{"id":122023,"date":"2021-04-20T19:49:54","date_gmt":"2021-04-20T19:49:54","guid":{"rendered":"https:\/\/precoinnews.com\/?p=122023"},"modified":"2021-04-20T19:49:54","modified_gmt":"2021-04-20T19:49:54","slug":"value-investor-bill-miller-says-his-firm-sold-gamestop-holdings-during-initial-reddit-frenzy","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/value-investor-bill-miller-says-his-firm-sold-gamestop-holdings-during-initial-reddit-frenzy\/","title":{"rendered":"Value investor Bill Miller says his firm sold GameStop holdings during initial Reddit frenzy"},"content":{"rendered":"<ul>\n<li>Bill Miller&#x27;s firm sold its GameStop holdings during the initial Reddit-fueled frenzy. <\/li>\n<li>&quot;I think our cost on it was around $4 or something,&quot; he told CNBC.<\/li>\n<li>He said firm has since shied away from GameStop and other so-called meme stocks that are popular on Reddit. <\/li>\n<\/ul>\n<p>Value investor\u00a0Bill Miller\u00a0told CNBC on Tuesday that one of his firm&#x27;s funds sold its GameStop holdings during the Reddit-fueled frenzy that began earlier this year.<\/p>\n<p>&quot;We had GameStop in our deep-value product, and I think our cost on it was around $4 or something,&quot; Miller said in an interview on &quot;The Exchange.&quot; &quot;When it got into the $70s is when we sold it, then it of course went to $400.&quot;<\/p>\n<p>Shares of GameStop eventually retreated sharply from their Jan. 28 high of $483, falling below $50 at one point in February as the initial headline-grabbing short squeeze came to an end.<\/p>\n<p>However, the stock has remained both volatile and in focus as the video-game retailer announces steps in its digital transformation. GameStop shares were down over 5% Tuesday to around $155 apiece, putting the company&#x27;s market cap at nearly $11 billion.<\/p>\n<p>The stock remains up almost 730% year to date and more than 2,600% in the past 12 months. At this time last year, GameStop shares traded below $5.<\/p>\n<p>Miller, founder and chief investment officer of Miller Value Partners, said his firm has shied away from GameStop and other so-called meme stocks that are popular with investors who are active on online message forums.<\/p>\n<p>&quot;They&#x27;re not of interest right now because they&#x27;re in the grip of the Reddit crowd and you&#x27;re not able to actually analyze them in the same way you&#x27;re able to other things because the price is dominating the fundamentals,&quot; said Miller, who managed a fund that beat the\u00a0S&amp;P 500\u00a0for 15 consecutive years while he worked at Legg Mason.<\/p>\n<p>Miller also told CNBC he remains bullish on bitcoin, saying that demand continues to outpace supply of the world&#x27;s largest cryptocurrency by market value. &quot;That&#x27;s all you really need to know, and that means it&#x27;s going higher,&quot; he said.<\/p>\n<p><em>Subscribe to CNBC Pro to read Bill Miller&#x27;s <\/em><em>top stock picks<\/em><em> right now.<\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/04\/20\/bill-millers-firm-sold-gamestop-holdings-during-initial-reddit-frenzy.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bill Miller&#x27;s firm sold its GameStop holdings<\/p>\n","protected":false},"author":3,"featured_media":122022,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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