Bill Miller came back with a bang in 2019, riding the stock market's relentless rally to record highs. He also thinks there may be more gains in 2020.
Miller's firm, Miller Value Partners, posted a return of 119.5% last year net of fees, he told investors in a Jan. 15 letter. Those gains more than made up for the firm's 33.8% loss in 2018.rose 28.8% in 2019. Still, that was the index's best annual performance since 2013.
Wall Street's strong performance, including Miller Value Partners,' was driven in large part by easier monetary policy from the Federal Reserve along with easing tensions between China and the U.S. "In the 4th quarter, we did our favorite thing to do in markets: nothing. No new names and no elimination of holdings from the portfolio. This doesn't happen as often as it probably should," Miller wrote.
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