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After Losing 90% Of His Wealth In 2008, Bill Miller Became A Billionaire Again Thanks To Bitcoin And Amazon

Bill Miller once had a good net worth and was a successful fund manager. When the 2008 financial crisis struck, he lost 90% of his money. He has now rebuilt it all and then some.



Bill Miller once had a good net worth and was a successful fund manager. He outperformed the S&P 500 for 15 years in a row as the manager of the Legg Mason Value Trust. Then the 2008 financial crisis struck. The financial crisis destroyed 90% of his total assets. Bill Miller is not a quitter, and some people would never be able to bounce back from such a setback. Thanks to just TWO investments, Amazon and Bitcoin, Bill has today amassed a second fortune and become a billionaire.

A new book by William Green titled “Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets and Life,” interviewed Miller. His tale is truly amazing.

Losing A Fortune

Bill Miller made a costly error in 2008. In the wake of the spreading financial crisis, Miller placed large leveraged bets on Bear Stearns, Freddie Mac, and other stocks that had been particularly hard hit. He believed that those faltering institutions would soon receive financial support from the Federal Reserve. Miller was mistaken, and his flagship fund lost 55% of its value rather quickly.

REUTERS/Rick Wilking/File Photo/Alamy

Rick Wilking/File Photo/Alamy for Reuter’s

Re-Making A Fortune

Amazon’s stock price was less than $40 per share in November 2008. (after adjusting for stock splits). Shares of Amazon are currently selling at about $3,200 as of this writing. After Jeff Bezos and MacKenzie Scott, Miller may have the third-largest share of Amazon stock among all private investors.

Miller claims that his Bitcoin investment is now worth more than his Amazon holding. He supposedly became a fortune as a result of only these two investments. However, he might have been even wealthier!


Miller does regret, however, selling his GameStop stock in 2018. If he had held, his previous GameStop stake would have been worth $800 million at the height of January’s craziness. It would have been worth almost $200 million at current prices.

Miller serves as a lesson on tenacity. If you fail, get back up and try again.