Famed value investor Bill Miller recently released his commentary. The most obvious thing to come out of the commentary is how much he loves large cap companies at current levels. For example, Miller highlights oil giant Exxon after its stock hit a 52 week lows. At that time, Exxon's stock was trading at a lower level than 2008 when commodities and commodity stocks were at depressed levels due to forced selling. Miller also comments that Exxon's stock "has a yield greater than the 10 year treasury, trades at a multiple well below the market, has returns on capital above the market, has grown the dividend over 9% per year the past 5 years, and uses its prodigious fee cash flow to shrink its shares outstanding by between 300 and 400 million shares per year."
D9368-Bill Miller Commentary
D9368-Bill Miller Commentary
