Mutual-fund manager Bill Miller said on Tuesday to sell Treasury bonds and and go long on the S&P 500 Index given the higher dividend yield. At CNBC’s and Institutional Investor’s Delivering Alpha conference, Miller said bond yields double-bottomed in 2012 and bottomed again this summer, prompting him to advise shorting Treasurys. Regarding individual stocks, Miller said he prefers Amazon.com Inc. to Facebook Inc. or Google Inc. because of the retailer’s growth rate and strong margins. Shares of Amazon were down 1%, while Facebook shares shed 1.2% and Google shares declined 1.3%. Miller recently reached a deal to buy out Legg Mason Inc.’s stake in the entity that houses his funds.
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