Securities investor Bill Miller told CNBC on Tuesday that one of his company’s funds sold its GameStop stakes during the Reddit-fueled frenzy that began earlier this year.
“We had GameStop in our high-value product and I think our cost was about $ 4 or so,” Miller said in an interview with “The Exchange.” “When it came in at $ 70 that’s when we sold it, of course it was $ 400.”
GameStop shares finally pulled sharply from the $ 483 high on Jan. 28, falling below $ 50 at some point in February as the first initial budget ran out.
However, stocks have remained volatile and focused at the same time as the video game retailer announces the steps of its digital transformation. Shares of GameStop fell more than 5% on Tuesday, to about $ 155 a piece, bringing the company’s market capitalization to nearly $ 11 billion.
Shares have held up nearly 730% so far and more than 2,600% in the last twelve months. At this time last year, GameStop shares were trading below $ 5.
Miller, founder and investment director of Miller Value Partners, said his company has shunned GameStop and other so-called stock memes that are popular with investors acting on online message boards.
“Right now they’re not of interest because they’re in the hands of the Reddit crowd and they’re not able to analyze them the same way they do other things because price dominates the fundamentals.” said Miller, who managed a fund that won the S&P 500 for 15 consecutive years while working at Legg Mason.
Miller also told CNBC that it remains bullish on bitcoin, saying demand continues to outpace the world’s largest cryptocurrency supply by market value. “That’s all you really need to know, and that means it’s going to increase,” he said.
Subscribe to CNBC Pro to read Bill Miller best stock selections Right Now.