During his recent interview with CNBC, Bill Miller explained why this is a John Templeton market. Here’s an excerpt from the interview:
Miller: Well, the market’s like a giant Rorschach test, everybody sees what they want to see in it.
For us. I think it’s a lot like… for me anyway. I think it’s a lot like 1939 when John Templeton founded the Templeton growth funds. So in 1939 when Hitler invaded Poland, John borrowed $300 and told his broker to buy… he was in his 20s, to buy every stock on the New York stock exchange traded for a dollar or less.
And he did that. And that was the basis for his fortune. And more than 30 of those names were in bankruptcy, but only 4 actually ended up worthless.
And I think right now it’s pretty much, you know, you look at Burton Malkiel’s – Random Walk Down Wall Street. I think if you throw 15 darts at the market right now, I think you’re going to do quite fine if your time horizon is a year, year and a half or so.
You can watch the entire discussion here:
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