Just caught an interesting take from Bill Miller - you know, the investor who actually beat the S&P 500 for 15 straight years back in the 90s and 2000s. Guy's a billionaire now and people still pay attention to his moves for good reason. Through his work at Patient Capital Management, he's been pretty vocal lately about where he sees value and where he sees risk.

Here's what caught my eye: Miller is calling Amazon a buy but Tesla a sell. And his reasoning is pretty solid from a valuation perspective.

On Tesla, Miller's not saying it's a terrible company. He actually praised Elon Musk and called Tesla incredible. But here's the thing - Miller is a value guy, meaning he obsesses over price. And he thinks Tesla's just too expensive right now. The company needs to absolutely crush it with self-driving cars and AI to justify the current valuation. Problem is, Tesla's had a rough stretch this year. Q1 deliveries came in at 337,000 units, the weakest quarterly result in over two years. Meanwhile, BYD is eating their lunch in China with cheaper vehicles and better charging infrastructure. Miller actually made a sharp observation about this - BYD's putting self-driving capability in a $9,000 car while Tesla charges $8,000 just for their self-driving system. That's a huge competitive gap.

Much of Tesla's stock price seems to be betting on future wins - the Robotaxi demo coming up, full self-driving rollout, all that stuff. But there's real uncertainty there, and meanwhile the core EV business is facing serious headwinds.

Now on the Amazon side, Miller's got history with the company - he's been an investor forever and has claimed to be the largest personal shareholder outside the Bezos family. He likes Andy Jassy's leadership, trusts the AWS division, and thinks the China exposure concerns are getting blown out of proportion. Yeah, something like 70% of goods on Amazon come from China, so tariff risk is real. But Miller points out Amazon has some of the world's best supply chain capabilities. The company also has revenue streams from AWS and advertising that are performing well.

Miller's wealth and track record give him credibility here. He's not making wild calls - he's looking at valuations, competitive positioning, and long-term fundamentals. Whether you agree or not, it's the kind of analysis that's worth paying attention to. Amazon trading at 30x forward earnings is near its five-year low, which does look reasonable if you believe the tariff situation eventually normalizes.