the. By of Amazon on the IPO, and so a lot of those names that have been among our biggest winners have been due to. I think the analytical. Skills that I developed in Grad School and I thought it was a useful way to. To You know to pay that back because I think the more people that are exposed to philosophy so happy department more than double as as a result of the size of this is, they've already hired. Last year's several distinguished philosopher, so I think I think it'll be good as more students at Hopkins Take philosophy and also I just I thought it was good to shine a light on the value of philosophy, and especially, when people are thinking about stem so much you know, and and using your education to get a job I I I think that's fine, but I think that I'm actually that the humanities have a practical value as well as you know as an intellectual value to people as well so one of the things that's kind of intriguing watching people who are not epidemiologists track. All the data is that we're testing so many more people today that we're finding lots of ace symptomatic people who are infected or symptomatic. People who are currently infected, so that's driving the death rate down, and then the number of people under fifty and under forty who seemed to be getting it who have a much better prognosis? For surviving, those are really making A. The. The mortality rates look better than they did in the beginning. When we really only out about who had it based on whether they went to the hospital or died. Right yeah, it's it's interesting. I'm on I'm on the board at Johns Hopkins, which is kind of. you know Ground Zero for all the data on this kind of stuff and. We have a call on covert every used to every week. Now it's now. It's every other week, but yeah, that was that was one of the things that came up in the call this morning, which like Florida for example, you're getting a huge increase in in cases Before Florida reopened. The average age of somebody with covert was sixty two. And since it's reopened with all that jump in cases, the average age of cases, since then is thirty five. And if you look at the data on mortality of people who are thirty five, then their mortality, their chance of dying, is point zero zero zero five, so basically it's basically almost nothing. So. I think that's what that's what you're seeing..

Grad School Amazon Florida John Hopkins University Google Hopkins Take Hopkins Drilling Grad School Johns Hopkins Alma Mata Amazon Dot fraud MVP professor Mason Hopkins.
"bill miller" Discussed on Masters in Business

Masters in Business

06:44 min | 1 year ago

"bill miller" Discussed on Masters in Business

"Is greater and greater adoption, so we're seeing more and more institutions get involved. What you're seeing is Is You know exchanges? Getting more I'd say. Professionalize and not being quite the wild west that let's still pretty much the wild west. But we're. We're still early in that game and the thing that encourages me probably the most is that the venture capital firms the people who you know who make their living trying to sort out which technologies are worthy of investing in which aren't have not every venture capital firm is big and Bitcoin, but many of the most prominent ones are, and I think that's probably the the thing that gives me the greatest confidence there still putting new money. Into this and raising new funds for this, and that increases the probability that it works. And then secondarily the point is I. Think it's it's right now. Just it's just a you know a speculative vehicle I think it could become an asset class I. think it's most likely to be You know one of the books. Is Entitled Digital Gold. I think that's probably the most likely venue for it to succeed at. And I think also that one of the things that's gotten some attention that you probably know. Is it Paul Tudor Jones close to I, think now he's close to two percent of his funds, in Bitcoin and other people like stand. Druckenmiller I don't believe on on bitcoin rarely I. Don't believe on Bitcoin. Not sure, but but they they are bullish on gold, because of the massive stimulus, the massive money printing re printing, and not that they're bullish because they think they have runaway inflation, they just believe the probabilities of gold doing well and gold has done. Well are increasing and my my view is that if if go does well in the next five to ten years, Bitcoin we'll do a lot better because it has many advantages. That goal doesn't have. So. I would I would say that you know if I were to advise people which I don't do this kind of thing, but what I did was I put about one percent of my liquid network and Bitcoin and I would say for people who are interested in A. That's an interesting way to go. Because anybody can afford to lose one percent of their liquid net worth and and if you can't then, you ought to be in cash or short term. Short term government buys any anybody that owns stocks afford to lose one percent, so but that right hand tail the distribution if it works, is is many many times the current price. Fascinating, so you mentioned. It's a technology digital gold as well. Is this a potential currency and sensual alternative to the dollar, and regardless of bitcoin is the Almighty dollar going to continue to be the Almighty dollar into the foreseeable future. What potentially could dethrone the dollar as the world's reserve currency? Yeah, that's a really interesting and important question because. A guy wrote. A book on the dollar called Exorbitant Privilege. Some years ago and the dollar has been a huge huge. Reserve currency for the US. It's why we don't. You know suffer the problems of of countries that have to US dollars, and and and so we'll, we'll be vulnerable to run on their own currency, and in favor of. In favor of the dollar you might remember back in Nineteen in two, thousand, seven, thousand, seven and eight. That Warren Buffett and Paul Krugman. When asked what they're thought? The risk was to the overall market. They both mentioned the current account deficit. And said they were concerned about a dollar. Collapse and people lose confidence in the dollar because of our massive current account and growing Kern account deficits. And and so It turned out the current account. Deficit wasn't a problem at all. The housing market was problem. But and when the when the global financial crisis came, people didn't sell dollars. They bought dollars. So I think that gives you a sense of of how powerful the dollar is right now. The, issue though, is that That, we're in competition with the Chinese globally and the Chinese economy will be bigger than ours at some point. And the Chinese are are experimenting and I think going to come up with a with a crypto currency. That will be you know. The the the Chinese government will back and part of the reason they want to do. That is to try to undermine the dollar, so I would guess also that that the US will also at some point have a have a feedback cryptocurrency, and maybe some other the other reserve currencies. As well so I. think that's a potential significant change that as it evolves that would also put a lot more attention on decline, and of course, the big advantage of Bitcoin is it's permission. Louis, it's decentralized. It can't be hacked and it can't be debased. And and so I, think that difference between a government backed currency, even if it's a crypto currency and one that is is basically independent, it's whole. It's all way of operations. Independent of any government would. would be beneficial to Bitcoin so it doesn't. Collapse. bitcoin benefit from the differentiated aspect of it to whatever other sorts of cryptocurrencies payments systems come around you call bid bitcoin digital gold I've been calling it libertarian gold and I can't see that crowd getting behind certainly not behind a Federal Reserve that crypto and a essentially plans. Regime like China I can't imagine the libertarians buying into that. Do you really think Chinese crypto currency has a chance to capture the imagination of at least the early adopters in that space Let me let me resort this out. You know if you look back at Bitcoin when it got started, and who its initial enthusiast where it was basically, Libertarians people hate the Fed inflationist hard money people all that kind of stuff that they provided the early impetus and the emotion to get behind it because it it. It checked a lot of their boxes. So if if you think of Bitcoin as favourite of the Libertarians, you know as a as a politicized thing, which I think is to a minor extent much than it used to be before no the Libertarians are never going to get behind. A government sponsored cryptocurrency much less Chinese sponsored cryptocurrency, but they're relatively small. Part of what you know. What drives the global economic system? And I think the rest of it is going to be based on practicality, and and it doesn't work and and does it solve some kind of financial need and we'll just have to see that again. It's early. It's early days in this. You Know Friedrich Hayek wrote up wrote a monograph called denationalisation nationalization of money. You that there should be you.

US Professionalize Paul Tudor Jones Federal Reserve Chinese government Friedrich Hayek Warren Buffett Kern Paul Krugman Louis China
"bill miller" Discussed on Masters in Business

Masters in Business

07:22 min | 1 year ago

"bill miller" Discussed on Masters in Business

"Here. The reason that value has done so badly for ten years. Is that value thrives in a in an environment of reversion to the mean, so the economy speeds up, and then it peaks then it goes down about them. So you have this kind of cyclicality, and if you look since the since the financial crisis since March of Oh nine. The economy for ten years grew basically between one and a half and two and a half percent gonNA averaged about two percent with low inflation with with low interest rates, and not a lot of cyclicality, and therefore that's an environment where growth is going to thrive because low nominal growth like such as low real growth, one and a half to two percent. Basically than if you grow fast like an Amazon or Google Alphabet Your theoretical valuation is much much greater than it is otherwise I. I saw the journey might have seen it last week where? Somebody was look at the academic literature and said that if you if you run Nestle through a model what the what the the market kind of looks like now with interest rates at sixty or seventy basis points and low nominal growth from here then Nestle's worth fifty times earnings. And so I think that's the. That's the thing that would put value you know back behind the eight ball, which is if growth in the future is like growth in the last ten years, so call it one and a half to two percent athlete after this high growth period, rebounding and interest rates stay low, and by that I mean you know the the ten years I don't know one and a half or two, and after then values going to have trouble again. So I think that's the. It's maybe a long winded answer so. It depends a lot. The context dependent, so if the world look somewhat different. If the curve shifts inflation to come back, then value, we'll kill grows, and if it doesn't then, growth will probably be value again, so you mentioned the stay at home. Stocks are doing well. What industries and companies have been permanently impaired by the virus, and where are the opportunities arising from this whole lockdown experience? Is this going to change us, or is this just a temporary experience so permanent long time? And I would say that. I I'd say to that that nobody has any idea because nobody knows what the future is going to bring. I mean people have talked about Bill Gates talked about going back years that we're going to have another pandemic. At some point, the problem is you can't predict what that point is. And so at the beginning of this year no one was predicting a pandemic this year. which is now up ended all kinds of things from the economy to the growth rates to. Excess death rates the changing industry norms and all of that kind of stuff. So if you look forward and you say what's what's permanently different well there's going to be nothing permanently different if we have a vaccine in the neck and the relatively short term by that over the next six months to a year. That's effective, because if that happens all of a sudden, you can fly safely. You can travel and cruise ships safely you can gather. You can give sports going sports, and you can go and movie theaters and. So the kind of environment that we saw in January and February would be right back on the table. If on the other hand, there is no vaccine and also say it's not just vaccine. Nobody seen and no effective. Treatment so maybe there won't be a vaccine, but if the death rate. For the Cova nineteen drops down or turns out to be about the same as flu. Then I think there'll be a longer term return to normalcy. We'll get back to that same normal thing. So that sort of point one and point two, which is which summarize. Shortly is that the effect of this is going has been too. I think it'd be permanent to accelerate trends that are already in place, which means trends towards online shopping for example, and also it uncovered some things that we didn't know namely that a large number of people don't have to be in an office building. In in in certain industries to be very productive, and so I think James Gorman at Morgan Stanley and others have been. Fairly vocal about the fact that the. Footprint for you know for financial services companies is GONNA. Be significantly significantly different going forward, so I think that commercial real estate is potentially exposed not in the near term, but over the over the longer term and again a lot of stuff is just just in the middle. We just don't know what the answer that I was on zoom call when one of the participants were. Were marveling over the new technologies ahead of point out. Hey, we've had facetime and screen, share and Google hangouts for years and years and years. People just didn't have to use them. So your point about the pre existing trends is very well, nate. Yeah, I, mean I think. It's I I think that's the that's about all I can say confidence any trends that were in fact. we're probably accelerated. Because of this I couldn't agree more. Let's talk a little bit about some of the things that you've seen change over the course of your career, and I want to start with something. That is a little surprising. Let's talk about cryptocurrency. How actively involved in the CRYPTO world are you? And where do you see this going as either a speculation or a potential asset class? It's interesting the way you framed that Berry. Because if you, if you ask how actively I am in it or actually involved in I'm I'm not active at all. I have a very large position. Personally and Bitcoin I think. Financial Times had a didn't analysis as at least a couple of years ago. If if I've got their data, right? They weren't naming names I think it was a top one hundred holder bitcoin. In the world and I haven't been I. Haven't I haven't bought her so the bitcoins in years. So but I am I am holding out I haven't I'm not trying to in my training like that. And my view, crypto currencies was an is they are, and I'm talking mainly about Bitcoin here the other the other. CRYPTO currencies, I I think are mostly mostly uninteresting. There are some that are interesting to mostly on interesting, but I think it's a very interesting technological experiment. We haven't seen any kind of thing like this kind of an innovation in in finance and in money, really really history. And and so I think to bash as many of the very prominent people whose names I won't mention, but I think we all know who they are. What to Bash it is to is I think? Without without also think analyzing it in any kind of any kind of care, is is probably premature. And I do believe when I've changed my mind, one thing which is. When I first got involved in Bitcoin and I, think my average cost on my bitcoin's around. A initial cost is around two hundred dollars three hundred three hundred dollars bitcoin. And my view then was that it was. It was very risky at that A. Non Trivial. Chance of going to zero and my non trivial. I meant that you know probably at least twenty-five percent. Well so unlike many investments with Bitcoin, the higher it goes, the less risky. It is longer term. With other investments of the stock the higher goes unless that's you know being driven totally by fundamentals, the riskier it gets, the more expensive riskier gets. Whereas here, what's what's leading to the bitcoins price at around nine thousand dollars right now.

Nestle Google Bill Gates Financial Times Amazon Cova Morgan Stanley James Gorman facetime nate Berry
"bill miller" Discussed on Masters in Business

Masters in Business

02:21 min | 1 year ago

"bill miller" Discussed on Masters in Business

"LICEU runs a I'll call it a a pure value or a classical value portfolio, which which is basically a a low price to tangible book low P price to cash flow. And as you might expect, he's been having a very difficult time of it and sends out a never ending stream of emails about how extreme this is, and how it's never happened before, and it's gotTa. Be a snap back and all, and then you might have seen cliff absences work on the same. Thing about how extreme this is, and he believes that you're going to get a snapback, so where I come out on. This is I think that the odds are overwhelming that that I'd say value as traditionally understood, we'll do very well from roughly now until maybe a year or two years from now it could be long. But? Why say that is that? That value has led out of every recession as far back as the data goes. And the reason for that is that when companies when the economy peaks and goes down. Value name just tend to be more cyclical their return on capital drops, and so they're theoretical valuation, just five drops and the stocks underperformed. And then we have a recession there their return on capital rises, because then we're cyclical than coca-cola or Amazon and so therefore They outperformed. And we've seen that right now. If you look at the at the over repeat that right now, if you look at what happened, you know going to March twenty third. The the tech names stay at home names the secular winters you know service now in shopping for those kinds of things. They killed the market and some of the guys that are really good at this like Dennis Lynch Morgan Stanley or James Anderson at Baillie, Gifford, the you know the high growth guys I mean. They're up in the forty percent for the year. And you know traditional value guys at the bottom of the page, but since March twenty third the value people have beaten the growth people pretty handily. And and I think that that's because the the economy has been bottoming, and then the economy's going to start up, and so you what you see daylight yesterday, the up one and a half percent, and most of those all those growth themes underperformed dramatically so I think in the in the relatively short run meaning now until the next year or two. The odds are strong that value will outperform growth. But a little more a little more. Nuance.

LICEU Dennis Lynch Morgan Stanley Nuance coca-cola Amazon Gifford Baillie James Anderson
"bill miller" Discussed on Masters in Business

Masters in Business

03:08 min | 1 year ago

"bill miller" Discussed on Masters in Business

"I don't think it's GonNa happen so I would. I would be shocked if the if the market retest those old lows. Let's talk a little bit about what's going on today. In the world of investing, and you and I were both around in the nineties. I have to ask you about the rise of these Robin Hood a predators. Is this just a distraction, or is this a potential speculative frenzy? It's both I mean I think it's. It's a distraction. In the sense of these, the number of people who are actually trading on Robin Hood is trivial. In terms of numbers of people are the volume that they can do. relative to the overall market. Maybe they can have an impact on something like hurts and all that some of these smaller. Names but but I think the focus on that is is is misplaced unless it's just it's just your standard and something entertaining to. Entertain to look at as you remember Berry back in the. Back in the late nineteen ninety s with the with DOT COM tech telecom bubble that traders were everywhere and they. They weren't Robin Hoods and that was you know. Brokerage firms were raising their raising their margin requirements, and so there was there was a lot more impact. I think on the overall markets behavior. During that time then there is right now. The volumes were lower relative to the. The number of people that were trading, and the way in which trading was done and and now the volumes are huge compared to what people have robin. Hood Day traders. Are, doing. I remembered as sort of a national pastime you couldn't walk into a restaurant or bar without seeing the stock market on the TV. It's nothing remotely like that today. Last we spoke, you had a very interesting quote. That I have to ask your thoughts on. In two, thousand sixteen, you said we are only halfway through the shift from active to passive. Give us an update. We're all we in that process. Do you still think? Lots of of. Fund Managers Closet Index Irs and this transition is going to continue, or how's your thinking on this changed I think that you know active management in secular decline. So I've just like newspapers have been in secular decline for a long time. You know once the Internet got going. Active Management has been in a secular decline that's going to continue because most active managers at value and most people especially, if the demographics get older, people become more risk averse. And so they're happy to have tracking error. If you're if you're active managers way above the market. But if the managers the market is the standard, and you're below the market for a couple of years and people take their money out. In fact, there was a statistic which you probably saw that I was surprised at. which was that at Fidelity that basically a percent. Of fatalities clients who were sixty, five and older, took one hundred percent of their money out of equities in the first quarter of this year. So that gives you a sense of both the risk aversion, and how fear spreads in the market, and also the fact that that you passive money still gets still getting the the flows equity ETF getting flows, but the the average active manager..

"bill miller" Discussed on Masters in Business

Masters in Business

02:30 min | 1 year ago

"bill miller" Discussed on Masters in Business

"For fifteen consecutive years from nineteen, ninety, one through two, thousand and five. Feet that I don't think has ever been matched Bill Miller. Welcome to masters in business. Thanks and it's great to be here I. Should say welcome back. Our last conversation was in two thousand sixteen. Let's talk a little bit about what's going on in the world today early March you went on TV and said you're looking at one of the best buying opportunities of. Of Your lifetime that turned out to be quite a precedent call. Tell us what you were looking at. That led to that conclusion. What was behind the thought process? So one of the things that that I'm quite confident of having done this for about forty years is nobody can predict the market with any maybe maybe Jim Simon's at renaissance, but certainly not. Certainly, not basically anybody else that I've come in contact with any consistent basis, so given that I think I think one of the things I wanna look at just how the market has behaved relative to its history, and in this case what we saw was the fastest decline from all-time highs to to a bear market in history, and when things happen that have never happened before that always gets my attention I tend to be in the Howard marks camp that you can, probably if if you're lucky, recognized extreme points, but other than that you probably have no better than a coin. Toss trying to trying to predict or guests regular cyclical turning points. So in this case, it just seemed to me that the prices had gotten so out of whack with anything other. Than, very very short term, fundamentals that that the probabilities were great that if you had a time horizon longer than a few weeks or a few months that you would very very well and I think that reminds me of in two thousand and two thousand eight. When Warren Buffett wrote that OP ED and said by American stocks. That's what I'm doing. And if I was at a meeting with warrant, a couple years later and somebody said weren't. How did you know that was the right time? To buy stocks and he said I don't know time I know price. He said that those prices were completely dislocated from any type of long-term. Go long term reality unless you believed the US economy. Who's going to be in a permanent depression? And so I think that's the same thing that that my view is. Those prices were very very disconnected. And if you look today, the market's at a big rally, but look at those prices back on March twenty third, and if you days after that I, mean most things are up. You know.

Bill Miller Warren Buffett Jim Simon US
Newspaper publisher resigns after printing racist cartoon

Radio From Hell

00:49 sec | 1 year ago

Newspaper publisher resigns after printing racist cartoon

"Well who says nobody reads newspapers anymore the publisher of a family owned Missouri newspaper has resigned after publishing a racist syndicated cartoon depicting a black man stealing a white woman's purse while Hale healing funding cuts to the police bill Miller senior on Thursday said he has stepped down as publisher of The Washington Missourian but it's he's still the paper's owner the cartoon published Wednesday shows the white woman asking for somebody to call nine one one but the mask black man says good luck with that lady we de funded the police the cartoon published Wednesday hello I. that see the cartoon was published amid protests across the country of course and George Boyd yeah who says nobody reads newspapers

Publisher Hale Bill Miller The Washington Missourian Missouri George Boyd
"bill miller" Discussed on WAAM Talk 1600

WAAM Talk 1600

01:53 min | 1 year ago

"bill miller" Discussed on WAAM Talk 1600

"If most of it is used to retain and rehire employees fox's jerit helper in Washington the Senate is considering a similar measure coronavirus deaths in the U. S. have now passed one hundred thousand South Korea is re implementing some coronavirus restrictions after reporting the country's largest spike in infections in more than seven weeks the rising numbers prompting the south Korean government to close parks museums and some senators in the capital city to try and slow the spread South Korea has been relaxing social distancing rules after apparently containing the outbreak fox's Simon Nolan America is listening to fox news bill Miller met with Dennis Miller I want to talk about Joe Biden's week because that is a constantly changing scenario they finally got Allison on out of the basement this week I wish I had witnessed that extraction must've been like trying to get those optic miners out of that Chilean mine a few years ago Biden has been in the basement longer than the senator's daughter in silence of the lambs and then he didn't even wear the mask well when he came out what was with the mass what was wrong about that I couldn't quite tell was that the arc welder shades coming right up to the mask and the mass the mass look like underwear or something it was so big and weird action you know be wearing a goalie mask out there I was watching micro show dirty jobs the other night and this week's dirty job was walking around behind Biden and cleaning up all his gaffes and it was a rough episode that's the minute time Dennis Miller attention all authors page publishing is looking for authors have you read the book and want to get it published page publishing will get your book into bookstores and for sale online at Amazon apple I tunes in other outlets they handle all aspects of the publishing.

fox Washington Senate South Korea Simon Nolan America Joe Biden Allison senator bill Miller Dennis Miller Amazon
"bill miller" Discussed on WAAM Talk 1600

WAAM Talk 1600

02:04 min | 1 year ago

"bill miller" Discussed on WAAM Talk 1600

"Rich Dennison president trump today discussing operation warp speed a program to begin manufacturing potential coronavirus vaccines before they've been approved this will eliminate any unnecessary delay and enable us to begin providing Americans with a proven vaccine today our scientists say we're ready we got it about fourteen potential vaccines are currently within the program's guidelines house Democrats hope to pass a three trillion dollar coronavirus stimulus package today but the White House says the president would veto the measure if it did get approved the bill includes a second round of direct cash payments to Americans a trillion dollars in aid for local state and tribal governments assistance for east central front line workers and an extension of unemployment benefits Senate Republicans called the measure a liberal wishlist John decker in Washington is listening to bill Miller met with Dennis Miller I want to talk about you can't let Biden out of the basement now recently for whatever reason they let Joe Biden up on the side porch of the house they had a minister and glasses leaning against a wall looking reflective and then he walked towards the camera in the streaming people thought broke up I'm telling you they had no screaming problems that was actual real time documentary quality footage of how in and out this guy is at this moment you gotta keep him down in the basement I like the image of his wife Jill going to the top of the steps and say here Joe here Joe he looks up in the dark with those Cujo AI's listen don't bring him on the porch he's a basement guy you know why because that's where you put all major appliances whose pilot light has recently gone out and that's the minute I'm Dennis Miller last few months have taught us what's important in life it's also taught us what we need to eliminate or change it's the same for business what are the changes.

White House president John decker Washington Joe Biden Jill Dennis Miller Rich Dennison bill Miller
"bill miller" Discussed on We Study Billionaires - The Investors Podcast

We Study Billionaires - The Investors Podcast

02:04 min | 2 years ago

"bill miller" Discussed on We Study Billionaires - The Investors Podcast

"Beats of the S and P five hundred index with fifteen years straight out, performance when he was managing the leg Mason capital management value. Trust fund today. Bill is the founder of Miller value partners and manages over two billion dollars since two thousand nine Miller's flagship opportunity trust has produced annualized gains of twenty point four percent annually after fees. So without further delay. We bring you Mr. Bill Miller. You're listening to the investors podcast. While we study the financial markets and read the books that influenced self made billionaires the most, we keep you informed and prepared for the unexpected. This episode of the investors podcast is brought to you by sip recruiter. Finding a new job is a lot of work. What if you had your own personal recruiter to help you find a better job now? Seep recruiters technology can do that for you. Just download the CBA Kuta jumpsuits app live. No kind of jobs, who interested in and technology starts doing the work the recruiter app finds job, you'll like and put your profile in front of employers who may be looking for someone like you, if an employer lecture profile sip recruiter Luchino. So if you're interested in the job, you can apply based on the third potty survey. Seven out of ten people who find a job on seep recruiter increase the salaries. These were the results of two thousand seventeen Ussery of over five hundred sip recruiter users who will hire for job. The font on sip recruiter listeners of the masters podcasts. Can download the free soup recruiter jobs IRS app today. And that the power of technology work for you. Don't wait the sooner you download the free CPA Huta job up the sooner it can help you find a better job. All right. Back to the show. Welcome to the investors podcast, Preston, I couldn't be more excited..

Mr. Bill Miller Miller value partners Kuta Luchino founder IRS Preston two billion dollars fifteen years four percent
"bill miller" Discussed on Pet Life Radio

Pet Life Radio

13:03 min | 2 years ago

"bill miller" Discussed on Pet Life Radio

"Welcome back to Dr fat gone to the dogs. I have me Bill Miller he'd veterinary. Ophthalmologist welcome. Dr Miller, Dr Graham. I would love for you to explain a little bit about who you are. And what a veterinary ophthalmologists is. And does so that my listeners can understand. I I'm not sure that everyone even knows veterinary ophthalmologists exist. But clearly here you are. I am I'm a I'm a board certified veterinary ophthalmologists, and what's essentially that is is I specialized care of animals is much all animals other than people just like a primary care veterinarian. I went to bed nursery school, and then after veterinary school, I did an internship in small animal better surgery, or I developed an interest in the our our crept to residency at university of Auburn that I finished a number of years ago. And then after finishing my residency. I was able to pass the certifying exam from the American college ophthalmologist and become a board certified veterinary ophthalmologists. And what a bit night opthamologist does is essentially the same thing, you're ophthalmologist. Examine is what make diagnosis about our problems prescribe this surgery? So what we do is is not unlike your position off mildest other than we don't do nearly as much for practical work. I correct near side of this hour, and as as our human colleagues, but that doesn't seem to be a big problem. Among our our veterinary patients. Well, they don't complain about not being able to read and drive much. Do they very often? Well, so I wanna talk about some of the things that my pet owners might see maybe common diseases or things that might be a red flag for dog lovers that their dog needs to see their veterinarian or even their veterinary. Ophthalmologists? Can you do that for us? Most of the time. What the the owner is going to see is just redness and discharge times redness and just charge. Think that this is more than an allergy or more than Ericsson because movie either visas and the dog will only show up as redness and discharge and that can read this and discharge idea fine. If anything from a minor Cornelia attention, just something that's called a small abrasion on the I walk home. And if we catch these diseases early many times they can be corrected vision. So what I recommend to all my that owners out. There is if you see anything that alarms via bapley is especially when it comes to redness and vis charge. Your Dow holding the clothes rubbing FBI? There may be clear discharge or core. Discharge comes the I we open the I the front part of the is things a little cloudy or the Khushi surrounding the I seems to be read consider that something you mean to contact your primary care veterinarian four immediately. For better in his fairly easy to correct early more expensive and more difficult to correct later, so time you see redness and discharge from an eye. Contact your primary care veterinary and takes third examination. And then if your primary care that Nancy something that they're not sure about or needs further care. They will contact veterinary in their area and animal scheduled for a actor exam by veterinary ophthalmologists. So what you're saying is John take time to Google the symptoms. Go ahead and see a veterinarian or at least. That's what I would want to say. Yeah, that's a good point many times over and had a chase today where the owners had gotten on the internet, and they had Google horrible horrible blinding disease for their dog or turn out at the dog. Didn't any of those things. Back. We were able to make a minor change in therapy. And we're able to correct the problem, whereas they were almost or or they didn't want her to go blind. So they were considering euthanasia dolls, or in fact with just very simple changes to the care where you're able to preserve the preserved. Yeah. There is no substitute for an exam and a relationship communication between a pet owner and a veterinarian. So do you have any don't besides Dr Google any kind of stories you could tell about someone that may be used a human medication or something like that that that we could teach people about or just about every week. I see a case where somebody has had medication for an animal may have had a different problem or even the same animal that had an eye problem. They just held onto the and then another problem thing. And again, they pretty much all present. With an hour. That has redness and discharge a good example is one that we saw recently where the primary care veterinarians had prescribed an antibiotic that had a steroid. And it was a combination product news. Very commonly the the number by a problem. Well, then this dog presented with tooth pain, and redness and discharge and then owners mind. Before the difference was the second time the opportunities for the problem that had a corneal ulcer and using steroids can be very contra indicated have a corneal officer or an abrasion to the front part of. Yeah. And then on their own advertently that meeting her dog that are stored in a nine turned a very simple into one that we ended up had surgery on to save the I'd say fish. Oh my goodness. Yes. So that is an excellent point that the things you are going to see as a dog owner, they're all gonna look the same. But they can only to you because they're gonna look different to your veterinarian, and your veterinary ophthalmologist, also I really want to talk about when do we need to see veterinarian because you said it makes a difference. Whether or not something is caught early. So can you speak on that a little bit? Well, a good time. Eric here to do an ocular exam. Any time they do a physical exam. So at least annually in probably every six months, especially as the dog gets older than for certain, breeds example. Copper spaniels often end up having to. My later in life that affects a large number of cocker cocker spaniels, for example, or Basset hounds with may have some problems with increased production as well as block coma. And so in these cases that we're in they do some specialized testing as part of their Oxford Sam. And then if they see a problem that they're concerned about the context that very. To either discussing Jason discuss therapy further or seek additional diagnostic tester. So in your opinion. There are certainly issues that if you catch them you can save is. And I want everybody to recognize it's really not a wait and see kind of issue when it comes to ocular disease. Would you agree? Dr miller. That's correct. I tell people all the time. The sooner you catch a problem the easier it is to correct and the less expensive. Menia problems are six people. Most is can be saved. Most of the time. Patients can be saved. But we have to get those problems to your primary care. Taking a look at problem determine whether it's easy for them to collect. Each here. Yeah. Your dog only has those two is. So we really wanna take excellent care of them. So don't be tempted to put some bison drops in and wait and stay that is not going to be your best course. That's correct. That's many times over the counter medications may not harm the I that they won't open and anytime problems are very simple. Early Tom accurate vision as long so. So you mentioned glaucoma in certain breeds of dogs are there other common ocular disorders that you see that you think many of my listeners would care about knowing the symptoms of sure just some general things anytime, you have a terrier breed presents with assault known set pain, discharge read this. I become small Winslet station. The lands in the eye. It moves from its normal position into the front of the eye. And that's a fine example of a disease where you make the diagnosis quickly surgery can be performed in vision safe that animal can be safe for life for the animal and interestingly that's a disease, and so current younger terriers, and that's every everybody that's out there. Meaning he breeds developed cataracts. Almost all that dogs at some point following their diagnosis dot diabetic cataracts. A prime example of. When we catch those cataracts, very simple to remove the Cadillac restore vision by fake almost which is a small station cataract surgery. Very similar would be if you had cataract surgery or put in an artificial lens implants vision is probably ninety five ninety eight percent of the cases, we don't catch these cataracts early. There's phenomenal. The body does not recognize wrench protein being part of its own and will develop the auto immune reaction where the body tries to reject. This just like if you were to have a heart transplant. Your body was tweet check the heart. And in rejecting that wins will destroy the o diabetic dogs also get a diagnosis diabetes. And you start them on insulin is a good idea to get an accident. At that point. Then you could determine the ideal time to remove the tattoo. I think there's a large enough number three out there. Most of the the animals have what's called certification exams. Make sure they're free of the disease that way, you can be more true than getting a puppy. These dogs. Certified parents that show the three and one. And one. A lot of my dogs won't come. So many pounds. I have rescued watch great dogs and to be age by looking at the wiz inside the eye. I can often tell within a year old that dog is. Reykdal. Need just to have to make cool. I have a lot of rescue groups asked me to age dogs too. But maybe maybe I need to do some of that. I don't know. I look at teeth. So that's exactly what I was gonna say you read my mind because I was going to ask you about congenital disease that things that happen in younger dogs on one. Everybody to think, oh, well, my dogs young. She won't have any problem with her. I because they're all kinds of things that young dogs can have you bet all we see a lot of entropy on where the charge and again in younger breeds young felt especially dogs. Like labrador retrievers sharp as Giles you can have cataracts. On fact, we've seen dogs born with cataracts. So correcting those problems early in life can provide vision for the rest of the entire dogs lives. So it it see again can't stress this enough. If you have a young. This got author discharge somebody what the age read this change to be polling at the is sometimes sometimes not. But if you're concerned adhering to your your primary care also. Oh, yes. Absolutely. So I think that in a lot of your cases, you get to have happy endings. And I bet you would say that the ones that are not as happy are the ones that maybe didn't seek help quickly enough. That's very true. We had a case today where the dog had cataracts for four or five years. People are busy with life in general, and they get society that brings dog they were on behalf cataract surgery. But unfortunately, the cataracts and been there too long. And there was nothing to restore vision. Oh, yeah. Bad ending for today's..

cataracts Bill Miller Google university of Auburn Ericsson FBI Dr Google Khushi Dr Graham Cornelia officer Nancy Dow assault John Eric Winslet station Jason Tom Giles
Cardinals, Mike Metheny and Mike Scheldt discussed on Vince Coakley

Vince Coakley

00:49 sec | 3 years ago

Cardinals, Mike Metheny and Mike Scheldt discussed on Vince Coakley

"Sports play well after an eighty two loss to the reds that dropped down this fortyseven fortysix the cardinals fired manager mike metheny last i replaced him on an interim basis with bench coach mike scheldt the cardinals also relieved hitting coach john me bran assistant hindi coach bill miller of their duties mathie was in a seven season as skipper elsewhere in the national league a big night for how they are by as in san diego bias drives one in the right field it's deep it's back toward the right center field fence raises their that bond is gone homer and the cubs have broken at wide open they lead eleven to four listen to these fans in san diego pat hughes.

Cardinals Mike Metheny Mike Scheldt John Bill Miller Cubs Pat Hughes San Diego
"bill miller" Discussed on Animal Spirits Podcast

Animal Spirits Podcast

02:02 min | 4 years ago

"bill miller" Discussed on Animal Spirits Podcast

"At what a lot of people call the paper gap there's not much doubt that's roughly a percentage point than half or more compounded over the course of investing lifetime we focus a lot on the basis points and probably not enough on the percentage points that skid yeah so people focus on the mnuchin at the big thing gloria i think that's that's the thing that tripped up a lot of people as the minor details instead of focusing on the big wins because it's you know people wanna talk about in this is probably a fault of ours to invest an industry we debate about things like passive versus active in which smart beta funds are the best and how useful is that really to people volatile right it's yet the big things what's your percentage of money you're saving are you making more money overtime are you behaving clear investments instead of flipflopping and going into different things all the time what mix is your portfolio between stocks and bonds right yeah the big via the big yet asset allocation boozing with is a matter the individual pieces that you select together exposure much less important yes i agree yes get those big things right in your eighty percent way there and then he can worry about the manucher from there but the most of those things don't matter so in holy shit news bill miller the investor from legg mason who beat in the mortar he's not like mason anymore he started his own thing i think i think he's still technically to the spinner matters anyway it's a as its own yeah he has his own investment firm miller value partners so he beat the the market for fifteen straight years which i don't think there's ever been done now that was a record free remarkable so anyway he has a hedge fund where a third of his assets are invested in bitcoin which is insane i think he's up 75 percent your that fund and the article from the wall street journal says in his latest letter to the hedge fund investors released this week mr miller said the fun paid an average price of not 350 for its bitcoin which trader friday morning above fifty seven hundred which is hilarious because today it's what is to answer.

legg mason miller value partners wall street journal mr miller bill miller eighty percent 75 percent