In a CNBC interview earlier this month, investor Bill Miller said that the current climate is one of the best buying opportunities of his lifetime.
Miller, who beat the market for 15 straight years while working at Legg Mason, cited four buying opportunities in his adult lifetime: “The first was in 1973 and ’74, the second was in 1982, the third was in 1987 and the fourth was in 2008 and 2009. And this is the fifth one.” He qualified his comment by explaining, “I don’t mean to put all the money in at once, but I do think layering it in right now is the way to go.”
“I think as time goes on, unless the news on the pandemic side gets radically worse — I mean radically worse than expectations not just worse because we know it’s going to do that — I would expect that the fear would attenuate,” Miller added. “Just keeping that level of emotion and fear up requires a constant dose of new and really bad news.”