Billionaire Bill Miller Is Betting His Fortune On These 3 Stocks

Bill Miller is a billionaire who is most known for beating the S&P 500 for 15 straight years (1991-2005) while running the Legg Mason Capital Management Value Trust. He joined Legg Mason as a security analyst in 1981.

The next year, the company launched the Legg Mason Value Trust, with Miller as its co-manager. He became the sole manager of it in 1990 and went on to outperform the S&P 500 for a decade and a half.

Updated on December 16, 2025 with recent statistics and information.

Bill Miller believes any company can be a value stock if it trades below its intrinsic worth. He invests in companies with both high and low valuations and calls the strategy factor diversification. The core focus is on intrinsic value without paying any attention to labels like "growth" or "value".

Miller had large, leveraged stakes in Bear Stearns, AIG, Freddie Mac, and many other financial companies. All of these stakes were crushed in the Great Recession, and Value Trust lost two-thirds of its value. Buying the dip didn't help as the downturn only got worse. His outperformance was essentially wiped out in a year. Business Insider wrote in 2008, "After 15 years of placing savvy bets against the herd, Mr. Miller had been trampled by it…"

Bill Miller made a remarkable comeback. He left Legg Mason in 2016 and pivoted to Miller Value Partners. There, he started to see success again. His bets in Amazon and Bitcoin paid off in earnest, and Bill Miller once again became a billionaire in 2021. He started buying Bitcoin at an average cost of $500, which now makes up around half his net worth.

• Assets Under Management (AUM): $272.16 million
• The top 10 holdings constitute 56.46% of the portfolio
• Q3 2025 performance: +14.87%
• 3-year annualized return (top 20 holdings weighted): 25.12%

• Gray Media is an American television broadcasting company based in Atlanta, Georiga.
• Most of its revenue comes from television broadcasting.
• Miller loves recovery bets, and this seems to be one of them.
• GTN stock is down over 69.6% over the past five years but seems to have bottomed out, up 48.4% in the past year.
• Miller's stake here is worth $15.52 billion, or 7.07% of his portfolio.

• Lincoln National is a financial services holding company. It does business in life insurance, annuities, group protection, and retirement plan services.
• LNC stock is also a recovery bet. The stock is down some 37% from its 2021 peak.
• This recovery bet has paid off very well over the past few years. The stock bottomed out in 2023 and has been on a record rally.
• Shares have more than doubled from the trough price near $19 back in 2023.
• Miller's stake here is worth $21 million, or 7.72% of his portfolio.

• Nabor Industries provides drilling and related services for land-based and offshore oil and natural gas wells.
• The stock is down over 74% from its peak price in 2022. Much like the last two, this stock is yet another recovery bet that is showing signs of a recovery.
• It is up over 45% in just the past 6 months and is holding above $50.
• Miller likely believes more upside is likely as NBR stock makes a full recovery.
• Miller's stake here is worth $27.51 million, or 10.11% of his portfolio.

Bill Miller is betting on long-term recovery bets with high upside potential. He still has high exposure to financials, though he has likely learned enough from 2008 to not repeat his mistakes.