Miller Value Partners

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One of the more interesting conclusions from @billfour's latest commentary isn't about interest rates. It's about the investment backdrop. If monetary policy shifts toward expanding productive capacity rather than stimulating demand, the opportunity set may broaden. Not away from AI. Beyond AI. The companies building AI may not be the only long-term winners. The companies using it to improve margins, productivity, and capital allocation may prove just as important. Here's more insight: millervalue.com/theres-a-new-s… #investing

If AI continues reshaping the economy, where does the next wave of shareholder value get created? Every investment cycle creates primary beneficiaries. The biggest opportunities often emerge from the secondary beneficiaries. Companies that improve productivity. Companies that allocate capital well. Companies that quietly compound value while attention is focused elsewhere. #investing

Markets don't wait for policy to change. They price what they think comes next. Since Kevin Warsh's nomination: • Inflation expectations have declined. • Markets have gone from pricing multiple rate cuts to the possibility of another hike. • Real yields remain well above levels investors experienced through much of the last decade. Those aren't conclusions. They're signals that markets may already be pricing a different monetary regime. Bill IV's latest market commentary explains: millervalue.com/theres-a-new-s… @billfour #investing

Kevin Warsh's first Fed statement was just 130 words. The shortest rate-setting statement in six years. But that's not the interesting part. The interesting part is what it may signal: less reliance on precise forward guidance and more emphasis on flexible principles, real-time data, and expanding the economy's productive capacity. Markets don't just react to rates. They react to the framework behind them.

New commentary on our blog. The latest perspective from our portfolio managers: Bill Miller IV, CFA, CMT: There's New Sheriff in Town Dan Lysik, CFA: Finding Value in a Momentum Market Check it out: millervalue.com/blog/ #investing

AI and mega caps are still get most of the attention. But the YTD data is telling a different story. Value is leading growth. Smaller caps are leading large caps. That’s the kind of market shift worth paying attention to. If leadership is broadening, the next opportunity may not look like the last one. Join Bill Miller IV and Dan Lysik for MVP LIVE on July 21. Register: events.zoom.us/ev/Ai_3e0WEQeL… #investing Past performance is no guarantee of future results. Index performance does not represent fund performance.

Opportunity rarely fits neatly into a box. #Investing

Flexibility is not a lack of discipline. It is a way to pursue opportunity. #investing

Independent thinking belongs in the portfolio. #investing

The market is focused on who is building AI. But the better question may be: Who gets better because of AI? AI does not need to be the whole thesis. It can be one lever among many — improving margins, productivity, pricing, logistics, or capital allocation. That is where value creation can get interesting. #AI #Value

@billfour on @CNBCClosingBell last week: If there wasn’t a credible fundamental story to begin with…. Bitcoin wouldn’t exist. cnbc.com/video/2026/07/… #bitcoin Adviser believes that the content provided by third parties and/or linked content is reasonably reliable and does not contain untrue statements of material fact, or misleading information. This content may be dated.

Markets do not create opportunity on a schedule. Value can emerge in unexpected places, at unexpected times, for unexpected reasons. That is why flexibility matters. Rigid mandates can limit outcomes. Flexible thinking can expand the opportunity set. #Flexibility #ValueCreation #Investing

Sixteen years in, Bitcoin is still dismissed as having “no intrinsic value.” But that critique may be incomplete. If the network continues to gain trust, liquidity, adoption, and legitimacy, the market may still be early in pricing what Bitcoin could become. The full argument is worth a read or a listen. Both post and audio available here: millervalue.com/the-intrinsic-…

Bitcoin’s value may come less from what it produces and more from what it prevents: Unchecked dilution. Opaque monetary rules. Centralized discretion. Political incentives embedded into money. That is not a cash flow story. It is a governance story. #bitcoin

The deeper case for Bitcoin is not simply “digital gold.” It is capital governance. A system with transparent supply logic. A ledger no central authority controls. A network secured by code, energy, and global participation. That is not easy to value. But that does not make it valueless. #bitcoin

Gold has no cash flows. Art has no cash flows. Ideas have no cash flows. Yet markets assign value to scarcity, permanence, belief, trust, and systems that help people coordinate. Bitcoin belongs in that conversation. Not as a stock substitute. As a new category. #bitcoin

Incentives matter. We believe managers should think like owners. Alignment is not a slogan. It is a structure. #inveseting

Bitcoin is not a company. It is not a bond. It is not a claim on future earnings. It is a monetary network with fixed supply logic, transparent rules, decentralized governance, and no central issuer. The value may not be in what it produces. It may be in what it makes possible. #bitcoin

“It has no intrinsic value.” That is one of the most common objections to Bitcoin. And in a traditional valuation framework, the critique makes sense. Bitcoin has no earnings. No dividend. No cash flows. But that may be the wrong framework. #bitcoin