
Masters in Business Conviction Investing: Masters in Business with Bill Miller IV
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Mar 20, 2026 Bill Miller IV, CIO and portfolio manager known for conviction-driven value investing and views on Bitcoin. He discusses Bitcoin as a capital denominator, high-conviction concentrated portfolios, idea sourcing and position sizing. He also covers using AI in research, lessons from 2008, and where he sees mispricing today.
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Flexible Definition Of Value
- Bill Miller IV defines value flexibly, saying accounting metrics miss long-term compounders and intellectual-property businesses.
- He uses multiple lenses, calling Bitcoin a capital-denominator technology superior to gold and part of a new capital governance system.
Use Technicals To Read Market Feedback
- Combine fundamental analysis with technical reading of investor behavior to time entries and exits.
- The CMT helped Bill read volume and price trends so he heeds market feedback when positions keep falling.
Compare New Ideas To Current Holdings
- Use probabilistic fundamental value and constantly compare new ideas against existing holdings before adding them.
- Keep a ranked daily performance report to decide relative weights and let portfolio mistakes point to where to increase or cut exposure.









