2/27/2023 0 Comments Bill boss amazon![]() "Bitcoin is the only economic entity in the world where the supply is unaffected by the demand." (Miller noted that if the gold price soars, more people will mine gold and supply will increase, whereas there's a fixed supply of bitcoin.)Ĩ. The best thing that happened to them is inflation, because the debt is fixed cost, and interest rates are rising, so the value of their debt obligations is falling in real terms."ħ. They've got a lot of debt on their balance sheet, but that debt is going to disappear over the next several years. "One of the things that I really like in this market is that you can basically buy public leveraged buyouts. The kind of business he likes to buy and stick in Berkshire Hathaway."Ħ. If that valuation target keeps moving forward at a pretty rapid rate, then that's great because you can just keep it, as Buffett says, forever. "We've tended to look for things that ideally you wouldn't have to sell because they've hit your valuation target. ![]() 'What's the worst ever?' Selling a share of Amazon."ĥ. ![]() "When people say, 'What's the best investment decision you ever made?' Buying Amazon in the IPO. It's a different investing environment when you have secularly rising interest rates, secularly rising inflation, the Fed tightening, and war in Ukraine."Ĥ. I don't like to pay tax any more than the next person does." (Miller noted his cost base on Amazon stock and bitcoin was effectively zero, so he would have to pay significant taxes on his gains.)ģ. Then once the things are sold, you also have to pay tax. ![]() "I've gotten margin calls, and that's painful because you have to sell stuff that you do not want to sell. I should ask President Biden for some student-debt forgiveness here for the tuition payments that I've made." (Miller was joking about what he's learned from seeing Amazon, bitcoin, and other key holdings plunge in value.)Ģ. "Since November of last year, the tuition has been very high for me, a very expensive lesson. Here are Miller's 10 best quotes, lightly edited for length and clarity:ġ. The founder and investment chief of Miller Value Partners - who keeps 80% of his personal wealth in Amazon and bitcoin - also bemoaned the current market downturn, and underscored the buying opportunities emerging for brave investors. Since then, FTC lawyers have homed in on aspects of the investigation involving Amazon Web Services, the company’s lucrative cloud computing business, and more recently the $8.45-billion MGM acquisition.Bill Miller trumpeted his signature bets on Amazon stock and bitcoin, diagnosed a new paradigm for investors, and took aim at Warren Buffett's infamous criticism of cryptocurrencies during a recent episode of the "Richer, Wiser, Happier" podcast. The report became public in October 2020, but by last summer the FTC investigation hadn’t broken any new ground from what had been outlined in the report, two of the people said.Īfter taking over the agency, Khan helped draft some lines of questioning for investigators, one of the people said. Khan focused on the Google section of what eventually became the panel’s 449-page report, while an FTC staffer led the Amazon portion. Amazon didn’t immediately respond to a request for comment.ĭuring the administration of President Trump, the FTC opted to prioritize an antitrust investigation into Facebook and assigned only two lawyers to the Amazon one, two of the people said.īefore joining the FTC from Columbia Law School, Khan worked as a staffer for the House Judiciary antitrust subcommittee that had spent 16 months investigating Alphabet Inc.’s Google, Amazon, Apple Inc. The agency declined to comment on the reorganization.
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