Chris Davis and legendary PM Bill Miller discuss the fast-changing environment and share their thoughts on the most important issues facing investors today.

Below: Watch the entire conversation, or select the clips you’d like to see first.

Clips by Topic

Clip #1
Stewardship, Patience and Going Against the Crowd (3:59)

Chris Davis and Bill Miller reflect on 40 years of friendship and how temperament has impacted their respective investment styles

Clip #2
Navigating Today’s Volatility (3:52)

Why experience teaches that “You make most of your money in a bear market, you just don’t realize it at the time”

Clip #3
Tariffs, Geopolitics and the Fallacy of Forecasts (3:50)

Markets overreact in the face of uncertainty. Our economy, businesses and markets are dynamic and will adapt – a huge strength

Clip #4
Amazon, GE and What to Look for in a Business (3:53)

How a company management can create or destroy business value over time

Clip #5
Free Cash Flow Yield as a Measure of Value (2:13)

The insight that this obscure statistic can reveal about the valuation of a business

Clip #6
The Invaluable Role of the Advisor (1:55)

How an advisor can help guide clients’ perspective in good markets and bad, fostering the successful compounding of wealth

Clip #7
What Gets You Excited About the Next Decade? (2:49)

Beyond the growth expected via breakthrough technologies, the low prices produced by uncertainty should excite every rational investor

Clip #8
AI: Separating Hype from Opportunity (4:17)

Why the leaders of any tech revolution do not always end up the winners – No one can dictate outcomes and adaptability will be key

Clip #9
Why Cash May Not be King (1:45)

Being on the sidelines may feel safer, but over the long term inflation destroys cash’s purchasing power while equities build true wealth