Value investor Bill Miller said he’s doubling down on Amazon after a brutal year, and growing his short position on Tesla . The widely followed investor said the e-commerce giant is a no-brainer in the market right now after losing nearly 50% in 2021. Miller said he recently bought more Amazon shares. 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 in the market,” Miller said on CNBC’s ” Closing Bell ” on Friday. “If it takes three years for Amazon to get back to where it was a year ago to make 25% a year, I think that’ll easily beat the market.” AWS, Amazon’s cloud-based segment, is worth almost the whole price of Amazon, Miller said. “I think that Amazon this year will report all-time record profits. I think in terms of quality and a management team that is absolutely as good as it gets,” Miller said. Shares of Amazon have risen more than 2% in the new year. Miller’s view on Tesla is a different story. The investor said he has betted against the stock recently and added to his short position on Friday. “It’s a phenomenal company, but it’s not worth $380 billion in my in my opinion,” Miller said. ” Tesla is now losing market share . They’re cutting the price.” Shares of the Elon Musk -led electric vehicle company have slid another 8% in 2023, adding to their 65% losses last year. Miller said he will continue to grow his short bet on Tesla if the stock goes up again.
