Bill Miller, Leaves Legg Mason, But Still Hot on Amazon
Famed fund manager Bill Miller cut his teeth and made millions picking the right stocks during his multi-year tenure at Legg Mason (NYSE:LM), where he beat the S&P 500 for 15-years straight.
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Now he’s picking stocks for himself after purchasing Legg Mason's interests in his company LMM, which includes the Legg Mason Opportunity Fund (NYSE:LMOPX), in a deal announced
Bill Miller Talks Stocks
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AdvertisementAmazon shares have soared 45% over the 12-months as traditional retailers continue to struggle. Case in point, Macy’s (NYSE:M) announced plans on Thursday to close 100 stores by early 2017.
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U.S. Retailers Are Biting The Dust Macy's to Close 100 Stores, Despite Profit Beat Wal-Mart Takes Aim at Amazon With Its $3 Billion Jet.com Acquisition Along with Amazon’s big market opportunity, Miller also thinks founder Jeff Bezos has a winning strategy. “Everything is data driven there, and most importantly, he's [Bezos] got, I think focus on the right thing, which is delivering value to the customers.” Amazon is Miller’s largest holding in the Legg Mason Opportunity Fund, at about 9%. However, it hasn’t been enough to carry the fund which is down 16% over the past 12 months. His dogs include airlines; Delta (NYSE:DAL), American Airlines (NYSE:AAL) and United Continental (NYSE:UAL) have all dropped between 18-20% this year alone. Pandora (NYSE:P) is down 28% and Bank of America (NYSE:BAC) 10%. Wall Street Week airs on Friday at 8pm ET on the FOX Business Network.