| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Bill Miller IV argues that Bitcoin possesses intrinsic value contrary to common belief among finance professionals who dismiss it for lacking cash flows. He reframes intrinsic value beyond traditional discounted cash flow analysis to encompass Bitcoin's role as a decentralized monetary network with transparent supply logic and robust capital governance. The manager positions Bitcoin as a superior alternative to gold, noting its advantages in exchange, storage, and auditing capabilities. With global capital exceeding a quadrillion dollars and gold's market cap implying a Bitcoin price of $1.4 million per coin, Miller views the current $1.2 trillion network value as far too low. He acknowledges that adoption of transformative technologies is time-intensive, drawing parallels to running water's century-long path to ubiquity. The commentary emphasizes that Bitcoin's potential extends beyond gold substitution to fundamentally altering political systems through decentralized governance. Miller maintains a long-term bullish stance, noting that education takes time and it remains early in Bitcoin's adoption curve despite sixteen years of extraordinary returns.
Bitcoin represents a fundamentally undervalued decentralized monetary network with intrinsic value derived from its transparent supply logic, decentralized governance, and growing physical energy requirements, positioning it as a superior alternative to gold and fiat currencies with potential to reach $1.4 million per coin or higher as adoption matures.
The manager believes Bitcoin's current market value of approximately $1.2 trillion is far too low relative to global capital of over a quadrillion dollars. If Bitcoin achieves adoption as a substitute for gold, it could trade at ~$1.4 million per coin versus current levels near $60,000. The manager emphasizes that Bitcoin's superior characteristics for exchange, storage, and auditing compared to gold suggest even higher potential value as a robust network of capital governance. The outlook is explicitly long-term oriented, acknowledging that education and adoption take time.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 2 2026 | 2026 Q2 | - | Bitcoin, crypto, Decentralization, gold, Intrinsic Value, Monetary Network | - | Miller IV makes a concentrated bullish case for Bitcoin as a fundamentally undervalued decentralized monetary network. He argues current valuation of $1.2 trillion dramatically understates intrinsic value, citing potential of $1.4 million per coin based on gold comparison alone, with even higher upside as a superior capital governance system. The thesis emphasizes Bitcoin's transparent supply logic, decentralized structure, and long-term adoption trajectory. |
| Apr 13 2026 | 2026 Q1 | BLMN, CNDT, CRGY, JELD, NBR | Concentration, energy, small caps, Turnarounds, value |
NBR JELD CNDT CRGY BLMN |
Miller Value Partners sees value and small-caps entering a multi-year outperformance cycle after extreme underperformance. Their concentrated Deep Value Strategy returned 8.39% in Q1 by investing in deeply discounted turnaround situations trading at fractions of normalized cash flows. With growth stocks facing structural headwinds and valuation gaps at historical extremes, conditions favor patient capital in mispriced cyclicals. |
| Jan 14 2026 | 2025 Q4 | BTC-USD, STGY | Bitcoin, Economic Growth, Fed, liquidity, monetary policy, rates, small caps, value | - | The Fed's shift from quantitative tightening to $40 billion monthly asset purchases is more significant than headlines suggest, creating favorable conditions for small- and mid-cap value strategies. With inflation below target and positive yield curve signals, this accommodative stance should drive economic expansion and benefit discounted value names and Bitcoin exposure. |
| Oct 15 2025 | 2025 Q3 | AAPL, BFH, MSFT, NBR | AI, deep value, earnings, Recovery, small caps, technology, valuation, value |
NBR BFH |
Miller Value Partners sees compelling opportunity in small cap value stocks trading at 70% discount to S&P 500 while Technology sector approaches dot-com bubble valuations at 34.8% index weighting. Small caps emerging from earnings recession with 2026 growth expected to exceed large caps. Deep Value Select strategy gained 26.5% in Q3 2025, positioning for multi-year outperformance cycle. |
| Jul 21 2025 | 2025 Q2 | GCI, JELD, NBR, NYT, TPC | Construction, deep value, energy, Media, small caps, Turnarounds, value |
GCI TPC JELD NBR GCI TPC JELD NBR |
Small caps are at a 90-year extreme underperformance versus large caps, creating a generational opportunity. The Deep Value Strategy targets mispriced turnarounds in overlooked small companies trading at extreme discounts. Despite recent underperformance, the manager sees multiple catalysts including Fed rate cuts, tax relief, and deregulation supporting a multi-year small cap outperformance cycle. |
| Apr 14 2025 | 2025 Q1 | DOOR, GCI, GTN, JELD, NBR, NYT, OC, QUAD, UNFI | Media, opportunity, small caps, uncertainty, value, volatility |
GTN GCI NBR JELD |
Deep value manager sees Q1's -12.8% drawdown as creating exceptional long-term opportunities in small cap stocks trading at extreme valuations. With policy uncertainty at 2020 levels and expensive stocks reaching record highs, historical patterns suggest overlooked value names should outperform significantly. Portfolio holdings average 1.5x cash flow with 30%+ free cash flow yields. |
| Jan 13 2025 | 2024 Q4 | MSTR | Bitcoin, crypto, Currency, small cap, technology, value | - | Miller Value Partners maintains concentrated exposure to small- and mid-cap value stocks plus strategic Bitcoin positions. The firm views Bitcoin as superior to fiat currency due to predetermined supply and energy-backed creation, with institutional adoption accelerating through ETFs holding $100B+ assets. Generational valuation discrepancies favor their small-cap value focus over large-cap growth strategies. |
| Oct 10 2024 | 2024 Q3 | GCI, NBR, QUAD, UNFI | Concentration, energy, Media, rates, small caps, valuation, value |
GCI UNFI NBR QUAD |
Deep Value Select returned 4.6% in Q3, with year-to-date gains of 20.13%. Manager sees current market concentration mirroring 1999-2000 bubble, positioning thirteen small-cap holdings for outperformance as Fed rate cuts catalyze rotation from expensive mega-caps to undervalued smaller companies. Portfolio trades near six-year valuation lows despite multiple transformation stories across holdings. |
| Jul 2 2024 | 2024 Q2 | GCI, GTN, NBR, NYT, UNFI | Active Share, Concentration, deep value, Energy Services, Food Distribution, Media, small caps, value | - | Miller Deep Value Select delivered 12.84% Q2 returns through concentrated exposure to severely discounted small caps trading at 2x cash flow and 30%+ free cash flow yields. Manager increased positions in beaten-down names while benefiting from Gannett's digital transformation success. Small cap valuations at late-1990s lows with earnings reacceleration expected create compelling risk-adjusted opportunities. |
| Apr 26 2024 | 2024 Q1 | FOSL, GTN, LNC, TPC | Concentration, Earnings Yield, infrastructure, small caps, undervalued, value |
TPC GTN FOSL LNC |
Miller Deep Value targets concentrated small-cap value opportunities amid extreme market concentration. Portfolio holds undervalued companies with double-digit earnings yields including infrastructure beneficiary Tutor Perini and media play Gray Television. Small caps at 4% of market versus 8% historical average creates outperformance setup as earnings growth accelerates and valuations expand from current discounts. |
| Jan 19 2024 | 2023 Q4 | BCC, BKE, JXN, MED, OGN, RILY, WAL | dividends, high yield, income, interest rates, Regional Banks, value |
WAL BKE JXN BCC |
Miller Income Strategy outperformed in Q4 with 11.07% returns driven by regional bank Western Alliance and dividend-paying retailers. Favorable macro backdrop includes declining inflation expectations, potential Fed rate cuts, and low volatility. Portfolio adjustments eliminated underperforming positions while adding wood products and media debt. Current conditions suggest continued market upside potential. |
| Oct 17 2023 | 2023 Q3 | AXL, BFH, CHS, FOSL, GTN | - | - | |
| Jul 14 2023 | 2023 Q2 | GCI, GTN, NBR, NVDA, QUAD, WAL | Banking, Concentration, Media, small caps, technology, value |
GCI QUAD NBR WAL GTN |
Deep Value strategy declined 2.5% in Q2 as extreme market concentration continued with Top 5 S&P stocks generating 70% of index returns. Strategy focuses on mispriced cyclicals trading at 40-90% discount to growth stocks. Added Western Alliance bank and Gray Television broadcast company. Manager sees attractive long-term opportunity in unloved small cap value stocks at historical discount levels. |
| Apr 14 2023 | 2023 Q1 | GCI, MHO, NBR | Banking, energy, Homebuilders, rates, Recession, small cap, technology, value |
BXC|IMKTA|MHO NBR GCI |
Deep Value strategy down 3.6% as markets crowded into growth amid banking stress. Value and small caps trading at extreme historical discounts with small caps at 0.7x large caps. Portfolio concentrated in mispriced cyclicals like homebuilder M/I Homes and energy driller Nabors. Manager expects attractive returns as recession fears subside and markets broaden out from current concentration. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
CryptoBitcoin is positioned as a decentralized monetary network with transparent supply logic and growing physical energy requirements. The manager argues Bitcoin's current market value of ~$1.2 trillion is far too low relative to global capital and gold's market cap, suggesting potential value of $1.4 million per coin if viewed as a substitute for gold. Bitcoin is described as easier to exchange, store, and audit than gold, with potential to alter political systems by providing a robust network of capital governance. |
Bitcoin Decentralization Gold Monetary Network Capital Governance |
| 2026 Q1 |
ValueValue stocks significantly outperformed growth across all market cap segments in Q1, with Russell 1000 Value beating Growth by 11.88%. The manager sees this as the beginning of a potentially multi-year outperformance cycle for low valuation equities after 10+ years of underperformance. |
Value Growth Outperformance Cycle Multiples |
Small CapsSmall caps represent only 3% of the equity market versus their long-term average of 6%. The manager believes market reallocation from large to small caps could nearly double small cap representation and provide significant tailwinds for returns. |
Small Caps Market Weight Reallocation Underweight Opportunity | |
OilThe strategy benefited from energy sector investments, particularly Nabors Industries and new position Crescent Energy. Both companies are positioned to benefit from higher commodity prices and industry supply challenges that the manager believes make a return to lower prices unlikely. |
Oil Energy Commodity Prices Supply Drilling | |
| 2025 Q4 |
DividendsThe fund focuses on carefully selected quality companies with strong dividend growth globally. Portfolio managers aim to provide dividend growth and consistent returns with lower volatility over the long-term. The fund seeks high-quality, dividend-paying companies that can generate strong, consistent returns. |
Dividend Growth Quality Companies Income Yield Distribution |
AIAI infrastructure demand remained strong with SK Hynix benefiting from robust memory demand. However, concerns emerged about AI potentially hurting parts of RELX's business, leading to position exit. IT rotation and year-end softness drove sentiment weakness in AI pockets. |
Artificial Intelligence Memory Infrastructure Technology | |
TechnologyThe fund had underweight positions in information technology sector which contributed to underperformance. Technology is expected to continue being a market driver, with the team owning industry leaders at the faster end of the monetization curve while maintaining robust valuation approach. |
IT Sector Semiconductors Innovation Valuation | |
| 2025 Q3 |
ValueManager emphasizes extremely wide valuation spreads between low valuation equities and longer duration/technology stocks. Deep Value Select strategy trades at greater than 70% discount to S&P 500 Index with attractive asymmetric return potential. Low valuation equities are being overlooked and represent a timely opportunity. |
Valuation Discount Spreads Asymmetric Overlooked |
Small CapsSmall caps resumed upward momentum and reached new highs, breaking 2021 price levels after four-year pause. Small cap sector emerging from multi-year earnings recession with expected earnings growth ahead of larger companies during 2026. Future interest rate cuts, deregulation and $150M incremental tax savings provide tailwinds to smaller company profitability. |
Earnings Recovery Tailwinds Outperformance Momentum | |
AIWhile marketplace focuses on Technology and AI companies, smaller companies may end up being biggest long-term beneficiaries from utilizing AI and other technological advancements to enhance business productivity and profitability. Technology and AI-related companies represent longest duration equities with excessive exuberance building similar to late 1990s. |
Productivity Technology Enhancement Duration Beneficiaries | |
| 2025 Q2 |
Small CapsSmall caps are at a 90-year extreme underperformance versus large caps, creating a generational opportunity. The current cycle favoring large caps is now in its 15th year, one of the longest on record. Historical patterns suggest small caps are poised for a multi-year outperformance cycle. |
Russell 2000 Size Factor Underperformance Valuation Cycle |
ValueExtreme valuation spreads exist between large and small caps, with Russell 1000 versus Russell 2000 price-to-sales ratios well above Covid 2020 and 1999-2000 peak levels. The earnings spread between expensive large cap growth and cheap small cap value is near 18%, historically followed by 13%+ annualized relative returns. |
Price-to-Sales Earnings Yield Valuation Spreads Russell 1000 Russell 2000 | |
EnergyNabors Industries represents a transformation story in drilling technology with over 450 patents and industry-leading automation. The company trades at less than one times forward cash flow despite significant free cash flow generation potential and debt reduction opportunities. |
Drilling Automation Technology Free Cash Flow Transformation | |
| 2025 Q1 |
ValueManager emphasizes deep value investing approach, highlighting that lower valuation securities continue to have lower representation in passive indexes and are under-owned. Portfolio holdings are trading at historically attractive valuations with average less than 1.5x cash flow, price to sales less than 0.2x and normalized earnings and free cash flow greater than 30%. |
Value Undervalued Multiples Earnings Cash Flow |
Small CapsStrong focus on small cap opportunities, noting that small caps have historically outperformed during the second half of recessions with double digit positive returns on average. Small caps relative valuation is back near historical extremes and expected to benefit from greater tax relief and further deregulation. |
Small Caps Outperformance Valuation Tax Relief Deregulation | |
VolatilityManager views current market volatility as creating attractive long-term buying opportunities. Price volatility is welcomed by long-term oriented value investors as it can create very attractive investment opportunities when market prices fall sharply below fundamental business values. |
Volatility Opportunity Market Timing Drawdown Recovery | |
MediaSignificant exposure to media companies including Gray Media, Gannett, and comparisons to New York Times. Focus on digital transformation opportunities and companies generating strong free cash flow despite secular headwinds in traditional media businesses. |
Media Digital Transformation Broadcasting Publishing | |
| 2024 Q4 |
CryptoBitcoin represents a thermodynamically sound unit of account for capital governance built on a more stable process than fiat currency. The technology's first-mover advantage and causal ambiguity make it difficult for another proof-of-work protocol to catch it. Markets currently ascribe nearly $2 trillion worth of value to Bitcoin, with ETFs holding over $100B in assets. |
Bitcoin Cryptocurrency Digital Assets Store of Value Decentralized |
ValueThe firm focuses on small- and mid-cap value stocks, benefiting from a generational discrepancy in valuations between large caps/growth and small caps/value. They view Bitcoin as a compelling value opportunity despite having no traditional financial metrics. |
Small Cap Mid Cap Valuation Undervalued Opportunity | |
| 2024 Q3 |
ValueManager emphasizes wide valuation spreads between expensive and cheap stocks, with the least expensive decile trading at significant discounts with attractive 15% earnings yields. Current market concentration and valuation levels mirror 1999-2000 period, suggesting potential for value outperformance as spreads narrow over time. |
Valuation spreads Earnings yield Price-to-sales Market concentration |
Small CapsSmall cap value significantly outperformed large cap growth from July 11th through quarter end, with Russell 2000 Value up 10.16% versus Russell 1000 Growth down 1.69%. Small caps are emerging from earnings recession unlike large caps at peak margins, positioning them for relative earnings improvement. |
Russell 2000 Earnings recession Relative performance Market cap rotation | |
RatesFederal Reserve's 50 basis point rate cut and pivot to easing cycle represents a key catalyst for sustained market cycle favoring smaller caps and value stocks. Historically, rate easing cycles lead to steeper yield curves and valuation spread narrowing. |
Federal Reserve Rate cuts Yield curve Monetary policy | |
| 2024 Q2 |
ValueManager focuses on neglected and under-followed parts of the marketplace where market expectations remain extremely low, seeking wide price-to-value gaps. The lowest valuation subset of the market has earnings yields multiples higher than the most expensive securities. Portfolio holdings trade at near 2x cash flow, price to sales less than 0.2x, and normalized earnings and free cash flow yields greater than 30%. |
Deep Value Valuation Earnings Yield Price-to-Sales Cash Flow |
Small CapsSmall caps remain significantly out of favor with relative valuation multiples reset to lows last seen in the late 1990s market bifurcation. Manager sees opportunity for small cap earnings to reaccelerate over the coming 6 to 18 months. Small caps are now less than 4% of the total equity market, last seen in the 1930s, creating potential tailwinds from any reallocation. |
Small Cap Valuation Earnings Market Share Reallocation | |
MediaGannett represents a digital transformation story with digital revenues expected to grow 10%+ over the next couple years, reaching 42% of total revenue. Gray Television benefits from strong local TV market positions and expected political advertising ramp in the back half of 2024. Both companies offer significant free cash flow generation potential. |
Digital Transformation Political Advertising Local TV Free Cash Flow Media | |
| 2024 Q1 |
ValueManager emphasizes significant valuation discounts in value stocks versus growth, with value indexes trading at 40-90% discounts to longer duration equity indexes. Small cap value particularly attractive with relative valuations near 45-year lows versus large caps. Strategy focuses on double-digit earnings and free cash flow yields in undervalued securities. |
Value Discounts Earnings Yield Free Cash Flow Undervalued |
Small CapsSmall caps experienced earnings recession in 2023 but earnings growth expected to improve in back half of 2024. Small caps represent only 4% of total equity market, half their long-term average, creating opportunity for significant outperformance. Manager sees reaccelerating earnings growth and potential valuation expansion as amplifying future returns. |
Small Caps Earnings Growth Underowned Outperformance Valuation Expansion | |
Infrastructure SpendingTutor Perini positioned to benefit from $1.2T federal infrastructure law over next couple years. Covid outbreak caused delays in larger Civil contracts but company's sales pipeline appears rebuilt through ongoing new business wins. Infrastructure spending represents key catalyst for portfolio holding. |
Infrastructure Federal Spending Civil Contracts Pipeline Catalyst | |
| 2023 Q4 |
Regional BanksWestern Alliance Bancorp was the top contributor with strong deposit growth and capital ratios. The bank reported deposits rising 6.5% sequentially to $54.3B with 82% insured and collateralized, while CET1 ratio expanded to 10.6%. |
Regional Banks Deposits Capital Ratios Banking |
DividendsThe Buckle maintained its quarterly dividend and declared a special cash dividend of $2.50/share, implying a twelve-month yield of approximately 8.2%. Jackson Financial returned $123MM to shareholders via dividends and share repurchases. |
Dividends Special Dividends Yield Capital Return | |
RatesFed officials are discussing timing and extent of interest rate cuts, with Fed futures markets implying greater than 50/50 chance of a cut before end of Q1. This would be the first rate cut in over 40 years following two consecutive quarters of GDP growth above 4.5%. |
Interest Rates Fed Policy Rate Cuts Monetary Policy | |
| 2023 Q2 |
ValueManager emphasizes extreme valuation spreads between growth and value stocks, with value factors delivering negative returns in 2023. Small Cap Value trades at significant 40-90% discount to longer duration equities, close to Covid lows. Deep Value strategy holdings experienced significant valuation compression during the quarter. |
Valuation Spreads Discount Compression |
Small CapsRussell 2000 has been in extended bear market with negative rolling 12-month returns for 17 months, a rare historical event. Small caps as percent of total equity market approaching 4%, almost half their long-term average. Historical analysis shows forward 1-year returns averaged greater than 25% after similar periods. |
Russell 2000 Bear Market Historical Opportunity | |
AITechnology sector benefits from Artificial Intelligence optimism, but manager warns that AI benefits may take longer to play out than market expectations. Sector discounting significant optimism for AI improvements, creating risk if recovery is less than expected or timeline extends. |
Technology Optimism Timeline Expectations | |
MediaInitiated position in Gray Television, second largest broadcast company reaching 36% of US households. Company positioned for earnings improvement from political advertising reacceleration and favorable retransmission contract renewals. New Assembly studio asset expected to generate meaningful free cash flow and reduce cyclicality. |
Broadcasting Political Retransmission Studio | |
| 2023 Q1 |
ValueManager emphasizes value stocks are trading at wide valuation discounts and appear to be discounting significant recession fears. Value outperformed Growth by more than 20% in 2022 but lagged in Q1 2023 as markets crowded into longer duration equities. The most expensive decile posted negative returns while the least expensive was up double-digits. |
Valuation Discount Outperformance Cyclical Price-to-value |
Small CapsSmall caps are trading at extreme discounts versus large caps at 0.7x, only seen once before during the Tech bubble. Small cap trading at depressed historical valuations relative to large cap. Manager believes smaller-cap equities will see attractive returns in the not-too-distant future as markets broaden out. |
Discount Valuation Outperformance Historical Opportunity | |
HomebuildersM/I Homes was the largest positive contributor, up over 30% during the quarter. Positive demographics and lack of housing supply over the past 10 years provides a very favorable long-term supply/demand picture that should shorten the current downturn. Manager sees attractive long-term reward/risk investment opportunity. |
Supply Demand Demographics Housing Recovery | |
EnergyNabors share price was negatively impacted from the recent pullback in energy prices. The company is well positioned to benefit from ongoing customer demand for their global high spec rig fleet. Manager believes favorable supply/demand environment should continue to be supportive of higher asset utilization and pricing power. |
Drilling Utilization Pricing Supply Demand |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | NBR | Nabors Industries | Oil & Gas Drilling | Oil & Gas Drilling | Bull | New York Stock Exchange | cash flow, Commodity Exposure, debt reduction, Drilling Technology, Energy Services, Middle East, North America, Oil & Gas Drilling, Value | Login |
| Apr 13, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | JELD | JELD-WEN | Building Products & Equipment | Building Products | Bull | New York Stock Exchange | Building Products, Distribution, Doors, Europe, Housing, North America, Real Estate, transformation, turnaround, Value, Windows | Login |
| Apr 13, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | CNDT | Conduent | Information Technology Services | IT Consulting & Other Services | Bull | NASDAQ | Business Process Services, Cost Reduction, Digital Solutions, Fortune 100, Government Services, IT services, new CEO, transformation, Value | Login |
| Apr 13, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | CRGY | Crescent Energy | Oil & Gas E&P | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | Acquisitions, Commodity Exposure, energy, Free Cash Flow, mineral rights, Oil & Gas E&P, Permian Basin, royalties, Value | Login |
| Apr 13, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | BLMN | Bloomin Brands | Restaurants | Restaurants | Bull | NASDAQ | Casual Dining, Consumer Discretionary, Outback, Remodeling, Restaurants, Starboard Value, Steakhouse, technology, turnaround, Value | Login |
| Oct 15, 2025 | Fund Letters | Daniel Lysik | NBR | Nabors Industries Ltd. | Energy | Oil & Gas Drilling | Bull | NYSE | Asset Sale, Automation, Contracts, deleveraging, Drilling, EV/EBITDA, FCF yield | Login |
| Oct 15, 2025 | Fund Letters | Daniel Lysik | BFH | Bread Financial Holdings, Inc. | Financials | Consumer Finance | Bull | NYSE | credit cards, Deposits, earnings yield, Normalization, Reserves, Rotce, underwriting | Login |
| Jul 21, 2025 | Fund Letters | Daniel Lysik | GCI | Gannett Co. Inc. | Communication Services | Publishing | Bull | New York Stock Exchange | cashflow, Digital, media, turnaround, valuation | Login |
| Jul 21, 2025 | Fund Letters | Daniel Lysik | TPC | Tutor Perini Corp. | Industrials | Construction & Engineering | Bull | New York Stock Exchange | backlog, construction, infrastructure, Margins, recovery | Login |
| Jul 21, 2025 | Fund Letters | Daniel Lysik | JELD | JELD-WEN Holding Inc. | Industrials | Building Products | Bull | New York Stock Exchange | Buildingproducts, Costcutting, Housing, Margins, turnaround | Login |
| Jul 21, 2025 | Fund Letters | Daniel Lysik | NBR | Nabors Industries Ltd. | Energy | Oil & Gas Drilling | Bull | New York Stock Exchange | Automation, cashflow, deleveraging, Drilling, synergies | Login |
| Jul 21, 2025 | Fund Letters | Miller Value Partners Deep Value Strategies | GCI | Gannett Co Inc | Communication Services | Publishing | Bull | NYSE | Digital transformation, Free Cash Flow, media, Publishing, turnaround, undervalued, Value | Login |
| Jul 21, 2025 | Fund Letters | Miller Value Partners Deep Value Strategies | TPC | Tutor Perini Corporation | Industrials | Construction & Engineering | Neutral | NYSE | capital allocation, Civil Engineering, construction, Cyclical Recovery, deep value, infrastructure, turnaround | Login |
| Jul 21, 2025 | Fund Letters | Miller Value Partners Deep Value Strategies | JELD | JELD-WEN Holding Inc | Industrials | Building Products | Bull | NYSE | Building Products, Cost Reduction, deep value, Free Cash Flow, Housing, manufacturing, transformation, turnaround | Login |
| Jul 21, 2025 | Fund Letters | Miller Value Partners Deep Value Strategies | NBR | Nabors Industries Ltd | Energy | Oil & Gas Drilling | Bull | NYSE | Automation, debt reduction, deep value, Digital transformation, Drilling, Free Cash Flow, Oil & Gas, technology | Login |
| Apr 14, 2025 | Fund Letters | Miller Value Partners Deep Value Strategies | GTN | Gray Media | Communication Services | Broadcasting | Bull | NYSE | broadcasting, debt reduction, Free Cash Flow, Local Advertising, media, Political advertising, Retransmission, Television | Login |
| Apr 14, 2025 | Fund Letters | Miller Value Partners Deep Value Strategies | GCI | Gannett | Communication Services | Publishing | Bull | NYSE | antitrust, Cost Reduction, Digital transformation, Free Cash Flow, media, Newspapers, Publishing, Subscriptions | Login |
| Apr 14, 2025 | Fund Letters | Miller Value Partners Deep Value Strategies | NBR | Nabors Industries | Energy | Oil & Gas Drilling | Bull | NYSE | acquisition, Energy Services, Free Cash Flow, Integration, Lateral Drilling, Oil & Gas Drilling, technology | Login |
| Apr 14, 2025 | Fund Letters | Miller Value Partners Deep Value Strategies | JELD | JELD-WEN | Industrials | Building Products | Bull | NYSE | Automation, Building Products, Cost Reduction, Doors, Housing, manufacturing, Real Estate, transformation, Windows | Login |
| Oct 10, 2024 | Fund Letters | Miller Value Partners Deep Value Strategies | GCI | Gannett Co Inc | Communication Services | Publishing | Bull | NYSE | antitrust litigation, Digital transformation, Free Cash Flow, media, Publishing, turnaround, Value | Login |
| Oct 10, 2024 | Fund Letters | Miller Value Partners Deep Value Strategies | UNFI | United Natural Foods Inc | Consumer Staples | Food Distributors | Bull | NYSE | food distribution, Natural Foods, operational efficiency, Six Sigma, transformation, turnaround, Value | Login |
| Oct 10, 2024 | Fund Letters | Miller Value Partners Deep Value Strategies | NBR | Nabors Industries Ltd | Energy | Oil & Gas Drilling | Bull | NYSE | debt reduction, energy, Free Cash Flow, Joint venture, Middle East, Oil & Gas Drilling, Saudi Aramco, Value | Login |
| Oct 10, 2024 | Fund Letters | Miller Value Partners Deep Value Strategies | QUAD | Quad/Graphics Inc | Communication Services | Commercial Printing | Bull | NYSE | asset sales, Commercial Printing, Fortune 500, Free Cash Flow, Marketing Services, transformation, turnaround, Value | Login |
| Apr 11, 2024 | Fund Letters | Miller Value Partners Deep Value Strategies | TPC | Tutor Perini Corporation | Industrials | Construction & Engineering | Bull | NYSE | Cash Flow Recovery, Civil Engineering, construction, Federal Spending, infrastructure, turnaround, Value | Login |
| Apr 11, 2024 | Fund Letters | Miller Value Partners Deep Value Strategies | GTN | Gray Television Inc | Communication Services | Broadcasting | Bull | NYSE | Atsc 3.0, broadcasting, deleveraging, digital advertising, Free Cash Flow, Local Television, Political advertising, Value | Login |
| Apr 11, 2024 | Fund Letters | Miller Value Partners Deep Value Strategies | FOSL | Fossil Group Inc | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NASDAQ | balance sheet, Cost Reduction, fashion accessories, Free Cash Flow, Micro-cap, transformation, turnaround, Value | Login |
| Apr 11, 2024 | Fund Letters | Miller Value Partners Deep Value Strategies | LNC | Lincoln National Corporation | Financials | Life & Health Insurance | Bull | NYSE | balance sheet, financial services, Free Cash Flow, life insurance, multiple expansion, ROE, turnaround, Value | Login |
| Jan 10, 2024 | Fund Letters | Miller Value Partners Deep Value Strategies | WAL | Western Alliance Bancorp | Financials | Regional Banks | Bull | NYSE | banking, capital ratios, deposit growth, net interest margin, regional bank, tangible book value | Login |
| Jan 10, 2024 | Fund Letters | Miller Value Partners Deep Value Strategies | BKE | The Buckle | Consumer Discretionary | Specialty Retail | Bull | NYSE | Apparel, cash generation, Consumer Discretionary, dividend yield, Free Cash Flow, Specialty retail | Login |
| Jan 10, 2024 | Fund Letters | Miller Value Partners Deep Value Strategies | JXN | Jackson Financial Inc | Financials | Life & Health Insurance | Bull | NYSE | Annuities, capital returns, fee income, life insurance, RILA, share repurchases | Login |
| Jan 10, 2024 | Fund Letters | Miller Value Partners Deep Value Strategies | BCC | Boise Cascade | Materials | Forest Products | Bull | NYSE | balance sheet, Building materials, Cyclical, Forest Products, Value, Wood Products | Login |
| Jul 14, 2023 | Fund Letters | Miller Value Partners Deep Value Strategies | GCI | Gannett Co Inc | Communication Services | Publishing | Bull | NYSE | Anti-trust, Cost Reduction, Digital transformation, Equity, media, Publishing, turnaround | Login |
| Jul 14, 2023 | Fund Letters | Miller Value Partners Deep Value Strategies | QUAD | Quad/Graphics Inc | Communication Services | Publishing | Bull | NYSE | business transformation, Digital Solutions, Enterprise software, Equity, Marketing Services, Printing, Value | Login |
| Jul 14, 2023 | Fund Letters | Miller Value Partners Deep Value Strategies | NBR | Nabors Industries Ltd | Energy | Oil & Gas Drilling | Bull | NYSE | Cyclical, debt reduction, Drilling Services, energy transition, Equity, Free Cash Flow, Oil & Gas | Login |
| Jul 14, 2023 | Fund Letters | Miller Value Partners Deep Value Strategies | WAL | Western Alliance Bancorporation | Financials | Regional Banks | Bull | NYSE | Commercial Banking, deposit growth, Equity, regional banks, Rotce, underwriting, Value | Login |
| Jul 14, 2023 | Fund Letters | Miller Value Partners Deep Value Strategies | GTN | Gray Television Inc | Communication Services | Broadcasting | Bull | NYSE | broadcasting, Equity, Film Studio, Free Cash Flow, Political advertising, Retransmission, Television | Login |
| Apr 18, 2023 | Fund Letters | Miller Value Partners Deep Value Strategies | BXC|IMKTA|MHO | M/I Homes | Consumer Discretionary | Homebuilding | Bull | NYSE | Cyclical, Demographics, homebuilder, Housing supply, Midwest, Real Estate, Southeast, Value | Login |
| Apr 18, 2023 | Fund Letters | Miller Value Partners Deep Value Strategies | NBR | Nabors Industries | Energy | Oil & Gas Drilling | Bull | NYSE | Cyclical, debt reduction, energy transition, High-Spec Rigs, International, Oil & Gas Drilling, Saudi Aramco, Value | Login |
| Apr 18, 2023 | Fund Letters | Miller Value Partners Deep Value Strategies | GCI | Gannett | Communication Services | Publishing | Bull | NYSE | debt reduction, digital marketing, Digital transformation, media, Publishing, Real Estate Monetization, Subscription, turnaround | Login |
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