Bill Miller became a billionaire by buying Amazon stock when it crashed 90% during the dot-com bust and kept buying. He held roughly 15% of the company. His strategy: find a high-growth company, ignore the panic, and keep reinvesting when prices fall.
One of the best investors over the last 50 years is Bill Miller. He was the only investor to outperform the S&P 500 for 10 years straight in the '90s. Amazon was one of his big bets. And so Amazon crashes 90% in the dot-com crash. Bill just backs up the truck and buys more. And I think at one point he was the single largest outside shareholder of Amazon and owned like 15%. As you look at that, one, you have to like find Amazon. Two, then you have to like not get scared when it drops 80, 90%. And then three is even if you're not scared, you then have to hold your nose and put way more money in to buy all all of this extra equity. That is a common theme. It's just like conviction and the ability to just bet over and over again regardless of what's happening.
