Legendary investor Bill Miller said more volatility is coming, backed Meta, and revealed Peloton is on his radar in a new interview. Here are the 9 best quotes.

• Legendary investor Bill Miller said volatility is here to stay, and backed Meta stock in a new interview.
• He also said bitcoin is a good insurance policy, and that the rotation towards value stocks has further to run.

Investing legend Bill Miller said more volatility is coming for stocks, that Facebook parent Meta is now undervalued, and that Peloton is on his radar in an interview with CNBC Wednesday.

Miller's reputation was cemented by the performance of his Legg Mason Capital Management Value Trust fund, which beat the S&P 500 for 15 consecutive years from 1991 to 2005.

The investor also told CNBC that bitcoin is an insurance policy against catastrophe, and that the rotation in markets towards more economically sensitive "value" stocks has further to run.

Here are the nine best quotes, lightly edited for clarity.

On volatility and Federal Reserve policy

1. "We're at the early stages of a regime change. So from a Fed-easing, accommodative, bond-buying set of policies to one that's the opposite. That raises the possibility that they can make a mistake. I mean, they're not flawless, obviously."

2. "So, what's happening with volatility is you're getting some probability of a mistake, of recession, priced in, and that's something that you're gonna have to live with for a while."

3. "The economy is very strong. Unemployment's low, earnings for many companies are at records, state tax receipts are rising, way above expectations. All those things say that the economy is strong and a recession is not on the horizon."

On particular stocks

4. "Meta trades at a lower enterprise by EBITDA than IBM does, and it's still expected to grow. And I think that, down at these prices, that represents attractive value. We've owned it for a long time, so it's not a new position for us, but we certainly don't wanna sell it down here." – Facebook parent Meta is down 31% for the year, after weak earnings.

5. "Amazon is down in the last 12 months, even though all parts of their business have grown. If you look at Amazon web services, and you look at the advertising business alone, and you just mark them to what other similarly public companies are trading at, then you get almost the entire value of Amazon in those two businesses alone."

6. "We bought Peloton in the IPO. We sold it very close to the highs. My colleague Samantha actually talked about buying it again when it was getting below the IPO price. We missed it, at least on that trade, but it's one that's on our radar here."

On his bitcoin investments

7. "I put a few percent of my net worth in it a long time ago and it grew to be half of my net worth. Now it's less than that because it's down half since November. But it's still a very big position."

8. "Bitcoin is insurance against financial catastrophe, as we see in Lebanon or in Afghanistan and many of these other countries."

On the rotation towards value stocks

9. "The market has shifted to value. I think it's got a lot more to run, especially if rates continue to rise, if the curve shifts up, if inflation is more sticky than I think the market believes it's likely to be, then that's good for value."