Following a tumultuous December, which was the worst since 1928, investor Bill Miller told “Squawk on the Street” on Thursday the condition of the market is one “that can be exploited.”
“I think you can monetize the volatility in the market, which is what we try and do,” he said.
The founder, chairman and chief investment officer of Miller Value Partners went on to say there have been 23 corrections of at least 5% in the last 10 years.
“And corrections go deep enough to scare everybody out and also then the market -- I guess market structure has been changed, in my opinion, by the combination of money in ETFs -- quant funds and risk parity products,” he said. “And so they all tend to move together.”
Miller cautioned that these movements could potentially be harmful down the road.
During the interview, Miller also discussed his positions in Facebook FB, which he is currently not buying even though it is soaring on strong earnings, high-end furniture company RH RH and Avon Products Inc. AVP, which he recently bought.
Watch the full interview below.
