Legendary value investor explains his 2013 stock market picks: Apple, airlines, the housing market, and more
Full episodes available online at wealthtrack.com
NEW YORK, Feb. 7, 2013 /PRNewswire-USNewswire/ -- Bill Miller, Legg Mason's legendary value investor, returns to Consuelo Mack WealthTrack in an exclusive TV interview premiering nationwide beginning Friday, February 8 at 7:30 p.m. on public television (check local listings) and on wealthtrack.com Monday, February 11. The Legg Mason Capital Management Opportunity Trust mutual fund portfolio manager tells WealthTrack Anchor and Managing Editor Consuelo Mack where he is investing now and remains bullish on the stock market for 2013, as he was, correctly, for 2012.
His Opportunity Trust was the number one mutual fund last year: up 40.68% according to Morningstar, nearly three times the S&P 500's 16% gain. Miller explains why the days of waiting to buy a house at a better price are over. He believes the economy is better than most economists realize, and that the recovery in housing will continue and provide a big boost to the economy and consumer confidence. Watch an episode preview: http://watch.wliw.org/video/2332583671.
On WealthTrack, Bill Miller discusses Apple, one of his largest stock picks, which he believes is undervalued. He characterizes the company as the "Dr. Jekyll and Mr. Hyde of the stock market," because of its split personality as "one of the greatest product innovators, creating products that people love and a brand that people love," and "Mr. Hyde in their completely idiotic and dysfunctional capital allocation, which is the worst probably in the history of corporate America among good companies." He thinks, "Apple would be up 50 percent on just sensible capital allocation." Watch Miller share more of his thoughts on Apple: http://watch.wliw.org/video/2332583671
One of Bill Miller's most contrarian calls remains his investment in airline stocks, which have been terrible investments over the years, but were among his biggest winners in 2012. He tells Mack that he believes the airline industry is undergoing a radical transformation of "massive consolidations," which is making it more profitable than it has been in years. "That's why you've seen pricing power. That's why you've seen free cash...the industry's been free cash flow positive for the past five years, and only free cash flow positive in one of the previous 25 years," says Miller.
"How does a 'Great Investor' think and what do they see in the markets that the rest of us don't?" ponders Consuelo Mack. "We are so fortunate to be able to bring audiences another exclusive television interview with investment legend Bill Miller. His views on the markets and candid assessment of his investment home runs and strikeouts provide invaluable lessons for investors."
Most famously, Bill Miller is the only mutual fund manager to beat the S&P 500 for 15 years in a row (1991-2005), with his Legg Mason Value Trust fund. He discusses his past practice of investing in stocks as they decline on WealthTrack: "I've been doing this for 30 years. That's been a formula that almost always has worked well. I think when it hasn't worked well — Kodak is the prime example — it's been terrible…it really comes down to, I think, trying to get clarity on the difference between when you expect the fundamentals to turn positive versus when the stock is going to react."
Consuelo Mack WealthTrack is a presentation of WLIW21 in association with WNET. WNET is the parent company of THIRTEEN and WLIW21, New York's public television stations, and operator of NJTV. For nearly 50 years, WNET has been producing and broadcasting national and local documentary, arts and other programs to the New York community. The series is distributed nationally by American Public Television and sponsored in part by New York Life and MainStay Investments, Loomis Sayles, Wintergreen Advisers, and Tocqueville Asset Management.
About Consuelo Mack WealthTrack
Weekly financial series Consuelo Mack WealthTrack remains the only program on television devoted to long-term diversified investing, covering all of the investments people care about: stocks, bonds, real estate, "green investing," insurance, art, and collectibles. Consuelo Mack, an award-winning business journalist with an extensive rolodex, handpicks each guest based on their professional credentials, performance and integrity. Since July 2005, the series has provided trustworthy, understandable advice about building and protecting wealth over the long-term from the best minds in the business world. New episodes premiere every week on public television (check local listings). In the New York metro area, the series airs Fridays at 7:30 p.m. on WLIW21, Saturdays at 8 a.m. on THIRTEEN and Sundays at 10:30 a.m. on NJTV. In the Los Angeles area, the series airs Saturdays at 8 a.m. on PBS SoCal WORLD and Sundays at 3:30 p.m. on KLCS-TV. For more information, visit wealthtrack.com.
In 2013, WNET is celebrating the 50th Anniversary of THIRTEEN, New York's flagship public media provider. As the parent company of THIRTEEN and WLIW21 and operator of NJTV, WNET brings quality arts, education and public affairs programming to over 5 million viewers each week. WNET produces and presents such acclaimed PBS series as Nature, Great Performances, American Masters, Need to Know, Charlie Rose and a range of documentaries, children's programs, and local news and cultural offerings available on air and online. Pioneers in educational programming, WNET has created such groundbreaking series as Get the Math, Oh Noah! and Cyberchase and provides tools for educators that bring compelling content to life in the classroom and at home. WNET highlights the tri-state's unique culture and diverse communities through NYC-ARTS, Reel 13, NJ Today and MetroFocus, the multi-platform news magazine focusing on the New York region.
About American Public Television
American Public Television (APT) has been a leading distributor of high-quality, top-rated programming to America's public television stations since 1961. Since 2004, APT has distributed approximately half of the top 100 highest-rated public television titles. Among its 300 new program titles per year are prominent documentaries, news and current affairs programs, dramatic series, how-to programs, children's series and classic movies, including For Love of Liberty: The Story of America's Black Patriots, A Ripple of Hope, Rick Steves' Europe, Newsline, Globe Trekker, Simply Ming, Joseph Rosendo's Travelscope, America's Test Kitchen From Cook's Illustrated, Lidia's Italy, P. Allen Smith's Garden Home, Midsomer Murders, Moyers & Company, Doc Martin, Rosemary & Thyme, BBC World News, The Rat Pack: Live and Swingin', Johnny Mathis: Wonderful, Wonderful! and John Denver: The Wildlife Concert. APT also licenses programs internationally through its APT Worldwide service. In 2006, APT launched and nationally distributed Create® – the TV channel featuring the best of public television's lifestyle programming. APT is also a partner in the WORLD™ channel expansion project including its web presence at WORLDcompass.org. For more information about APT's programs and services, visit APTonline.org. For more information on Create, visit CreateTV.com.