The Investing World According to Bill Miller

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Nov. 21 (Bloomberg) -- Bloomberg senior markets correspondent Julie Hyman examines the portfolio moves of Legg Mason Opportunity Trust portfolio manager Bill Miller and his investment strategy in the current market. She speaks on Bloomberg Television’s “In The Loop.”

To work in stocks and he stuck with the same themes over the past several years, including housing and airlines and technology.

He does say we could have more gains next year in stocks.

He does not think they will be of the same magnitude as we have seen this year.

There was a bubble in bubble talk.

There was a lot of talk about bubbles.

The economy is going to accelerate from here.

The jobs number we saw was not a fluke.

I would expect that earnings would be up six percent to eight percent next year.

We would expect a small increase in the multiples.

15% on the stock market.

Recession does not look to be in the cards.

It all looks ok.

Definitely not expressing irrational exuberance there.

He is relatively optimistic.

I know you had very specific, pointed questions.

I am curious about housing.

It is one of the scenes he has been invested in.

He sold some of his homebuilders and then bought them back.

They had taken a hit as interest rates have gone higher.

The two largest holdings remain general and -- genworth and ngic.

We also spoke about airlines.

He said that remains a good bet.

He likes delta.

It looks like -- and nobody knows because airlines have been one of the worst industries in the world to invest in -- consolidation is still underestimated.

If you had a sub 2% gdp growth, people would be losing gobs of money.

If you take a look at those right now, they're so very modestly valued based on the way they used to be valued or in the good times.

One final note.

Like so many value guys, he does say his job is harder now because the rally weakening the market goes multiples of come up it is tougher to find bargains out there.

Thank you very much.

We are back in just two minutes.

This text has been automatically generated. It may not be 100% accurate.


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