- Miller Value Partners is a value investor. It values businesses, and not just stocks, and invests in them for the long term.
- The Miller Income Strategy ended 2020 on a stronger note than we began the year, generating a 19.17% net return in the fourth quarter versus 6.48% for the unmanaged benchmark.
- Our modus operandi has been to search for and own yield that the market is likely to pay more for in the future than it does today. It is from this perspective that we explore the thought process behind one of our more recent and unique purchases – MicroStrategy’s 0.75% convertible bond.
- We became especially interested when he announced that MicroStrategy would put all its cash into a technology we have long supported: Bitcoin, a topic which merits further discussion on its own from an investment perspective.
For further details see:
Miller Value Partners Income Strategy Q4 2020 Letter