Value investor Bill Miller says he’s doubling down on Amazon after a rough year and increasing his short position on Tesla. The widely-followed investor says the e-commerce giant isn’t currently the brains in the market after losing nearly 50% in 2021. Miller said he recently bought more Amazon stock. . His hedge fund Miller Value Partners held 695,000 shares, worth about $78.5 million at the end of the third quarter. “I think it’s one of the easiest names on the market,” Miller said on CNBC’s “Bending Bell” on Friday. “If it took three years for Amazon to get back to the 25% profit it was a year ago a year ago, I think that would easily beat the market.” Miller said AWS, Amazon’s cloud-based segment, is worth roughly the entire price of Amazon. “I think Amazon is going to report an all-time record profit this year,” Miller said. “I think the quality and management team are absolutely the best they can be.” Shares of Amazon are up more than 2% in the new year. Miller’s view of Tesla is a different story. The investor said he bet on the stock recently and added to his short position on Friday. “It’s a phenomenal company, but I don’t think it’s worth $380 billion,” Miller said. “Tesla is losing market share right now. They’re lowering prices.” Shares of the electric car company led by Elon Musk have fallen another 8% in 2023, adding to their 65% loss last year. Miller said he would continue to short bets on Tesla if the stock rebounds.
