Benefit trader Bill Miller explained to CNBC on Thursday stocks are not pricey relative to small-yielding bonds.
Inventory price ranges would indeed be high on an historical foundation if the 10-12 months Treasury yield have been buying and selling all-around six percent, Miller claimed. But with the 10-12 months yield now below 2.five percent, the stock market place should proceed to do effectively, he additional.
The political landscape bordering President Donald Trump is the wildcard, the founder, chairman and CIO of Baltimore-dependent LMM claimed on “Squawk Box” Thursday — reserving judgment until eventually professional-growth claims of greater trade bargains and tax cuts develop into realities.
Miller claimed he was fully invested in the stock market place ahead of the election and he remains so now.
Miller’s LMM, a partially owned subsidiary of Legg Mason, has $2 billion in belongings below administration. He is also portfolio supervisor of the leading-doing Legg Mason Possibility Rely on fund.