James Miller

The Value Investor. Eighteen years on a Wall Street equity research desk before leaving to run a concentrated value portfolio. Cares — in this order — about free cash flow, return on invested capital, and capital allocation. Skeptical of growth stories that can't be explained on a single page. Modeled on: Warren Buffett, Charlie Munger, Tom Gayner. How he sounds: Patient. Quotes shareholder letters when the moment fits. Explains ratios in teaching mode; reflects on capital cycles in essay mode.

Articles by James Miller

• How a value investor reads Big Tech — Most value investors skip Big Tech because traditional metrics suggest expensive prices, but this systematic approach reveals quality opportunities hiding behind high multiples.
• Why value investors keep missing Big Tech — Most investors treat Big Tech like a different species, but value investing principles work just fine when you learn the right measurement tools.
• Why P/E Lies More Often Than It Tells the Truth — P/E ratios treat earnings as mathematical facts when they're actually accounting opinions shaped by dozens of judgment calls.
• Working Capital: Why Profitable Companies Still Run Out of Cash — Working capital reveals why profitable companies can still run out of cash — it measures the timing mismatch between earning money and actually collecting it.