Legendary investor Bill Miller's fund holds 50% of its assets in bitcoin

The hedge fund of legendary investor Bill Miller has increased the share of cryptocurrencies in its portfolio. About writes this CNBC.

"They now account for about 50%," Miller said..

Miller founded his own company, Miller Value Partners, in 2016 after 35 years at Legg Mason, where he managed a fund exceeding S&P 500 15 consecutive years. Miller is known as a big bet investor, but even for him, half of the fund's capital is an atypical investment. During the podcast on last week he said that in the 90s 20% of his fund's assets were placed in AOL, about 20% in Dell and about 10% in Fannie Mae.

Recall that at the end of October, The Wall Street Journal reported that about a third of the fund's assets were placed in bitcoin. At this time, the cryptocurrency was worth about $ 6,000.

In total, Miller's company manages $ 2.2 billion, including accounts of large investors and open-ended funds..

“We are trying to find the best ways to reduce risks for the fund as a whole and its portfolio,” he said. "We are not going to maintain this proportion for a long time, but that does not mean that we will sell something.".

Miller noted that so far his fund has not bought other cryptocurrencies and plans to focus on only bitcoin in the future..

Legendary investor Bill Miller's fund holds 50% of assets in bitcoin The hedge fund of legendary investor Bill Miller has increased the share of cryptocurrencies in its portfolio. Writes about this CNBC.

“Most of these cryptocurrencies, if the history of money can teach us anything, will be worthless,” he added..

However, his son, who manages the company's portfolio, drew Miller's attention to the coin, which should go to the ICO in a few months, noting that this is the first a cryptocurrency of this kind that deserves attention.

According to Miller, he bought bitcoins in 2014 and 2015 on average $ 350, sometimes less than $ 200, sometimes more than $ 500. Forbes reported in July that Miller had invested 1% of his own assets in bitcoin..

Photo: ITTIGallery

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среда, 16 декабря 2020 г.