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Monday, June 19, 2017

Investing legend and Amazon bull Bill Miller likes Whole Foods deal, plus Valeant and bitcoin

Investing legend and Amazon bull Bill Miller likes Whole Foods deal, plus Valeant and bitcoin

Amazon's bold move into the food business Friday with its deal to acquire Whole Foods has the seal of approval from one big name — legendary investor Bill Miller.

 

A major shareholder in the online retailer himself, Miller said Amazon CEO Jeff Bezos has moved on a company that fits in well with his overall investing strategy.

 

"Jeff is one of the world's great capital allocators," Miller said during a live interview on CNBC's "Closing Bell." "What this means is he knows, he's highly confident they can earn way above the cost of capital on this one."

 

In a deal valued at $13.7 billion, or $42 a share, the move takes Amazon from the king of online sales further into the world of brick-and-mortar retail establishments. Investors saw the move as a positive, sending Amazon shares up 2.4 percent to $987.71 in Friday trading, while boosting Whole Foods' price 29 percent to $42.68.

 

Full story at http://cnb.cx/2rv0FvK

 

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