21 Apr 2017 Bill Miller: Finding Value in Patience ( Portfolio )

To get different results than others, one needs to invest differently. Since the financial crisis, investors show significant risk aversion and seek low volatility. Additionally, they want immediate gratification, which is why we like to refer to this market as a “just in time” market. We do the opposite in both regards. We look for opportunities to make a significant amount of money and we are patient about when those returns will be earned. While we don’t aim to lose money on new investments, we understand that may happen in the course of positioning for long-term outperformance.