GCI - Miller Value Partners Deep Value Strategy Q1 2022 Letter

• Miller Value Partners is a value investor. It values businesses, and not just stocks, and invests in them for the long term.
• The market’s concerns about inflation, which became more apparent in the second half of 2021, now also had to contend with the disruptions in Europe and rising global geopolitical concerns.
• With the reopening of global economies (demand recovery), ongoing supply chain issues, and a tight labor market, there continues to be upward pressure on inflation.
• While volatility may continue to be high over coming months, we see an environment that should continue to provide a favorable backdrop to lower valuation securities.

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