Legendary Archives -
Sports broadcasting legend Bob Costas is officially done with NBC after 40 years and stints hosting the network’s coverage of essentially every major sporting event in America.
Carol Channing, the legendary Broadway actress who portrayed Dolly Levi in “Hello Dolly!” has died, her publicist said in a statement Tuesday. Channing was 97.
Jackie Fuchs, aka Jackie Fox, played bass in the all-female rock band The Runaways as a teenager in the late 1970s. But “I don’t want that to define me,” she says. Mission accomplished: Per LA Weekly , Fuchs became a four-time Jeopardy champion during a Wednesday taping in Culver City, Calif….
Archaeologists who’ve spent five years digging up an ancient city in Iraq’s Kurdistan region have finally learned its name—and it’s legendary. Mardaman, once the capital of a Mesopotamian province and its own independent kingdom, is believed to have begun as early as 4,800 years ago and is cited…
Hall of Fame wrestler Bruno Sammartino is dead. Sammartino — who was the longest reigning champion in WWE history (4,040 days) — passed away at his home in Pittsburgh. Bruno got his start with the WWWF … the promotion started by Vince…
It’s the stuff of legend: A wagon from the Union Army supposedly lost a huge cache of gold bars while en route from Wheeling, West Virginia, to the US Mint in Philadelphia in 1863. More than 150 years later, the FBI is overseeing a dig in a Pennsylvania state forest…
A renowned jockey who was among the best in Pennsylvania history died Thursday of injuries suffered in a racing accident, the AP reports. Parx Racing announced the death of Jose Flores, 56, who was racing Monday at the suburban Philadelphia track when his horse went down and Flores was thrown…
For a century, L.L. Bean Inc. has offered lifetime returns on its rugged gear, apparel and boots. Now, thanks to growing abuse of the program, the company is drastically cutting back its generous policy.
The Freeport, Maine-based company will impose a one-year limit on returns, executives announced…
With the launch of bitcoin futures by two leading American options exchanges, lending the cryptocurrency more credibility among mainstream investors, Wall Street is turning to known figures to explain the phenomena. One proven financial wizard they might listen to is legendary value investor Bill Miller whose hedge fund is now holding 50% of its assets in bitcoin.
Bitcoin-Heavy Hedge Fund
Bill Miller, chairman of Miller Value Partners LLC, has revealed in a recent interview that bitcoin holdings comprise approximately 50% of the assets in his MVP 1 hedge fund. He is a former chairman of Legg Mason Value Trust mutual fund and bought his place in the history books by beating the S&P 500 Index consecutively for fifteen years. Miller explained that he started by holding a much smaller amount in bitcoin but the investment quickly mushroomed along with bitcoin’s value and came to dominate half his portfolio.
Describing how a value investor like himself can benefit from riskier assets, Miller pointed to the negative reactions people had toward Amazon and Google when they first entered the market. He thinks that bitcoin’s vocal detractors on Wall Street like JP Morgan’s Jamie Dimon exhibit “old thinking” when it comes to a revolutionary new concept. This is similar to a sentiment expressed by fellow hedge fund mogul Mike Novogratz who recently said bitcoin skeptics are just too old to get it.
Bitcoin Cash Yes, Altcoins No
Asked about investing in any other of the many available cryptocurrencies, Miller answered he doesn’t hold any other than bitcoin cash (BCH) which he described for his interviewer as a kind of dividend (as he got it after the fork by holding bitcoin). Explaining why he doesn’t invest in altcoins, Miller referenced bitcoin’s market dominance and said this gives it the most likely chance to survive long term after all the imitators disappear. He also doesn’t believe in ICOs as the issuers are not liable to provide any return and can just use the money to buy a boat instead of doing any work on the supposed project.
Time will tell if this is the best strategy to invest in the cryptocurrency world as other hedge funds have chosen a different approach than Miller’s. Arrington XRP Capital for example, the TechCrunch founder’s new $ 100 million hedge fund, will invest in a wide variety of cryptocurrency assets and ICOs. Overall, there are now well-over 100 hedge funds testing different strategies for investing in cryptocurrency.
Would you invest half of your available wealth in bitcoin or is that way too risky? Share your thoughts in the comments section below!
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