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Bill Miller Beats S&P 500 for Second Year With Sharp Bet on Uber

  • Fund bought 5 million Uber shares and options in third quarter
  • The options tripled in value over the next three months

Bill Miller’s flagship mutual fund is poised to beat the S&P 500 index for a second straight year, aided by a timely options bet on Uber Technologies Inc.

The fund bought into Uber before California voters approved a ballot measure last month exempting gig-economy companies from classifying all drivers and couriers as employees, a change that would have increased costs.