Bill Miller interview excerpts

...as I'm fond of telling the analysts, if it's in the newspapers, it's in the price. So you really need to understand what isn't in the price, what isn't being discounted, what events can happen that will lead the market to think differently...

...If gasoline prices go up, you're going to drive less. So price and demand are inversely correlated: basic economics..But in financial markets, it isn't the case. Here, demand is positively correlated with price. More people buy things when they go up; if stocks start to go up, more people want them than if they're going down. The higher they go up, the greater the demand for them.... financial assets particularly - it's been very well established that demand follows price....

Entire interview here.

Planning to read Fortune’s Formula by Bill Poundstone soon.

• The task is not to see what lies dimly in the distance, but to do what lies clearly at hand - Thomas Carlyle
• Necessity never made a good bargain - Benjamin F
• Acquire worldly wisdom and do what you think is right. If that gives you temporary unpopularity with your peer group, then to hell with them - Charles M
• The ones who matter don't mind, and the ones that mind don't matter. - (unbelievably, Dr Seuss)
  
  Reading the Almanack again, as a bad day in the market. Rushing to work now to do what lies at hand, loath to leave the tulips though.